This was just very sad to hear. From $40,000 to $1,800 in value in just two years. And this is a quality horse. No wonder some poorly bred horses at auction, get no buyers at all.
Think before you breed anything, these days.
Think before you say you'll keep the foal you produce, for ever. The people who paid $40,000 for Socrates, fell upon hard times. They never thought they'd have to send their horse to auction, when no buyers appeared.
Socrates was lucky. He found a buyer. Most don't. Life happens. We never know what might hit us tomorrow and our animals must find homes immediately.