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For most of the 20th century and well into the 21st Century, race worn Breeders' Cup saddle cloths didn't contain the names of the horses; only the exercise saddle cloths did. Accordingly, these exercise cloths were actually considered by some to be more valuable than the race cloths. This one from 1986 was worn by the elite sprinter Smile, who wore this cloth while training in the days leading up to his victory in the 1986 Breeders' Cup Sprint, which led to his winning the Eclipse Award that same year as Champion Sprinter. Also of note: The cloth is autographed by his rider, Jacinto Vasquez (Ruffian's jockey), one of the most difficult signatures to get among living Hall of Fame jockeys.
Other past auction items that may be of interest to you.
Summer/August 2006 Catalog