Tag: Cormac Breathnach

‘Fair and Stable’ Keeneland January Sale Concludes

by Jessica Martini & Stefanie Grimm

LEXINGTON, KY – Driven by strong demand at the top–which saw the auction produce its first seven-figure horses in five years–the Keeneland January Horses of All Ages Sale concluded Thursday in Lexington with a fairly steady average, but a double-digit decline in median.

“I think it's been a very fair and stable market,” said Keeneland Director of Sales Tony Lacy. “We saw a lot of stability and a lot of good trade going on. When you look at the fact that we haven't had a $1-million horse in January since 2019, and we had two through the ring and one sold privately, there was a lot of quality. I think that is what we saw the first day with the increase in gross and average. People are very much focused on the quality and are willing to pay a premium for it. Overall, the numbers were very satisfactory. Speaking to the buyers and speaking to the sellers, everybody found it a fair, competitive market. Nobody had a complaint that there was any sort of perceived weakness or anything that would give us concern for the future.”

Through four sessions, 831 horses grossed $38,330,300. The average of $46,126 dipped 2.28% from a year ago, while the median fell 21.05% to $15,000. The buyback rate remained steady at 22.84%.

“The median is down 21% from last year, but again the average has really held up,” Keeneland Director of Sales Operations Cormac Breathnach said. “It's a sign that the top part of the market is in really good shape. That buoyancy is helping the average. The middle and lower end of the market felt a little spotty in Book 1, but [Wednesday]'s session was better than the corresponding session last year, which I think is a good sign for the market at large.”

During the auction's first session Monday, the broodmare prospect Prank (Into Mischief) became the sale topper when selling for $1.6 million to Tom Wachman of Coolmore from the Gainesway consignment. It was the first time since Coolmore spent $5 million to acquire Abel Tasman (Quality Road) at the 2019 sale that a horse had brought seven figures at a January sale. Later in that same session, Japan's K I Farm purchased Canadian champion Curlin's Voyage (Curlin) for $1 million from the Hill 'n' Dale at Xalapa consignment. The 2024 January auction got a third seven-figure mare when Star Act (Street Cry {Ire}) sold post-sale for $1.2 million.

Star Act's private sale marked the second Keeneland sale at which a post-sale transaction provided a seven-figure result. At the Keeneland November Breeding Stock Sale, Puca (Big Brown) brought the auction's unofficial top price when selling post-sale for $2.9 million.

“Both of those two high-profile horses brought significantly more post-sale than they RNA'd for, which to me is reflective of an active buyer base,” said Breathnach.

As at the November sale, the January sale featured a vibrant post-sale trade. An additional 27 horses sold after initially being unsold in ring for $2,243,000.

“Our RNA-to-sale activity is up on last year,” Breathnach said. “We saw that in November, too. So sometimes, the RNA rate can look a little spiky and sometimes it is, but it's also kind of bolstered by the fact that people are here to buy. And that's a good sign for the number of people who are here and actually active. When they really think about what these horses are worth, they are willing to reconsider and give market value and at significantly higher numbers. Maybe that is partly coincidental and only happens this year, but I think it reflects an active buyer base that is determined to buy quality and we are grateful for that.”

Lacy added, “When you walk into the ring, in the hope of what something might bring, the market tells you what a horse is worth on the day. And that's a compromise between what someone is willing to spend and what you were hoping to get on the other side. There is a balance. But I think the post-sale trade also shows there is still a market after the hammer falls. And it's one that we encourage pretty strongly. It's not just in the ring. We feel like that is an important part of the process.”

Prank tops this year's Keeneland January Sale | Keeneland

As it was at the Keeneland November sale, the market for quality weanlings–and now short yearlings–remained strong.

“[The short yearling market] was very competitive,” said Breathnach. “The ones that sold well, sold very, very well. I think people were quite surprised by the activity at the top end of the yearling market. There was a lot of money around and for the good horses. That's a great sign for the future.”

In 2024, 382 short yearlings sold for $14,846,700 and an average of $38,866. A pair of yearlings shared top price of $430,000, with Cherry Knoll Farm acquiring a colt by Not This Time and John Stewart's Resolute Bloodstock purchasing a filly by Candy Ride (Arg) for that price. Three yearlings sold for $400,000 or over, six sold for $300,000 or over and 11 sold for $200,000 or over.

In 2023, 407 short yearlings sold through the ring for a gross of $18,055,300 and average of $44,362. A filly by Quality Road was the highest-priced yearling last year, selling for $450,000, and she was one of two to sell for $400,000 or over and five sold for $300,000 or over. Sixteen yearling sold for $200,000 or over.

“I think it's a really good sign for the health of the yearling market for next September that the activity is here in the new tax year with various uncertainties, obviously, around the world and in the economy,” Breathnach said. “The economy is in good shape, interest rates are coming down and inflation levels are drastically lower than they were. Still, people have reason to look to the future and make tough decisions, but they are deciding to buy good horses at a very high level.”

The January catalogue was diminished by a large number of outs. From a catalogue of 1,487, a total of 410 were withdrawn before going through the ring.

“We saw an elevated number of scratches, especially on session two, I think that was a lot of people who weren't really pressured to sell,” said Lacy. “And you saw that in the short yearlings, specifically, where people were happy enough to keep them and point them to September.”

The January sale attracted a diverse, and international buying bench, with the top 15 highest-priced horses bought by 13 different entities.

K I Farm's Tomoyuki Nakamura traveled from Japan to attend the January Sale for the first time. Also active was Japan's Shadai Farm, which acquired broodmare prospect Dolce Zel (Fr) (Zelzal {Fr}), a multiple group winner, for $400,000. In addition to Europe and Japan, buyers also represented Saudi Arabia, the Philippines and Australia.

“There was very broad-based, global attention focused on this sale,” Lacy said. “Our sales team has been aggressive in traveling around the world, meeting people in person in their home countries to make sure they understand Keeneland is an international marketplace. We've had correspondence from people around the world during this sale in addition to the great buyer base who were here.”

Taylor Made Sales Agency was the leading consignor by gross at the January sale for the 21st time since 2001. Taylor Made sold 100 head for $5,080,200. Bloodstock agent Steve Young, who purchased four mares on behalf of Ramona Bass to support Bass's recently retired stallion Annapolis, was the auction's leading buyer.

The post ‘Fair and Stable’ Keeneland January Sale Concludes appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

$700,000 Sebago Lake Charges Keeneland January Tuesday

by Jessica Martini & Stefanie Grimm

LEXINGTON, KY – During a session dominated for much of the day by the short yearlings, the supplemented broodmare Sebago Lake (Tapit) jumped to the lead in the final hips when selling for $700,000 to Mandy Pope's Whisper Hill Farm. Overall, through two days of the four-day auction, 430 head have grossed $31,596,700 for an average of $73,481 and a median of $30,500. With continued strength at the top of the market, the Book 1 average dipped just 3.39% from a year ago, but the median is down 23.75%.

“It started off very healthy,” Keeneland's Vice President of Sales Tony Lacy said of Tuesday's session. “Through the day, there were some spots where it got a little slower, but it ended up really strong. Again, quality was to the fore. You saw some of those young mares, bred to some exciting new stallions were selling extremely well. Farms are reloading again. We saw the same pattern that we saw yesterday.”

The two-day buy-back rate is 27.97%. It was 26.92% a year ago.

Three short yearlings sold for $400,000 or over during Tuesday's session, with a colt by Not This Time and a filly by Candy Ride (Arg) sharing the day's top price of $430,000.

“Foals that were by the right stallions, had the right physicals, vetted, there was a very strong, competitive environment for them,” Lacy said. “There is a lot of confidence out there. Speaking to the sellers, they felt like it was a really good market. The buyers found it to be very competitive to try to buy the stock they were interested in. I don't think it's inflated at all, I don't think it's depressed in any way. I think it feels like a very healthy, fair environment. If you bring the right stock to market, you are going to get rewarded for it. Today was just a continuation of the momentum we saw yesterday.”

With 424 head catalogued for Tuesday's session, only 275 went through the ring.

“It's sort of a factor of the time of year we are in,” Keeneland's Director of Sales Operations Cormac Breathnach said of the large number of outs. “It's a time of year when weanlings-into-yearlings are changing a lot. They don't always vet the way people intend them to vet and they are happy to wait until September in some cases. We did have more outs than we were expecting. They kind of came in early, though, so going into yesterday, we already had a lot of outs, and more than we would have had last year, and we had a couple dozen more during the session.”

With close to 130 outs coming Monday evening, and not during Tuesday's session, Lacy said the scratches might not reflect a lack of interest from would-be buyers.

“A lot of people don't have to sell,” Lacy said. “If they have something they think is in sort of an awkward stage or if they are sitting on an update, if there is something active in the family potentially, they hit pause. That's the time of year we are in. People weren't scratching, necessarily, for lack of action. They were scratching a little earlier for various reasons. It didn't feel in any way that there was concern from sellers.”

Breathnach admitted the decrease in median during the January sale's two-session Book 1 could be a reflection of the polarization of the market.

“The average is fairly close [to the 2023 figure],” Breathnach said. “The median is down 20+% and that's what we watch. That maybe reflects some of the polarization in the market. The top of it is doing well, keeping the average up, but there is some selectivity in the middle to lower levels. It might reflect what brings a premium and what is tougher to sell.”

The Keeneland January sale continues through Thursday with sessions beginning daily at 10 a.m.

Sebago Lake a Late Highlight at Keeneland

Sebago Lake (Tapit) (hip 831), in foal to Justify, sparked a bidding battle late in Tuesday's second session of the Keeneland January sale when selling for $700,000 to the phone bid of Mandy Pope's Whisper Hill Farm.

Hip 831 in the ring | Keeneland

The 5-year-old mare, a half-sister to graded winner Family Way (Uncle Mo) and from the family of Caravaggio, was well beaten in a pair of racetrack appearances in September of 2021 for her co-breeder, Adam Bowden's Diamond Creek Farm.

Eaton Sales consigned the gray mare to the sale on behalf of Diamond Creek.

“She was probably one of the best mares in the sale, in my opinion,” said Eaton's Reiley McDonald. “She's a beautiful mare in foal to the right horse. She's by Tapit and looks like a Tapit. And I also think it helped that there is limited supply at the upper level.”

Sebago Lake, whose first foal is now a short yearling colt by Uncle Mo, was a supplemental entry to the auction.

“I think it was a late decision just to put her in,” McDonald said. “She was the real thing and that's why she sold well. They didn't pay too much and everybody came out of it with a win.” @JessMartiniTDN

Pugh Strikes for Not This Time Colt

Peter Pugh went to $430,000 to acquire a short yearling by Not This Time (hip 685) from the Warrendale Sales consignment Tuesday at Keeneland.

“All of the top people were on the horse coming up here,” said Warrendale's Hunter Simms. “He was very well received. We are honored to sell a horse like that and wish the connections the best of luck.”

Simms continued, “The horse was very straightforward. Good bone on him, very correct, walked well. He was a very nice horse.”

Bred by Petaluma Bloodstock, the bay colt is out of Dalsaros (Unbridled's Song), a daughter of Grade I winner Ask the Moon (Malibu Moon).

Bloodstock agent Kerri Radcliffe signed the ticket at $325,000 to acquire Dalsaros, in foal to City of Light, at the 2020 Keeneland November sale. The in utero City of Light colt went on to sell for $300,000 at the 2021 Fasig-Tipton November sale. The mare's Tiz the Law filly sold for $300,000 at last year's Keeneland September sale.

Of the colt's placement in the January sale, Simms explained, “There were a lot of foals in November and we figured he would stand out here. He is probably the second-highest priced foal that is going to sell at this sale, so we always try to concentrate on placement with horses and finding the right sale and finding the right book to put them in. Whether it's November, January, February, wherever, we try to find the right spot where they will stand out.”

Peter Pugh | Keeneland

After initial confusion about who had actually purchased the colt, who had already been led out of the ring, bidding was opened again and ended at $430,000 with Pugh, signing under the Cherry Knoll Farm banner, as the winning bidder.

“It's always confusing,” Simms said. “There are a lot of people in every doorway and every nook and cranny and trying to be secretive. And it happens. They opened it back up and we were able to get $430,000, which is a nice price for that horse. It all worked out in the end.” @JessMartiniTDN

Candy Ride Filly to Stewart

John Stewart, active at the top level at the auctions last fall, got back into action at Keeneland Tuesday, purchasing a short yearling by Candy Ride (Arg) (hip 497) for $430,000 under his operation's new name, Resolute Bloodstock. The filly was consigned by Stone Farm.

“She was absolutely stunning,” said Stewart's advisor Gavin O'Connor. “She had great size. She just ticked all the boxes for a Candy Ride, especially being a May foal. She was balanced with great conformation and she was squeaky clean. Just a high quality, classy filly. We will probably keep her and play the long game with her. She screams race horse. She is just a fabulous filly.”

The chestnut filly is out of Rags Pauline (Union Rags), a half-sister to graded winner Keen Pauline (Pulpit).

“She came up here and showed great,” said Stone Farm's Lynn Hancock. “She didn't turn a hair and was very popular. She has a great walk and moved well and showed well. I think she got all the right people on her.”

Rags Pauline, with the filly in utero, sold for $80,000 to Jack Hirsch at the 2022 Fasig-Tipton December Digital sale. The yearling was bred by Eclipse Thoroughbred Partners and Spearmaco.

“A client of ours bought her,” Hancock said of Rags Pauline. “I haven't spoken to them yet, but I assume they are happy. It's hard not to be happy with that result.”

Lynn Hancock | Keeneland

The 8-year-old broodmare was bred back to Army Mule last year.

Through two sessions of the four-day auction, Resolute Bloodstock has purchased seven horses for $905,000. In addition to hip 497, the operation acquired stakes-placed 4-year-old filly Smokie Eyes (Nyquist) (hip 134) for $140,000 and Indian Mound (Medaglia d'Oro) (hip 768) for $250,000.

O'Connor said the move of horses into Stewart's new farm in Midway was well under way.

“So far, so good,” he said. “We are over there now. Some of the big girls are over there–[newly acquired broodmares] Puca, Pizza Bianca, and Lenni Girl–and we have a few more coming there this week. We have eight babies over there as well. So we are slowly transitioning the stock from where they are at the moment and getting established.” @JessMartiniTDN

O'Callaghan Goes to $400,000 for Justify Colt

A strong opening bid of $275,000 from the back wasn't enough to scare off P B Bloodstock and Jenny O'Callaghan, who went to $400,000 to purchase Hip 594, the only yearling son of Justify in the sale.

“He's a beautiful horse from the first time we saw him at the barn,” said O'Callaghan. “We knew we had to have him–he was our star horse for the day.”

Hip 594 | Keeneland

The colt, bred in Kentucky by Justice Stables, is a half to GSP Conquest Babayaga (Uncle Mo) and to SP Sorrentina Lemon (Lemon Drop Kid) and out of a half-sister to Canadian champion 2-year-old filly Neligee (Northern Afleet).

“He's by Justify who is an exceptional stallion on turf, dirt, with colts and fillies. We're hoping there will be a big market for him next year. That's the most expensive horse that we bought but we have full confidence in the stallion and he's just a natural horse that possesses so much natural athletic ability. We'll bring him back [to Keeneland] again as a yearling next year.” @SGrimmTDN

Music Street Brings $210,000 Off Falls City Second

Music Street (Street Sense) (hip 449) brought a final bid of $210,000 from Blanco Bloodstock early in the session Tuesday at the Keeneland January Horses of all Ages Sale, capping a racing career for Kim Valerio who initially bought the mare as a yearling at Keeneland in 2020. Campaigned for Valerio along with partners Prakash Sham Masand and Grandview Equine, Music Street finished her career with a second to Xigera (Nyquist) in the GIII Falls City S. at Churchill Downs Nov. 23.

“I love Street Sense and I love [second dam] Xtra Heat,” said Valerio on buying the filly as a yearling. “And she's so pretty. She's such a sweetheart. It's bittersweet really, I didn't want to sell her but I had partners and she's turning five. But I just love her and I'm super happy with where she's going. They take great care of their mares.”

After earning over $295,000 on the track, Music Street sold as a broodmare prospect only to Blanco Bloodstock Tuesday. @SGrimmTDN

The post $700,000 Sebago Lake Charges Keeneland January Tuesday appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

Million-Dollar Mares Pace Keeneland January Opener

by Jessica Martini & Stefanie Grimm

LEXINGTON, KY – The Keeneland January Horses of All Ages Sale, which hadn't had a million-dollar mare since 2019, had two reach seven figures during its opening session Monday in Lexington, with 19-year-old Tom Wachman making the day's highest bid of $1.6-million to acquire the broodmare prospect Prank (Into Mischief) on behalf of his grandfather, John Magnier's Coolmore. Late in the session, Tomoyuki Nakamura of K I Farm purchased Curlin's Voyage (Curlin) for $1 million.

“I think we've got to be very happy with the way the session turned out,” Keeneland's Vice President of Sales Tony Lacy said Monday evening. “We had two million-dollar plus horses, which is the first time since 2019. The numbers were pretty much on par for much of the day compared to last year and last year was a very strong sale.”

A total of 225 horses sold Monday for $17,547,500 for an average of $77,989 and a median of $32,000. Bolstered by the two million-dollar mares, the session average was up 7.43% from a year ago, while the median declined 20%.

With 97 horses reported not sold, the buy-back rate was 30.12%. It was 31.29% a year ago.

Bloodstock agent Steve Young, accompanied by Ramona Bass, was the session's leading buyer with three mares purchased to support Bass's recently retired Grade I-winning sire Annapolis. The session featured a diverse buying bench with the 16 top-priced horses selling to 14 different buyers.

Cormac Breathnach and Tony Lacy on Monday | Keeneland

“I was really pleased with the depth of the buyer bench here,” said Keeneland's Director of Sales Operations Cormac Breathnach. “There were a lot of people signing tickets in the ring and a lot of important buyers from America and also from around the world.”

Demand for short yearlings, a segment of the market which was competitive at the Keeneland November Breeding Stock Sale two months ago, remained strong Monday in Lexington. Hill 'n' Dale at Xalapa, the session's leading consignor, sold the day's two top-priced yearlings, with a colt by Curlin selling to Milan Bloodstock for $375,000 and a son of Maclean's Music selling for $300,000 to Muir Hut Stables.

“The demand for yearlings was strong,” Breathnach said. “We sold 22 six-figure yearlings today versus 17 for the same day last year.”

Still there was a familiar polarization in the market.

“The market is very, very selective right now,” said Hill 'n' Dale manager Jared Burdine. “There are no end-users for the weanlings and pinhookers are very professional. They line up on the same horse.”

Lacy acknowledged the selectivity in the market, but also saw some positivity in Monday's results.

“Quality was very much to the fore,” Lacy said. “I think there was a little weakness on the ones of perceived lesser quality. But in saying that, I think the sellers were very pleased the way the market was shaking out and the buyers found it tough to buy what they were looking for. So, all in all, a good day.”

The Keeneland January sale continues through Thursday with sessions beginning daily at 10 a.m.

$1.6M Prank Kickstarts January Sale

Prank (Into Mischief) (hip 77), never able to follow up on a scintillating debut victory on the racetrack due to injury, had a star turn in the sales ring at Keeneland Monday, selling for $1.6 million to Coolmore. The 4-year-old was consigned by Gainesway, which campaigned her in partnership with LNJ Foxwoods and StarLadies Racing to that 9 3/4-length victory which earned her 'TDN Rising Star' honors at Saratoga in 2022.

“She's a lovely filly and a very good race filly,” said Tom Wachman after signing the ticket on the bay filly on behalf of the Coolmore team. “I'd say she will go to Justify. He's a phenomenal stallion doing it on the grass and the dirt. So I'd say that's where she'd go.”

Wachman, the 19-year-old grandson of Coolmore founder John Magnier, said this was the highest-priced horse he has signed for to date.

“I'm just trying to learn the ropes at the moment,” he said.

Out of Callingmissbrown (Pulpit), Prank is a half-sister to GI Belmont S. winner Mo Donegal (Uncle Mo). Bred by Ashview Farm and Colts Neck Stables, she was purchased for $500,000 at the 2021 Keeneland September sale.

“She was a real talent,” Gainesway's Brian Graves said of Prank. “She broke her maiden by 10 at Saratoga when she won by the length of the stretch basically. She got injured and wasn't able to make it back. But she had that brilliance that people want, the type that if you pass that along to your foals, they can be Grade I winners. We certainly thought she had the ability to be a Grade I winner. On the day she broke her maiden, you would have said she was the best 2-year-old in America, colts or fillies. Her figures were among the fastest in six years in Saratoga. And those horses were Grade I winners, so the ability was there.”

Prank's last recorded works came in August and her presence in the January sale was largely an issue of timing, according to Graves.

“We were going on with her and she developed a little issue,” Graves said. “And it was obvious that we weren't going to be able to continue on and it was time for her to be a broodmare and dissolve the partnership. So she landed here.”

Graves admitted the filly's $1.6-million price tag exceeded expectations.

“The young and beautiful have been selling well,” Graves said. “It's been holding up and we thought she would be in the top end, but that was a bit more than we were expecting.”

Prank was the first seven-figure horse sold at Keeneland January since Abel Tasman (Quality Road) sold–also to Coolmore–for $5 million in 2019. @JessMartiniTDN

Curlin's Voyage Brings $1 Million

Canadian champion Curlin's Voyage (Curlin) (hip 413) became the second seven-figure offering of Monday's first session of the Keeneland January sale when bringing a final bid of $1 million from Tomoyuki Nakamura of K I Farm. The 7-year-old mare, who was supplemented to the auction, sold in foal to Flightline from the Hill 'n' Dale at Xalapa consignment.

“I liked the pedigree, the physical and who she was in foal to,” Nakamura said through an interpreter. “Everything matched up. I liked everything about her.”

Curlin's Voyage, who produced a filly by Tapit in 2022 and a filly by Uncle Mo in 2023, was bred by John Sikura's Hill 'n' Dale.  Racing for the partnership of Sikura and Windsor Boys Racing, the chestnut won the 2019 GIII Mazarine S. and 2020 Woodbine Oaks. She was named Canada's champion 2-year-old filly in 2019 and came back to be named champion 3-year-old filly in 2020.

The mare is out of Atlantic Voyage (Stormy Atlantic), a full-sister to Grade I winner Stormello.

Asked about his plans for the mare, Nakamura said, “I haven't decided yet. Still in the decision-making process.”

Annapolis Date for Bridlewood Cat

Bloodstock agent Steve Young, sitting alongside Ramona Bass, signed the ticket at $750,000 to acquire Bridlewood Cat (Street Sense) (hip 267). The 8-year-old mare, in foal to Tapit, was consigned by Denali Stud, as agent for Bridlewood Farm. She now has an impending date with the Bass family's recently retired Grade I winner Annapolis (War Front).

“She was bought for the Bass family with the intention to give Annapolis the best mare support he could possibly get,” Young said. “She is a terrific, talented horse who won her first two races with mid-90s Beyers. She had Grade I talent and is a very good-looking horse on her own. She is probably one of the fastest Street Sense fillies that there ever was, breaking her maiden going three-quarters in :09 and change and she is the type of mare that the family is going to support this horse with.”

Purchased by Bridlewood Farm for $750,000 at the 2017 Keeneland September sale, Bridlewood Cat was stakes-placed while winning two of 10 starts for earnings of $115,090.

She is out of Ithinkisawapudycat (Bluegrass Cat) and is a half-sister to GI Spinaway S. winner Sweet Loretta (Tapit). Ithinkisawapudycat is a half-sister to Canadian champion 2-year-old filly Spring in the Air (Spring At Last).

“She is from a highly talented 2-year-old family,” Young said. “Her half-sister is a Grade I winner on the dirt at Saratoga as a 2-year-old. Under the second dam is the 2-year-old champion of Canada. And we are going to breed her to an undefeated 2-year-old stakes winner in Annapolis.”

Steve Young | Keeneland

Bred and campaigned by the Bass family, Annapolis earned his first graded victory as a juvenile, winning the 2021 GII Pilgrim S. In 2022, he added the GI Coolmore Turf Mile and GIII Saranac S. He will begin his stud career next month at Claiborne Farm at a fee of $12,500.

“He is going to throw a lot of quality 2-year-olds,” Young said of the stallion. “He's going to throw dirt. We never got a chance to run him on the dirt, but he always trained tremendous on the dirt. This is the type of mare he deserves.”

Young signed for My Miss Sophia (Unbridled's Song), with Annapolis in utero, on behalf of Bass for $4 million at the 2018 Keeneland November sale.

Bridlewood Cat produced a colt by Authentic in 2022 and a colt by Essential Quality in 2023.

Young and Bass returned later in the session to acquire Kaling (Practical Joke) (hip 387), third in 2022 GI Spinaway S., for $650,000 from the Bluewater Sales consignment and closed out the opening session of the auction with Juniper's Moon (Galileo {Ire}) (hip 419), purchased for $625,000 from Taylor Made Sales Agency. @JessMartiniTDN

Hill 'n' Dale Consigns Pair of Top-Priced Colts

Hip 236, a son of Curlin out of 'TDN Rising Star' A Z Warrior (Bernardini), went to Milan Bloodstock on a final bid via phone of $370,000 during Monday's first session of the Keeneland January sale. The colt was the second of two top-priced short yearlings to sell within a matter of minutes consigned by John Sikura's Hill 'n' Dale at Xalapa.

“Curlin sets records year after year,” said Jared Burdine, general manager at Hill 'n' Dale. “This foal fit everyone's criteria. All of them [buyers] want kind of the same thing and the same five or six people were on the horse. So when it lines up, you get paid on those.”

Hip 236 | Keeneland

Hip 236 hails from a family of 'TDN Rising Stars' including not only his dam but also three of his dam's half-siblings in Jojo Warrior (Pioneerof the Nile), herself the dam of another 'Rising Star' in Under Oath (Speightstown), along with E Z Warrior (Exploit) and J Z Warrior (Harlan's Holiday). He is also a half to last year's Runhappy Ellis Park Debutante S. winner Justa Warrior (Justify).

The yearling was bred by Cypress Creek Equine, which purchased A Z Warrior in foal to Uncle Mo for $550,000 at the 2021 Keeneland January sale.

Just a few minutes earlier, Muir Hut Stables went to $300,000 for hip 200, an Ontario-bred short yearling by Maclean's Music. Bred by Josham Farm's Ted Burnett, the colt is out of Wild N Ready (More Than Ready), a mare purchased by Josham Farm for $170,000 out of Keeneland November in 2017.

“We thought he'd in the 100 range,” said Burnett. “He had a few minor vet issues that I thought might hurt him but, if you've got the right horse and the issue is not a big one, I don't think it makes much difference [in the price],” said Burnett. “We have a very strong program in Ontario. So we always find that Ontario-breds have a special market and often we feel that we get a little bit of a premium because of that.”

Burnett sold Wild N Ready two months ago at Keeneland November for $60,000 carrying a full-sibling to this colt. @SGrimmTDN

The post Million-Dollar Mares Pace Keeneland January Opener appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

‘Pragmatic’ Keeneland November Sale Concludes with Numbers Down

The Keeneland November Breeding Stock concluded its nine-day run in Lexington Thursday with numbers off from its 2022 renewal in what Keeneland Vice President of Sales Tony Lacy called a “pragmatic, solid sale.”

At the close of business Thursday, 2,128 horses had sold through the ring for $176,571,000. The average of $82,975 was down 16.94% from a year ago, while the median of $32,000 was down 20.00%.

“Overall, it's been a very pragmatic, solid sale,” said Lacy. “Demand for quality is extremely strong, probably as strong as ever, and that's very encouraging. There's a lot of stability in the market. With a slight correction, we're down just 15% on most metrics, and that's within expected parameters considering we're dealing with increasing interest rates and a strong U.S. dollar. Early in the sale, there was some protectionism from sellers who weren't going to let nice horses go below a value they felt was reasonable. And the market is more sensitive to mares that are a little more exposed. That's not unreasonable. We saw that in September and in other markets. The middle market was extremely healthy. Sellers were pleased for the most part, and buyers found it tough to buy the quality stock.”

With 600 horses reported not sold during the nine-day auction, the buy-back rate of 21.99%–just a tick lower than last year's figure of 22.04%–was a bright spot in the November results, according to Keeneland Director of Sales Operations Cormac Breathnach.

“I think one thing we observed, a few sessions into the sale, sellers recognized the market in front of them and were very pragmatic in their approach, so as a result, we have had a very good clearance rate,” Breathnach said. “It's actually better than last year. When you do that and you manage expectations and have a high clearance rate, typically average and median are going to come down a little bit as well.”

The Keeneland November sale also featured a vibrant post-sale market this year.

“Our RNAs-to-sales activity is double what it was last year,” said Breathnach. “So the post-sale transactions are twice the gross total volume that they were last year. Which is a sign that the market is still hungry. There is still a lot of activity, a lot of horses being traded.”

There were 91 post-sale transactions at the 2023 November sale, resulting in an additional $12,265,000 in gross. In 2022, an additional 84 post sales grossed $6,402,500.

The most high-profile of those post-sale transactions this year was for Puca (Big Brown). Carrying a full-sibling to this year's GI Kentucky Derby winner Mage (Good Magic), the mare was originally led out of the ring unsold during Wednesday's Book 1 session, but she ultimately sold for what would have been a sale-topping $2.9 million to John Stewart.

With her inclusion, the November sale had 12 seven-figure offerings. The 2022 November sale had 13 seven-figure sales, including the $5.5-million sale topper Midnight Bisou (Midnight Lute) and the $4.6 million fractional interest in Flightline (Tapit).

The Keeneland November results do reflect a softening in the market and that should be no surprise amidst swirling global uncertainties, said Gabriel Duignan of Paramount Sales.

“There's no denying there's a little correction, which kind of mirrors the rest of the world,” said Duignan. “I thought the good foal market was business as usual; if you had a good foal, you got well-paid for him. With the mares, the horses they want–the young mares and broodmare prospects–they're selling good. As a seller, it was a little sad that some of the mares that had just a little bit of exposure sold for cents on the dollar. The market just wants certain things and if you don't fit into that category, you're going to be penalized.”

High Demand in the Foal Market

While the 2023 November sale failed to come close to the seven-figure weanling from 2022, the overall foal market was strong.

“If you look at the foal market, it was incredibly strong and it shows that with quality breeding stock producing quality foals, you can get a great return, whether it's a yearling or a weanling,” said Lacy. “When you look at the weanling market, the weanlings who brought $400,000 or above, or $500,000 or above, were double the number from last year. And last year was widely considered a very strong market. So I don't think that there is a perception that the market is weak. The market has shown that they are willing to spend premium for quality stock.”

A colt by Gun Runner was the top-priced weanling of 2023 when selling to Shadwell Racing for $750,000. The youngster was one of 19 to sell for $400,000 or over this year.

A total of 775 weanlings sold at the 2023 November sale for a gross of $54,908,700. The average was $70,850 and the median was $35,000.

In 2022, 855 weanlings sold for $60,770,600 for an average of $71,077 and a median of $37,000. With a $1.5-million filly leading the way, 10 weanlings sold for $400,000 or over in 2022.

“We have had a couple of record September [yearling] sales in the last couple of years and the September market has been incredible,” said Breathnach. “So what we all noticed early on in the first few sessions [of the November sale] was strength in the foal market, which we feel is a reflection of confidence in next year's yearling market.”

Breathnach added that the strength of the weanling market may have boosted the mare market.

“Buyers saw an opportunity in the mare market,” he said. “If they were getting shut out or having to spend 20% to 30% more than the same foal might have cost last year, they pivoted and began buying mares carrying those pregnancies.”

Grade I winner Yaupon, whose first crop arrived this year, was the November sale's leading sire of weanlings with 31 foals bringing a total of $4,137,000. At $450,000, the most expensive was a colt out of the Bernardini mare Zetta Z who sold to Randy Hartley and Dean De Renzo's AAA Thoroughbreds, the sale's second-leading buyer with 18 purchases through the ring for $4.85 million.

Into Mischief was the leading sire of weanlings by average with three or more sold. His three weanlings averaged $433,333.

Leading Buyers, Sellers

Jacob West, as agent for Repole Stable, was the November sale's leading buyer with nine horses purchased for $5.22 million. Repole, whose week in Lexington began with the $6-million purchase of champion Nest (Curlin) at Fasig-Tipton, purchased Interstatedaydream (Classic Empire) for $1.4 million and Surprisingly (Mastery) for $1 million at Keeneland.

The auction's 12 highest-priced horses sold to 11 buyers representing interests from the U.S., Europe and Japan.

The November Sale also featured the first mares offered at Keeneland in foal to 2022 Horse of the Year Flightline, who was represented by seven mares sold for $6,625,000 to lead covering sires by gross and rank second to Into Mischief by average with $946,429. The most expensive mare in foal to Flightline was Grade I winner Dalika (Ger) (Pastorius {GB}), who is carrying her first foal and sold for $1.65 million to Pursuit of Success LLC.

For the 26th time since 1987, Taylor Made Sales Agency was the November sale's leading consignor, with 262 horses sold for  $22,889,900. The operation sold the auction's top-priced weanling, a colt by Gun Runner who brought a final bid of $750,000 from Shadwell Racing.

Pacific Pink Tops Keeneland Finale

Multiple stakes winner Pacific Pink (Private Vow) (hip 3310) brought the highest bid of Thursday's final session of the Keeneland November sale when purchased by Cary Bloodstock on behalf of Coteau Grove Farms for $85,000. The 11-year-old mare, who sold in foal to Volatile, was consigned by Denali Stud.  Her first foal, the 3-year-old Make the Boys Wink (More Than Ready), won a Churchill allowance Nov. 4 and, supplemented to the Fasig-Tipton November sale, sold for $450,000 to Gigi Stables three days later.

A filly by Beau Liam (hip 3359) was the session's top-priced weanling when selling for $70,000 to Buena Madera. Out of stakes-placed Sierra Aleone (Gemologist), the dark bay was consigned by Eaton Sales.

During Thursday's session, 255 horses sold for $2,645,700 for an average of $10,375 and a median of $7,000.

Horses of Racing Age Sell Friday

Selling will continue Friday at Keeneland with the company's second November Horses of Racing Age Sale. With entries still being added just days before sale time, 330 horses were catalogued for the one-session auction which begins at noon.

“We are excited for tomorrow's sale,” said Breathnach. “It's our second annual November Horses of Racing Age sale, so it's still a sale in its infancy. It's an important part of the market for us. This is where the purses really come into play and feed the demand for horses. Turfway is opening, Oaklawn is opening soon and Fair Grounds, so people are moving locations and it's a perfect opportunity for them to tweak their numbers and add or sell horses that have racing left in them.”

The Keeneland November Breeding Stock Sale had included a section of horses of racing age before that portion of the sale was separated out for its own sale a year ago. The inaugural November Horses of Racing Age sale saw 161 horses sell for a gross of $11,029,500 and an average of $68,506. Extortion (Into Mischief) topped the sale when bringing $1 million from Mick Wallace on behalf of Gandharvi.

“It's a sale that takes a little time to get really established,” Lacy said. “But we are seeing that there is an interest level from the Middle East and from different parts of world that are looking at this sale as an option now to source individuals for their racing programs. I think as the sale goes forward–and also the Horses of Racing Age Sale in April–it's going to gain more traction.”

The post ‘Pragmatic’ Keeneland November Sale Concludes with Numbers Down appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post

Verified by MonsterInsights