Boldface type, used in sales catalogues, to distinguish horses that have won or placed in a stakes race. Many sales catalogues have eliminated the use of black type for stakes below a certain monetary level-$15,000 in 1985, $20,000 from 1986-1989 and $25,000 beginning in 1990. If a horse's name appears in boldface type in a catalogue and in all capital letters, it has won at least one black-type event. If it appears in boldface type and capital and lower case letters, it was second or third in at least one black-type event. Black type was awarded to fourth-place finishers in races before Jan. 1, 1990.
Major thoroughbred auctions around the world have catalogues detailing the families of the horses on sale. Some of the horses' names in the catalogues appear in 'black type'. This indicates that they have won (uppercase black type) or been placed in (lowercase black type) a race which is listed in the International Cataloguing Standards Classification book. Most racing countries around the world have races listed in the book, which is reviewed annually. They are graded as Group 1, Group 2, Group 3 and Listed races. The Group 1 races are the most important, such as the Epsom and Kentucky Derbys, and so on down to Listed races which are one level above stakes and handicap races which make up the majority of everyday racing.