Keeneland’s 81st November Breeding Stock Sale closed Wednesday following nine days of vibrant trade from a global buying bench that yielded healthy across-the-board gains, led by gross sales through the ring of $187.5 million and a record median of $40,000 to signal continued buyer confidence and market stability.
Demand for quality spurred competition at all levels of the market, highlighted by nine horses sold for more than $1 million and topped by $2.4 million for Grade 2 winner Roses for Debra. A strong November Sale foal market produced the two most expensive weanlings sold at public auction in North America for the 14th time in 15 years.
“This fall at Keeneland has been a testament to forward momentum and confidence in the future of our sport globally,” Keeneland President and CEO Shannon Arvin said. “The optimism and excitement around the grounds has been palpable, from the September Yearling Sale through the Fall Meet, at Del Mar for our first Championship Sale and now into November Sales. We thank our sales participants from across the U.S. and around the world and look forward to sharing the new Paddock Building and associated amenities with them in 2025.”
During the November Sale, held Nov. 5-13, Keeneland sold 2,050 horses through the ring for $187,557,400, an increase of 6.22% over last year’s nine-day auction, when 2,128 horses sold through the ring for $176,571,000.
The average price of $91,491 was up 10.26% from $82,975 in 2023.
Cumulative median price rose 25% from $32,000 to $40,000, exceeding the record of $37,000 set during the 2021 November Sale.
The clearance rate was nearly 80%.
Additionally, as of Nov. 13, post-sale receipts for horses that did not meet their reserve price in the ring but sold privately afterward totaled $8,885,500 to push gross sales to $196,442,900.
“Overall, this was a very strong, fair market from start to finish,” Keeneland Vice President of Sales Tony Lacy said. “Book 1 gross jumped nearly 15% from last year with a much improved clearance rate and that momentum powered the sale through the final days.
“Our strategy for recruiting international buyers and attracting buyers from domestic and regional areas is really paying off,” Lacy said of Keeneland’s year-round efforts to offer a deep and diverse buying bench. “In addition to major buyers from established racing markets, buyers from developing breeding programs around the world come here to source their bloodstock because American pedigrees are highly sought after. We’re the major sellers of dirt pedigrees in the world and a lot of evolving jurisdictions are racing on dirt, whether as a primary surface or a secondary surface. As with any product, it’s important to have a market for what you’re producing. It’s Keeneland’s responsibility to generate that marketplace and these results are very encouraging.”
Depth of trade coupled with an improved clearance rate and a record median were all positive indicators of a bullish market even as the sale moved into the middle and latter days.
“The median, or the middle price in each session, is the barometer for the health of the market that we always come back to,” Keeneland Senior Director of Sales Operations Cormac Breathnach said. “The average is great for headlines, but year to year, when you’re looking at how a sale compares, the median and the RNA rate give a more objective viewpoint. The median rose in most sessions of this sale compared to last year and ended up a record for the sale. The RNA rate is a point lower than last year. This shows that these horses are marketable and there’s a buyer base here to pick them up at a very high rate.”
“This November Sale has been very good from the start,” Breathnach said. “Book 1 was up about $8 million in gross and the clearance rate was a lot higher than last year. But more than that, the level of trade day to day and the number of horses changing hands in a productive manner has been very satisfying.”
The competitive environment was reflected in the mix of major domestic and international buyers, which included participants from resurgent racing markets around the world. The top 12 highest-priced horses were purchased by 10 different interests.
“I am always pleased with the international recruiting that Keeneland does, especially for the second half of the sale” said Gray Lyster of Ashview Farm, which sold eight horses for $2,020,500, led by Krissy’s Candy for $1.5 million to Summer Wind Equine. “There was plenty of international presence. We have always had strong European presence, but the Australian presence was fantastic, and the Japanese have been coming for decades and seem to be stronger year after year. The globalization of the market has been great.”
“We had a fantastic sale,” said John Sikura, whose Hill ‘n’ Dale at Xalapa sold 141 horses for $14,050,900, including post sales. “It is a reinforcement of the market reality which is that elite mares with race records covered by the right sires are attributes highly coveted by international buyers and results were significant across the board.
“In North America I don’t think there is a consumer experience that competes with Keeneland,” Sikura added. “Their commitment to the facility and the upgrades is like a love letter to the Thoroughbred industry. They’re saying we believe in our business, and we believe in you.”
Mandy Pope’s Whisper Hill Farm paid $2.4 million for the sale-topping Roses for Debra, a 5-year-old daughter of Liam’s Map consigned by Candy Meadows Sales, agent. Whisper Hill was the sale’s leading buyer with 13 purchases for $6,635,000. They included the $600,000 high seller of the fourth session, the Curlin filly Adoptable, from Claiborne Farm, agent.
“We’re not the biggest consignment and to have a sale topper is very special for (Candy Meadows owner and Keeneland Trustee) Everett Dobson, with his involvement with Keeneland and the industry,” said Matt Lyons, Senior Vice President and COO of Candy Meadows Farm, which sold 11 horses for $3,068,000. “It was also very special for John O’Meara who is our partner in Roses for Debra and who I’ve known for a long time. It was a great thrill.”
Other leading buyers with total purchases exceeding $2 million were Willingham Stud (Yulong), Katsumi Yoshida of Japan and such U.S. operations as Travis Boersma’s Flying Dutchmen, Stonestreet, Summer Wind Equine, Spendthrift Farm and Gainesway.
The strength of the November Sale weanling market was borne out in the results, topped by colts by Into Mischief and Curlin sold for $900,000 and $725,000, respectively, during Book 1.
Craig Bernick’s Glen Hill Farm acquired the son of Into Mischief consigned by Taylor Made Sales Agency, agent for the Complete Dispersal of Solera Farm (Ed Seltzer), and AMO Racing USA purchased the Curlin colt from consignor Denali Stud, agent. Leading buyers of weanlings included pinhookers and end users. Spending $1 million or more were Cherry Knoll Farm, BT Stables, Glen Hill Farm and Cavalier Bloodstock.
“Some major weanling buyers said they struggled to buy yearlings, and so some of these top-priced weanlings went to end users too, which is a healthy sign,” Breathnach said. “The first-crop sires this year are particularly strong. They’re always popular at market, but there was great depth this year. There’s a lot of a lot of promise in that class of stallions, which reflected well here.”
Twenty-eight weanlings sold for $300,000 or more. Fifteen of those 28 weanlings were by seven first-crop sires: Flightline, Olympiad, Life Is Good, Jackie’s Warrior, Jack Christopher, Golden Pal and Epicenter.
Two first-crop sires topped the rankings for leading sires of weanlings.
Golden Pal led by gross sales with $3,035,000 paid for 29 horses. His high seller was a $325,000 filly consigned by Nursery Place, agent, and purchased by Steele Stables.
Flightline led by average with three or more horses sold. His four weanlings, which averaged $412,500, were led by a colt consigned by Lane’s End, agent for the Complete Dispersal of Solera Farm (Ed Seltzer) and sold to Classic Equine for $575,000.
In addition to the Solera dispersal, the November Sale included horses owned by the late John Hendrickson as well as Stuart S. Janney III and Siena Farm. The high seller of the group was Pretty Birdie, a daughter of Bird Song in foal to Candy Ride (ARG) who was purchased by Stonestreet for $1.1 million. Gainesway handled the horses from Hendrickson’s estate.
Claiborne Farm consigned the Janney dispersal, which sold 15 horses for $2,630,000. The top seller was In a Hurry, a daughter of Blame in foal to War Front sold for $600,000 to Manzanita Stable.
“We had a great sale for Mr. Janney,” Claiborne Farm President Walker Hancock said. “It’s certainly very bittersweet. He’s been such a great client to the farm and our families go back many generations. I’m glad we did a good job for him and the mares were sold for good prices. They got good homes as well so that was very important to us and hopefully, he’s pleased as well.”
“It’s always a bittersweet moment with dispersals, but it’s equally encouraging to think another wave of people are coming through now who believe Thoroughbred racing and breeding are good, viable activities,” Lacy said. “As we look at results, we see new people buying farms, buying mares to stock their properties and reinvesting in the sport. That is really encouraging because that’s Keeneland’s mission statement: to support the industry and the market.”
The November Sale again offered a selection of mares in foal to established stallions and new sires of 2024. Stallions with their first in-foal mares to be offered at the sale included Horse of the Year Cody’s Wish and champions Arcangelo, Elite Power, Forte and Up to the Mark.
The November Sale’s leading covering sire was Justify, whose 15 in-foal mares totaled $7,780.000. Curlin was the leading covering sire by average with five in-foal mares averaging $755,000.
For the 27th time since 1987, Taylor Made Sales Agency was the November Sale’s leading consignor. Taylor Made sold 323 horses for $32,859,600, including post sales.
“We’re the only consignor that sells in every session in November. In every session of this sale, our gross has been higher than the year before,” Taylor Made President and CEO Mark Taylor said. “Book 1 was significantly higher. And our number of horses through the ring is on par with last year. The two dispersals kind of buoyed those numbers, but every session has been better than the corresponding session last year, so I think it just shows strength.”
At Wednesday’s ninth and final session, Keeneland sold 211 horses through the ring for $2,912,800, up 10.10% from $2,645,700 for 255 horses sold last year. The average of $13,805 increased 33.06% over $10,375 last year, and the median rose 14.29% from $7,000 to $8,000.
Multiple graded stakes winner Tyson, consigned by Hill ‘n’ Dale at Xalapa, agent, as a stallion prospect, sold for $175,000 to Ed Price, agent, to be the highest price Wednesday. Out of the winning Smart Strike mare Honouring, Tyson is from the family of champions Rags to Riches and Arcangelo.
