Tag: Cormac Breathnach

Momentum Builds In Keeneland January Opener

by Jessica Martini & Christie DeBernardis

LEXINGTON, KY – The Keeneland January Horses of All Ages Sale, delayed a day due to last week's blizzard, took some time to find its footing, but gained in strength throughout Tuesday's opening session to end the day with figures up compared to its 2020 opening session.

“We are very pleased with the way things ended up,” said Keeneland's vice president of sales Tony Lacy. “We were expecting a very solid day. There was some nice quality, especially towards the end. And that is the way it ended up. The numbers were pretty stable with last year's numbers until about halfway through the day and then we started creeping ahead. I think we ended up with $18 million in gross, so that's really strong for the first session.”

In all, 249 horses sold Tuesday for a gross of $18,015,200. The average of $72,350 was up 23.22% from a year ago, while the median rose 11.43% to $39,000. With 85 horses reported not sold, the buy-back rate was 25.45%. It was 31.79% a year ago.

Three Chimneys Farm purchased the session's top-priced offering when going to $750,000 to dissolve its partnership with Hill 'n' Dale Farm on the 2-year-old filly Princess Lele (Quality Road), a daughter of Carina Mia (Malibu Moon). The operation teamed with Mandy Pope's Whisper Hill Farm to acquire the mare Remedy (Creative Cause) for the session's second highest price of $470,000. Again buying out Hill 'n' Dale, Three Chimneys purchased Justly, a 2-year-old filly by Justify out of Take Charge Brandi (Giant's Causeway) for $410,000 to have three of the session's top four prices.

“It was great to see the domestic market very strong,” Lacy said. “There was a lot of positivity there again. The demand for quality was as eager as ever. We are looking forward to tomorrow and I think it will be more of the same.”

Adrian Regan of Hunter Valley Farm admitted the consignment was having just an average day before sending the top-priced short yearling through the ring late in the session. Emmanuel de Seroux of Narvick International purchased the colt by Gun Runner for $375,000.

“The middle market seems a little weaker than Novemeber,” Regan said. “But then we've been trying to buy and when we follow something in, we're not getting close. The good ones are making a premium.”

Becky Thomas of Sequel Bloodstock agreed some of the demand from the November sale was missing Tuesday at Keeneland.

“For me, I haven't felt the sense of urgency in the market that there was in November at the end of the tax year,” Thomas said. “I feel like it is a fair market, but there isn't the feeling of 'gotta have a horse, gotta spend money.' Everybody made money last year, so they kind of needed to spend money and there isn't that sense right now.”

Tuesday's session ended with a flurry of activity from a strong group of supplemental entries to the auction. Larry Best's OXO Equine purchased the final horse through the ring, multiple stakes winner Hello Beautiful (Golden Lad), for $410,000.

“I think after the September sale, people had enough money that they didn't feel like that had to sell in January,” Lacy said. “So we felt the supplements brought back a little bit of quality that might have been lacking in the depth of the catalogue. I think people saw there was a real premium on quality in November and because of that they decided this might be a good opportunity to sell in this market.”

Keeneland's director of sales operations Cormac Breathnach added, “We had a lot of quality in the initial catalogue. Seven of the top 10 sellers came from the main part of the catalogue, but this freedom to accommodate fillies like Hello Beautiful added some quality to the back-end and finished the session strongly. Hopefully that creates some momentum in and of itself, too.”

At the end of the session, Keeneland sold a no-guarantee season of Gun Runner donated by Ron Winchell and Three Chimneys for $130,000. Proceeds from the season, which was purchased by Bill Layni, went to tornado relief efforts in Western Kentucky.

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

Three Chimneys Cleans Up

Three Chimneys Farm bought out partner Hill 'n' Dale Farm on a pair of juvenile fillies from stellar families Tuesday at Keeneland and then added to another partnership to ultimately acquire three of the session's top four lots. Bidding on the internet, the Torrealba family's operation acquired Princesse Lele (Quality Road) (hip 276), a daughter of Grade I winner and 'TDN Rising Star' Carina Mia (Malibu Moon), for $750,000. Earlier in the session, Three Chimneys bought Justly (Justify) (hip 176), a daughter of champion Take Charge Brandi (Giant's Causeway), for $410,000. Both fillies were offered by John Sikura's Hill 'n' Dale Sales Agency. Three Chimneys and Whisper Hill Farm teamed up to purchase Remedy (Creative Cause) (hip 298) for $470,000.

Carina Mia was purchased by Three Chimneys for $410,000 at the 2014 Keeneland September Yearling Sale and she went on to win the 2016 GI Acorn S. in the farm's colors. Sold to Shadai Farm for $2.6 million while in foal to Uncle Mo at last year's Fasig-Tipton November sale, she is also the dam of an unraced 3-year-old colt by Curlin and a yearling colt by that stallion, both of whom were bred in partnership by Three Chimneys and Hill 'n' Dale.

“She is a beautiful physical,” Three Chimneys' Doug Cauthen said of Princesse Lele. “I know a lot of people looked at her in the summer. She was one of the favorite yearlings of some high-end buyers, but unfortunately at the time she had a little issue that kept her out of the sale. So we waited and broke her and then, just to clean up the partnership, brought her to the sale.”

Carina Mia is a half-sister to Grade I winner Miss Match (Arg) (Indygo Shiner) and her unraced dam is a full-sister to Grade I winner Miss Linda (Arg) (Southern Halo).

“It's a family that has done so well,” Cauthen said. “We hope she can run and do well at the track, but she is such a good physical and with a great pedigree that we are always looking long term to the broodmare band. That's what the Torrealba family does–look at the long term.”

Of the filly's session-topping price, Cauthen said, “That exceeded expectations by quite a bit. As a buyer you always want to get them for less, but it's such an amazing family and there was a lot of active bidding amongst people well beyond the two partners.”

Cauthen added of the two fillies purchased out of the partnership, “They would have been on the list no matter what. Would you have paid full retail at 100%? It's a little easier at 50%, but it's still money no matter how you look at it. They were expensive, but hopefully in the long-term it will pay off.”  @JessMartiniTDN

More Brandi for Three Chimneys

In the final dissolution of a partnership between Three Chimneys Farm and Hill 'n' Dale Equine Holdings on the mare Take Charge Brandi (Giant's Causeway), Three Chimneys purchased the champion's newly turned 2-year-old filly Justly (Justify) (hip 176) for $410,000 via an internet bid Tuesday at Keeneland, just 10 days after her 3-year-old half-brother Courvoisier (Tapit) won the Jerome S. at Aqueduct.

Three Chimneys and Hill 'n' Dale purchased Take Charge Brandi for $3.2 million at the 2019 Keeneland November sale to dissolve the Elevage partnership of Hill 'n' Dale and Glen Hill Farm. Three Chimneys purchased the mare, in foal to Uncle Mo, outright for $1.15 million at the Fasig-Tipton November sale last year and purchased her weanling filly by Quality Road in partnership with Glen Hill Farm for $450,000 at that same auction. Both the now-yearling and 2-year-old were purchased with an eye towards their future career as broodmares.

“This filly in particular, with that pedigree, was always an appealing prospect as a future broodmare,” Three Chimneys' Doug Cauthen said. “With the big update of Courvoisier winning the stakes and hopefully going on to get further black-type, that just added to the appeal of the filly.”

Justly has been broken and has been in training in Ocala with Eddie Woods.

“Eddie said she was a really good mover, tough, and had the right attitude,” Cauthen said. “That part was always there, obviously we will see what happens going forward, but the main focus was her future as a broodmare down the road. Whether she hits the track or not is not really a primary concern. It's a family that keeps on giving and hopefully down the road, she will prove to be a nice broodmare prospect for Three Chimneys.”

Of the Quality Road yearling, Cauthen added, “We are looking forward to racing her and she will be a broodmare for the partnership as well.”

Take Charge Brandi, named champion 2-year-old filly of 2014, is a half-sister to multiple Grade I winner Omaha Beach (War Front) and her second dam is broodmare of the year Take Charge Lady (Dehere), who produced Will Take Charge, Take Charge Indy, and As Time Goes By.

The 10-year-old mare will be bred back to Three Chimneys' standout young sire Gun Runner this year, according to Cauthen.

“It's the final phase of the dispersal between Hill 'n' Dale and Three Chimneys, no other reason,” Hill 'n' Dale's John Sikura said of Justly's engagement at the Keeneland January sale. “We had two 2-year-olds left and they are in this sale. It was not pre-arranged; it was the next venue. We had not come this far down the road yet so we were not prepared to sell them in September. Her dam sold in November and this is the last logical step.”

Sikura is co-owner of Take Charge Brandi's 3-year-old son Courvoisier, who won the Jerome S. on New Year's Day for trainer Kelly Breen, and he was underbidder on the 2-year-old Tuesday.

“She is a lovely filly, I tried hard to buy her, I was the underbidder,” Sikura said of Justly. “It's a lovely, active pedigree and there is a good current 3-year-old. Everything is positive.”

Of the juvenile's final price, Sikura said, “She wasn't perfect up front. I thought that might provide a little opportunity, but that pedigree is so strong. I thought she was full value for sure. Special fillies are hard to find. You have to chase to find and own them, but once you do, they are a valued commodity.” @JessMartiniTDN

Three Chimneys, Whisper Hill Team For Remedy

Even as Three Chimneys Farm was dissolving one partnership, it was adding to another one when teaming with Mandy Pope's Whisper Hill Farm to purchase Remedy (Creative Cause) (hip 298) for $470,000 from the Taylor Made Sales Agency consignment Tuesday at Keeneland.

“That's been a real positive partnership,” Cauthen said. “We bought one in the November sale together and it's nice to get another one.”

Whisper Hill and Three Chimneys teamed up to purchase Magical World (Distorted Humor) (hip 203) for $5.2 million at last year's Fasig-Tipton November sale.

Remedy was purchased by Twin Creeks Racing for $200,000 at the 2016 Keeneland September sale. Racing for Twin Creeks, Medallion Racing and Parkland Thoroughbreds, she was runner-up in the 2018 GIII Comely S. and GIII Remington Park Oaks. She sold to Twin Creeks Farm for $570,000 at the 2020 Fasig-Tipton February sale and produced a colt by Constitution in 2021. She was not mated last year and sold empty Tuesday.

The 7-year-old mare is out of Daisy Mason (Orientate), an unraced daughter of Leslie's Lady (Tricky Creek) and a half-sister to Beholder, Mendelssohn and Into Mischief.

“She is a good physical and from an amazing family,” Cauthen said. “It doesn't get better than Into Mischief and Mendelssohn. All reports are that, with a little luck, we should be able to get her in foal and get a great-looking Gun Runner out of her because that's who she will go to.” @JessMartiniTDN

Beautiful Ending to Best's Day

Larry Best of OXO Equine acquired four broodmares during Tuesday's opening session of the Keeneland January sale and saved his biggest purchase for last when buying Hello Beautiful (Golden Lad) (hip 430G).

“Most likely she'll go to Instagrand,” Best said after signing the ticket on the multiple stakes winner, who was consigned by ELiTE. “But I have three stallions. I have Instagrand and I also have Instilled Regard and, kind of under the radar, I have Rowayton.”

Best said he remembered Hello Beautiful's career, which included eight stakes victories and earnings of over $580,000, becauase the 5-year-old finished behind his Mundaye Call in the 2020 Runhappy Audubon Oaks.

“We beat her at Ellis Park, but I forgot about her after that,” Best said. “When I looked at the record, she's a very fast horse and a multiple stakes winner. And I love the Medaglia d'Oro bloodline.”

Early in Tuesday's session, Best went to $220,000 to acquire Evil Lyn (Wicked Strong) (hip 118) and $210,000 to acquire Ego Trip (Ire) (No Nay Never) (hip 113). Just before securing Hello Beautiful, the last horse through the ring Tuesday, he purchased multiple graded stakes placed Reagan's Edge (Competitive Edge) (hip 430) for $220,000.

“I was really pleased with Reagan's Edge's price,” Best said. “She is a very fast horse. I own Center Aisle and Reagan's Edge beat her three times. Now Center Aisle is three for three and just won a graded stakes. But I couldn't beat the horse, so I bought her.” @JessMartiniTDN

Haunted Heroine Proves Popular

Graded stakes producer Haunted Heroine (Ghostzapper) (Hip 148) sparked the first big fireworks during Tuesday's opening session, summoning $420,000 from Mike Cline, acting as agent for Andrew Warren, whose parents campaigned MGISW City of Light (Quality Road).

“He has a longstanding relationship with Lane's End,” said Cline, who is the former manager of that operation. “We bought her to breed to City of Light.”

A two-time stakes winner, Haunted Heroine is a half to Grade I winner Celestine (Scat Daddy) and stakes winner Silent Sting (Silent Name {Jpn}). The 11-year-old mare's second foal, Twin Creeks Farm homebred Law Professor (Constitution), captured the off-turf GII Santa Anita Mathis Mile S. Dec. 26 for City of Light's trainer Michael McCarthy. She was bred to City of Light on a late cover in June, but did not get in foal.

“She is a nice young mare and is proven,” Cline said. “She has already had a graded stakes winner. There are not that many of them around. She is pretty and we thought she mated well with City of Light. We are happy to have her and feel good about being able to buy one of that quality in January.”

Haunted Heroine was consigned to the sale by Taylor Made Sales Agency. —@CDeBernardisTDN

De Seroux Gets a Gun Runner

Emmanuel de Seroux of Narvick International purchased the highest-priced short yearling of Tuesday's opening session of the Keeneland January sale when going to $375,000 to acquire a colt by Gun Runner (hip 365) from the Hunter Valley Farm consignment.

“He will race in the U.S.,” de Seroux said, while declining to name his client.

De Seroux said the yearling looked to be the complete package.

“First he is by Gun Runner,” de Seroux said. “Second, he is a very athletic colt. He walks very well. He's nice. We loved everything about him.”

De Seroux purchased a weanling colt by Gun Runner (hip 32) for $380,000 at last year's Keeneland November sale, so Tuesday's competitive price was no surprise.

“The good Gun Runners, you have a lot of people trying to get them,” he said.

The dark bay colt is out of Take a Memo (Empire Maker), a daughter of graded winner Memorette (Memo {Chi}). He was bred by Hunter Valley's Adrian Regan and Fergus Galvin.

“To be honest, we were having a fairly average day in the ring up until this and we were getting a little worried he wouldn't get his full value,” Regan admitted. “Thankfully, the right people showed up.”

Gun Runner's stellar start to his stud career with his first 2-year-olds last year led Regan and Galvin to call an audible with hip 365, who had originally been targeted at last year's Keeneland November sale.

“We had him here in November and we had a little bit of a mishap with him down at the barn,” Regan explained. “We weren't happy with the way he was moving afterwards, so we sent him home. We were thinking of keeping him to sell as a yearling, but Gun Runner was doing so good, we decided to send him in there. We knew he was a good horse.” @JessMartiniTDN

Sequel Brings November to January

Becky Thomas's Sequel New York was absent from the Keeneland November Sale due to her son's wedding, causing her to re-route a group of November-quality horses to the Keeneland January Sale. That move proved to be a good one, as Sequel led all consignors by average at $161,833–aside from Clarkland Farm, who only sold one horse for $240,000.

“It was my son Zachary's wedding in November, so this is really a November consignment in January,” Thomas said.

The Sequel New York consignment was topped by the $350,000 mare Call to Service (To Honor and Serve) (Hip 424), who was purchased by Andrew Cary on behalf of Coteau Grove Farms. Cary purchased Munnings' Finest (Munnings) (Hip 235) from the Sequel consignment for $300,000 for Coteau Grove earlier in the session and she is also in foal to Authentic.

In foal to Horse of the Year Authentic, Call to Service was supplemented to the sale after receiving a timely update courtesy of her half-brother Giant Game (Giant's Causeway), who was third in the GI Breeders' Cup Juvenile and is currently prepping for a start in Gulfstream's GIII Holy Bull S.

Call to Service is also a half-sister to MGSW Isotherm (Lonhro {Aus}) and GISP Gio Game (Gio Ponti). Thomas purchased the 6-year-old mare for $110,000 for a partnership consisting of herself, longtime partner Lewis Lakin and Spendthrift's Mark Toothaker at the 2020 KEENOV sale. She was carrying a foal from the first crop of champion Vino Rosso at the time and produced that colt Feb. 16 of last year.

“She is a half to a horse, who is on the Derby trail for Dale Romans,” Thomas said when asked what led to the decision to supplement Call to Service to KEEJAN. “He ran a really big third in the Breeders' Cup and we've been watching him fire bullet works every week. Plus, the average for mares in foal to Authentic was strong in November. We are very excited about Giant Game, so we thought it would be a good opportunity for us. We are all a group of pinhookers, so we are very happy.”

Thomas added, “I also have to thank Tim Hamlin and H. Allen Poindexter, who bred Call to Service and her talented siblings. I have seen this family year after year because of them, so when this mare became available in 2020, I already knew what the whole family looked like. When she went through the sale, Mark [Toothaker] said, 'Buy her!'”

Sequel New York was also responsible for the day's most expensive yearling filly in Hip 317, a daughter of Triple Crown hero Justify, who summoned $300,000 from Brian Graves.

Bred by Lakin's Lakland Farm, Hip 317 is the first foal out of San Saria (Ire) (Australia {GB}), who is a daughter of GSW San Sicharia (Daggers Drawn).

“She was always fancy,” Thomas said. “She looks like a colt. She is really, really strong. We hand walk all of these horses and she walked my main yearling man Humberto every day. He couldn't really walk her because she was walking him. She is just a machine. I love her.”

“We will definitely bring her back through [the sale ring],” said Graves, who has enjoyed great success pinhooking yearlings in the summer and fall. “I just thought she was gorgeous, maybe the prettiest Justify I've seen yet. She just did everything right for me. She is drop-dead gorgeous and has an athletic walk. I liked everything about her.”

Sequel New York offered a total of 14 horses, all of which went through the ring during Tuesday's opening session. They sold 12 of those for a gross of $1.942 million.

When asked if her consignment stood out more in the much smaller January sale, Thomas said, “That is hard to tell because I do think there was a lot of money to spent in November. However, I think we stood out here because these were November horses. I thought Keeneland did a phenomenal job, moving the sale back and getting horses placed, giving people a chance to look at them and us an opportunity to show them. The horses were well received and we are happy to be here.” —@CDeBernardisTDN

Cary Stays Busy at KEEJAN

Bloodstock agent Andrew Cary was quite busy throughout Tuesday's opening session, scooping up three mares, two for Coteau Grove Farms and one for that operation's new stallion No Parole (Violence), who they stand in Louisiana in partnership with Whispering Oaks.

Both of Cary's acquisitions for Coteau Grove Farms were in foal to reigning Horse of the Year and GI Kentucky Derby winner Authentic and both hailed from the Sequel New York consignment. The most expensive was Call to Service (To Honor and Serve (Hip 424), who is a half-sister to last term's GI Breeders' Cup Juvenile third Giant Game (Giant's Causeway). He takes his next step down the Derby trail in the Feb. 5 GIII Holy Bull S. at Gulfstream.

“Obviously, there is a big potential update with the 3-year-old,” Cary said. “The mare is already a tremendous producer with what she's already done. She is also another mare in foal to Authentic, which was not by design. It is just the way it worked out, but you can't get too much of a good thing.”

He added, “It gives us a lot to root for in the spring. Giant Game just worked another bullet this morning [five furlongs in :59.85 at Gulfstream] and hopefully he will keep on trucking down the Derby trail.”

Earlier in the session, Cary bought Munnings Finest (Munnings) (hip 235) for $300,000. A half to MSW Baffle Me (First Samurai), she hails from the family of top sire Maclean's Music and GSWs Uncle Chuck (Uncle Mo), Kentuckian (Tiznow) and Electric Forest (Curlin). The 6-year-old mare's first foal is a now-2-year-old filly by City of Light and she aborted her 2021 foal.

“She was another mare in foal to Authentic,” Cary said. “She is a great-looking mare with a nice family. Those are the types everyone wants. You just have to keep swinging and hope to get some of them.”

Cary also picked up Catenaria (Bernardini) (Hip 67) for $80,000. She is currently in foal to Complexity, but was purchased with the intention of sending her to No Parole.–@CDeBernardisTDN

Twin Creeks Goes Back to the Well

Randy Gullatt and Steve Davison's Twin Creeks Racing campaigned MGISW Constitution (Tapit) in partnership with WinStar and he has gone on to be a very successful stallion. The operation returned to the well Tuesday, going to $260,000 to acquire a son of their former stable star (Hip 125).

“He has a lot of size and is a good, athletic colt,” said Gullatt after signing the ticket. “He has the same qualities as some of the good Constitution colts I have been around.”

When asked about Constitution's success as a stallion, Gullatt said, “It's pretty incredible. He is just over-achieving all of the time. It just gives you a lot of confidence that his [offspring] will over-achieve and do some good things.”

Consigned by Taylor Made, the chestnut colt was bred by Fred Hertrich, who had an outstanding year in 2021, breeding six Grade I winners either alone or in partnership. His operation had a hand in producing top-level scorers Americanrevolution (Constitution), Juju's Map (Liam's Map), Beyond Brilliant (Twirling Candy), Hit the Road (More Than Ready), Pinehurst (Twirling Candy) and Maxim Rate (Exchange Rate).

Out of Fifth Avenue Ball (Deputy Minister), Hip 125 is a half to SW Gotham Gala (Smart Strike) and SP Eastwood (Speightstown).

“He's an awful good Constitution and we really thought he would bring something in that $250,000 to $350,000 range,” Hertrich said. —@CDeBernardisTDN

Munnings Colt Proves Popular

A short yearling by Munnings (hip 128) brought a final bid of $240,000 from Joe Hardoon, racing manager for Al Gold's Gold Square LLC, during Tuesday's first session of the Keeneland January sale. The dark bay colt was owned and consigned by Clarkland Farm and is out of Forget Me Not (Uncle Mo), a half-sister to multiple stakes winner Needs Supervision (Paynter).

“He was a really classy, well-balanced colt,” Hardoon, who did his bidding alongside trainer Chad Summers, said. “He looks like he is going to be fast and can win early. We decided to take him to the races.”

Clarkland Farm purchased Forget Me Not, a winner of her lone career start for Fox Hill Farms in 2017, for $80,000 at the 2018 Keeneland November sale. The mare's first foal, a filly by Maclean's Music, sold for $115,000 at last year's Fasig-Tipton July Yearling Sale.

The 23-year-old Hardoon purchased three yearlings at the Fasig-Tipton New York-Bred Yearlings Sale last August, going to $170,000 for a colt by Unified (hip 539) and a son of Bolt d'Oro (hip 513) and to $120,000 for a colt by Maclean's Music (hip 509).

“We're just picking our spots at this sale,” Hardoon said of Tuesday's purchase. “We're usually more active with yearlings in September and later in the fall, so we're just picking our spots here and looking to find quality horses.” @JessMartiniTDN

Gun Runner Season Summons $130K

A season to 2021's leading freshman sire Gun Runner, donated by his owners Ron Winchell and the Torrealba family's Three Chimneys Farm, brought $130,000 from Peter Penny, who was acting as agent for Bill Layni, at the end of Tuesday's session. All proceeds from that sale will go directly to the victims of the deadly tornadoes that ravaged Western Kentucky last month.

“Everyone in Kentucky at every level wanted to do the right thing for those hit by the disaster,” said Three Chimneys Farm's Doug Cauthen. “This plus another $50,000 from Kentucky Downs and $50,000 from Three Chimneys is a step in the right direction. The whole horse community has done a great job. I have seen a million different donations. Gun Runner's owners, the Torrealba family and Ron Winchell, just wanted to do their part. It was a good way to do it with the sale being here. There are no more Gun Runner seasons around, so we thought it would bring a good number.”

Keeneland waived their commission on this offering so 100% of the proceeds will go directly to the cause.

“I thought it was a wonderful gesture by Ron Winchell and Three Chimneys, going to an amazing cause,” said Keeneland's Tony Lacy. “Having been able to support the effort and getting $130,000 for the victims of the Western Kentucky tornado–it's something that's great to see the industry getting behind. It's something that is very important to our state. We all talk about figures and numbers, but really the people of the state, it's a part of who we are as well. So this is great to be able to give back and support such a great endeavor. There is no commission, it is 100% going to the victims. We were just happy to facilitate the process. I think it was really well received. A lot of people showed a lot of interest.”

Gun Runner was bumped up to $125,000 for the 2022 breeding season after a record-setting freshman year in 2021 with two Grade I winners, six black-type winners and 31 individual winners. —@CDeBernardisTDN

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Keeneland January Sale Kicks Off Tuesday

The Keeneland January Horses of All Ages Sale gets underway at 10 a.m. Tuesday with the first of four sessions. The sale was originally scheduled to kick off Monday, but was delayed due to a winter snow storm in Lexington, which also pushed back the ship in date. The 1,631-horse catalogue is comprised of broodmares, racing/broodmare prospects, newly turned yearlings, horses of racing ages and stallions/stallion prospects.

“It is a very solid catalogue with a lot of depth,” said Cormac Breathnach, Keeneland's Director of Sales Operations. “The January Sale catalogue doesn't always have major highlights like we would in November, but we do have strong offerings at the top, like Co Cola (Candy Ride {Arg}). She is the dam of Search Results (Flatter) and is in foal to Flatter, so she is carrying a full-sibling to that Grade I-winning filly. She is a real standout offering who fits a lot of programs. We have a lot of good race fillies who could retire as broodmares or who could go on and be a lot of fun in 2022, such as Hello Beautiful (Golden Lad). She has won eight stakes and she is either an attractive broodmare prospect or race filly. We have Inthemidstofbiz (Fed Biz), who won the GII TCA here at Keeneland. We are excited about what we have and the momentum from November carrying over.”

It was a strong Keeneland November Sale from top to bottom, but many people left that auction with unfulfilled orders, according to Breathnach.

“That sale finished before people fulfilled all of their orders,” he said. “We took supplemental entries to this sale on the back of the strength of November. The entries for November happen early. They happen before the September Sale. The market had not revealed how strong it was going to be at that point, so through the November Sale, a lot of people were interested in selling horses and participating from a buying angle. The sale in November was a record median and a really healthy market from top to bottom. It did not feel overheated, but was really strong in terms of supply and demand. That is giving us a lot of confidence going forward into January.”

At last year's pandemic-affected Keeneland January Sale, 998 horses grossed $46,482,600. The auction was highlighted by three dispersals and was topped by a member of the Paul Pompa dispersal, MGSW Regal Glory (Animal Kingdom), who summoned $925,000 and is now a Grade I winner.

Travel restrictions will not impact this year's auction, though the COVID-19 pandemic has taken another upswing.

“The travel restrictions have basically gone away aside from fulfilling testing requirements,” Breathnach said. “People will make their own personal decisions, but if there is an advantage through COVID, it is the ability to bid online or over the phone. People have found a way to make sales work for them despite these difficulties.”

The Keeneland January Sale runs from Tuesday, Jan. 11 through Friday, Jan. 14 with each session starting at 10 a.m. Book 1 is Monday and Tuesday followed by a pair of Book 2 sessions.

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Keeneland November Sale Closes With Gains Across The Board

Keeneland's November Breeding Stock Sale, the most important auction of its kind in the world, closed Friday with gross sales of $203 million, the highest for the sale since 2016, and a record median of $37,000 to signal a resumption of the pre-pandemic bull markets.

Momentum from Keeneland's September Yearling Sale continued to bolster confidence in the market and demand for Thoroughbreds, spurring healthy competition for breeding stock among a deep buying bench as evidenced by the 82 percent clearance rate. Highlighting the auction, held Nov. 10-19, was the sale of seven horses for more than $1 million each, led by Grade 1 winner Paris Lights for $3.1 million, and an $800,000 filly by Frankel who is the top-priced weanling sold at public auction in North America this year.

“Excitement for racing and confidence in the future of our sport globally are positive trends for the entire horse industry,” Keeneland President and CEO Shannon Arvin said. “The November Sale continued the optimism we saw in September with great energy on the sales grounds, smiling faces all around and people having fun doing what they love. As in September, Keeneland worked to elevate the sales atmosphere with many little touches that we hope consignors and buyers really enjoyed, and that helped create a terrific environment to showcase the quality individuals that breeders and sellers brought to market. We are delighted with the enthusiastic response of buyers.”

Buoyant trade throughout the 10-day November Sale fueled double-digit growth over 2020, when the auction was held amid the COVID-19 pandemic. Gross receipts of $203,585,500 increased 34.81 percent from last year's $151,017,300. Keeneland surpassed gross sales for the entire 2020 November Sale on the fifth day of the 2021 auction. This year, 2,470 horses sold through the ring compared to 2,197 in 2020.

“There is exceptional depth and strength to the market. Quality is selling at a premium, and demand is across the board without being overheated,” Keeneland Vice President of Sales Tony Lacy said. “This sale is not an anomaly; sales are strong around the world. There is a positivity surrounding the sport right now and a real desire to own racehorses. Prize money and partnerships have invigorated the yearling market. When you have a vibrant yearling market, it is viable to breed these horses and have a market that will sustain it. We as an industry must challenge ourselves to keep this enthusiasm as we move forward.”

“It's been very good (the market),” WinStar Farm President, CEO and Racing Manager Elliott Walden said. “We've tried to buy some and haven't been successful and the ones we've sold, sold very well. It's a sellers' market right now, and it's good for everybody. It's good to regenerate dollars and it's good for people to get inventory and have that appetite. The fundamentals are good on the racing side. Purses are good; it makes sense to buy horses. The economy is doing very well right now, but I think the fundamentals of owning a racehorse are there finally. It's been a long time.”

Cumulative average price of $82,423 for the November Sale represented a 19.91 percent rise over last year's $68,738.

Cumulative median price rose 60.87 percent from $23,000 to $37,000, exceeding the record of $35,000 recorded in 2005 and equaled in 2006-2007 and 2013-2014.

“The median is a good guide of the health of the market generally and the middle market in particular,” Keeneland Director of Sales Operations Cormac Breathnach said. “We've seen record medians in September and again in November, and it's very gratifying. The median and the RNA rate often tie well together. A higher median and a lower RNA rate show that there is depth of the buying bench, energy through the sale into later books – as people get pushed – and an appetite for horses.”

Robust trade at the November Sale was fueled by competition among a deep and diverse buying bench as domestic and foreign buyers stretched their budgets to acquire quality horses at all levels of the market. The diversity of buyers was reflected in the fact that the 41 horses sold for $500,000 or more were purchased by 30 different interests.

Domestic buyers continued to flex their spending muscle as established breeders including Spendthrift Farm, Claiborne Farm, Stonestreet Thoroughbred Holdings, Mt. Brilliant Farm and Winchell Thoroughbreds bought with confidence. Prominent owners such as Bill and Susan Casner, who have not been as active in recent years, made significant purchases during the November Sale.

“The health of the mare market in particular has been really encouraging because people are investing for the future,” Lacy said. “Many of them are established breeders who are doubling down. This is discretionary income, not borrowed money. It is actual money that's being invested.”

Spendthrift Farm paid the sale-topping price of $3.1 million for Paris Lights, a Grade 1-winning filly by Curlin who was consigned by ELiTE, agent. The 4-year-old daughter of the winning Bernardini mare Paris Bikini is from the family of Broodmare of Year Better Than Honour, Grade 2 winner Smolensk and Grade 3 winners America and First Captain.

Paris Lights was one of 15 horses supplemented to Book 1. Another supplement, Look Me Over, received a significant update to her catalog page immediately before the sale when her half-brother, Corniche, won the TVG Breeders' Cup Juvenile Presented by Thoroughbred Aftercare Alliance and became the presumptive champion 2-year-old male. Look Me Over sold for $1.2 million to Mt. Brilliant Farm.

Phil Schoenthal, agent for Matt Dorman's D. Hatman Thoroughbreds, paid $800,000 for the weanling filly by champion British runner and leading sire Frankel who is a half-sister to Group 1 winner Arizona (IRE) and Grade 2 winner Nay Lady Nay (IRE). Consigned by Four Star Sales, agent, the filly is out of the English Channel mare Lady Ederle. She is from the family of European champion Dabirsim and Group 1 winner Bright Generation (IRE).

Meanwhile, the success of American bloodlines globally enhanced the worldwide appeal of the November Sale and contributed to a resurgence in international participation. Buyers from 23 countries, including Japan, England, Ireland, France, Australia, Turkey, Korea, Saudi Arabia and Argentina, participated in the sale.

“With travel restrictions lifting in time for the sale, it has been refreshing to see some people who've not been here – not just for several years but sometimes a decade or more,” Lacy said. “Keeneland is a global marketplace and one of the key sources of equine stock in the world. The fact that people were able to attend in person was very important. The sale had the feel of 10-15 years ago when there was very vibrant international participation. It is one of the things we want to focus on for the future.”

Japanese buyers were a major presence, energized by the success of Japanese horses at the recent Breeders' Cup World Championships. Maker's Mark Breeders' Cup Filly and Mare Turf winner Loves Only You (JPN) was bred by the Northern Farm of longtime Keeneland patron Katsumi Yoshida, who bought her dam, the Storm Cat mare Loves Only Me, for $900,000 at the 2009 November Sale. Loves Only You sold as a yearling in her native country for $1.4 million.

In Book 1, Yoshida acquired two mares with American pedigrees. He spent $850,000 on Lucky Dime, a half-sister to champion Mitole and Grade 2 winner and classic-placed Hot Rod Charlie in foal to Medaglia d'Oro, and $800,000 on Grade 2 winner Horologist.

Masahiro Miki of Japan was the sale's leading buyer, spending $3,675,000 for three horses in Book 1. He paid $2.3 million on the second-highest-priced horse, Pink Sands, a Grade 2-winning daughter of Tapit who is carrying her first foal by Into Mischief. Consigned by Gainesway, agent, the 6-year-old mare is out of Grade 1 winner Her Smile, by Include.

Other prominent buyers from Japan included Ever Union Shokai, which purchased 2021 Grade 1 Gamely winner Maxim Rate for $1.2 million, along with J.S. Company Ltd. and Shadai Farm.

“American dirt bloodlines are so valuable around the world and contribute to stud books in various racing jurisdictions,” Breathnach said. “We are really privileged and fortunate to be able to represent that market to the world here at Keeneland with the support of the breeders and consignors that send us such quality stock. International participation is very important to us.”

The November Sale's second-leading buyer was John and Susan Sykes's Woodford Thoroughbreds of Florida, who spent $3,515,000 for 14 in-foal broodmares. Woodford paid $400,000 each for two mares carrying foals from the first crop of Kentucky Derby Presented by Woodford Reserve winner and Horse of the Year Authentic, the sale's leading covering sire by gross.

A total of 20 mares in foal to Authentic sold for $7.84 million, led by Achalaya, dam of Grade 1 winner Casa Creed and Grade 3 winner Chess's Dream. Thirty Year Farm purchased her for $725,000 from the Gainesway consignment.

Lane's End supported multiple Grade 1 winner Code of Honor, who enters stud at the farm in 2022, by purchasing 19 mares for $2.55 million under Code of Honor LLC/L.E.B., agent.

The weanling market was extremely competitive with pinhookers and end-users both actively involved. A weanling led Day 2 when Coolmore's M.V. Magnier spent $625,000 for Just Before Dawn, a colt by undefeated Triple Crown winner Justify. Lane's End, agent, consigned the colt, a half-brother to multiple Grade 1 winner Moonshine Memories from the family of Horse of the Year Favorite Trick and classic winner Tiz the Law.

The leading sire of weanlings by gross was Munnings, whose 21 weanlings sold through the ring for $3,064,000. Sires represented by their first crops of weanlings were led by Grade 1 winner Audible and by champions Mitole and Vino Rosso. Weanlings by such young sires as Gun Runner, Constitution and Liam's Map also were popular.

“The young sires have created a lot of excitement for the future among breeders,” Breathnach said. “For instance, seeing the success of horses from Gun Runner's first season gives people confidence in his potential and also in the other very talented young sires in the pipeline.”

By average (with three or more sold), Into Mischief led rankings of both covering sires and weanling sires. Six mares in foal to the stallion averaged $887,500, and his seven weanlings averaged $402,143.

The November Sale also featured the first of an annual draft of broodmares and broodmare prospects from successful breeders and owners Gary and Mary West. Paramount Sales was agent for the consignment, which grossed $784,000 for 26 horses.

Online bidding once again proved a popular tool for buyers as 253 horses sold over the internet for $11,697,000.  Of particular note is the fact that online activity spiked during the second week of the auction.

The leading consignor at the November Sale for the fifth consecutive year and 25th time since 1987 was Taylor Made Sales Agency, which sold 236 horses for $23,080,200. Taylor Made's most expensive offering was the Scat Daddy mare Downside Scenario, the dam of Grade 2 winner Mutasaabeq who is in foal to Into Mischief. She sold for $1.15 million to Stonestreet Thoroughbred Holdings.

Keeneland debut winner Strava brings $825,000 to lead horses of racing age on final day

Closing day of the November Sale began with an offering of 148 cataloged head of breeding stock that was topped by Miss Floki, a 3-year-old winning daughter of Ghostzapper out of Grade 1 winner Cotton Blossom, who sold for $105,000 to Douglas Arnold, agent. Consigned by Four Star Sales, agent for the Estate of William D. Graham's Windhaven Farms, she was cataloged as a racing or broodmare prospect.

The session concluded with a segment dedicated to horses of racing age in a format Keeneland offered for the first time. A total of 127 horses sold for $8,029,000.

The $825,000 high seller was Strava, a 2-year-old son of Into Mischief who won his Oct. 9 career debut at Keeneland. Denny Crum purchased the colt, who was consigned by WinStar Racing, agent, and is out of the winning Grade 1-placed mare Catch My Drift, by Pioneerof the Nile. (Click here for a video of Strava in the sales ring.)

Crum, who won two NCAA championships as coach of the University of Louisville's men's basketball team, has been involved in racing for some time. With his purchase of Strava, he reunites with Dallas Stewart, who trained his multiple Grade 2 winner Nasty Storm and conditioned Strava before the sale.

“I've decided at my age there is no reason to save any money,” Crum, 84, said. “So I wanted a good horse, and I think we got one. (Strava) cost us a little more than I thought he would, but still (he) is the best horse here.”

Stewart said Strava would go to Fair Grounds.

Gold for Kitten, a 3-year-old stakes-placed filly by Kitten's Joy, sold for $350,000 to Vineyard Racing. Out of the winning Hard Spun mare Olympic Avenue, she is from the family of Grade 3 winner Valid Expectations and stakes winner Successful Native. Gold for Kitten was consigned by St George Sales, agent, as a racing or broodmare prospect.

M. Maker, agent, paid $335,000 for Stolen Base, a 2-year-old colt by Bodemeister who last raced in the Nov. 5 Breeders' Cup Juvenile Turf. Winner of his debut at Saratoga, the colt was second in Keeneland's G2 Castle & Key Bourbon in October. He was consigned by Bluewater Sales, agent.

Selling for $325,000 was Realm of Law, a 3-year-old War Front colt who won an Oct. 15 maiden race at Keeneland. BBA Ireland purchased the colt, whose dam is Grade 2 winner Filimbi, by Mizzen Mast, and is from the family of Grade 1 winners Flute and Weep No More. He was consigned by WinStar Racing, agent for Juddmonte.

Lacy said presenting horses of racing age in their own segment on the final day of the November Sale had advantages.

“Breeding stock are not displaced in the flow of the sale, and it is perfectly positioned on the racing calendar as stables move south for the winter,” he said. “Owners have young stock coming through, and they want to trade out some of their stock that maybe isn't working for their program or they want to capitalize on what they've got.”

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Something For Everyone As Keeneland November Wraps

The seasonal foliage was about the only thing falling at the Keeneland November Breeding Stock Sale, which concluded a wildly successful run in Lexington Friday afternoon. Over the course of 10 days of trade, sales officials reported gross receipts of $203,585,500 for 2470 horses sold, good for an average of $82,423. Further demonstrating the strength of middle market, the median price of $37,000 established a new November record, eclipsing the previous mark of $35,000 set on five previous occasions, but most recently in 2014. The buyback rate closed at a very manageable 17.4%.

The November sale was topped by the supplemented GI Coaching Club American Oaks winner Paris Lights (Curlin) (hip 224D), who was consigned by Brad Weisbord and Liz Crow's EliTE, as agent for WinStar Farm/WinStar Stablemates. Despite the passing of its founder B. Wayne Hughes this past August, Spendthrift Farm continued an aggressive buying spree dating back to last year's breeding stock sales, going to $3.1 million for the daughter of Paris Bikini (Bernardini). Paris Lights was one of seven mares that eclipsed the seven-figure mark at Keeneland, each of which was secured by a different buyer, while the 41 horses that sold for a pricetag in excess of $500,000 were acquired by some 30 unique entities.

The 2021 November Sale also warmly welcomed the return of a broad international buying bench, as the United States conditionally opened its borders on the eve of the auction Nov. 8. Bidding was spirited at every level of the sale, across each of the five books that was capped by Friday's equally vibrant Horses of Racing Age Section (see related story). So lively was the bidding that by the time the dust had settled on the Book 3 finale Nov. 14, the sale had already soared past the gross for the entire COVID-impacted event in 2020.

The weanling section of the sale also featured competitive bidding, with end-users and resellers alike making their presence felt. Four Star Sales sold the highest-priced foal of the sale (hip 144), an $800,000 Frankel (GB) half-sister to MGSW Nay Lady Nay (Ire) (No Nay Never) and GSW/MG1SP Arizona (Ire) (No Nay Never) to Midlantic-based trainer Phil Schoenthal, agent for Matt Dorman's D. Hatman Thoroughbreds.

The level of engagement augurs well for horse racing and breeding, Keeneland President and CEO Shannon Arvin said.

“Excitement for racing and confidence in the future of our sport globally are positive trends for the entire horse industry,” she commented. “The November Sale continued the optimism we saw in September with great energy on the sales grounds, smiling faces all around and people having fun doing what they love. As in September, Keeneland worked to elevate the sales atmosphere with many little touches that we hope consignors and buyers really enjoyed, and that helped create a terrific environment to showcase the quality individuals that breeders and sellers brought to market. We are delighted with the enthusiastic response of buyers.”

Opening of Borders Comes In The Nick of Time…

Following an 18-month interruption owing to the coronavirus, the United States officially re-opened its borders to fully vaccinated international travelers Monday, Nov. 8, one day prior to the Fasig-Tipton November Sale and two days before the start of Keeneland November. The sales sheets bear out that the international buying bench contributed mightily to the overall sales performance at all price points.

On the heels of two landmark victories at the Breeders' Cup at Del Mar, Japanese interests were active at the top and middle levels of the market–as is their custom–with Masahiro Miki signing for three lots for $3,675,000, topped by the $2.3 million Pink Sands (Tapit) (hip 183). Katsumi Yoshida added New Jersey-bred Horologist (Gemologist) (hip 200) to his formidable broodmare band at Northern Farm, paying $800,000 for the MGSW and MGISP mare.

Keeneland November grad Gypsy Robin (Daaher, $750,000, 2013) became the dam of G1 A. J. Moir S. hero Wild Ruler (Aus) (Snitzel {Aus}) at Melbourne's Moonee Valley Racecourse late last month, the latest major success of American-sourced bloodstock Down Under. Looking for lightning to strike again–and hopefully again and again–that 4-year-old colt's part-owner Newgate Farm (Henry Field) teamed with SF Bloodstock on no fewer than five purchases, led by MGSW Tonalist's Shape (Tonalist) (hip 46). Australian horsemen Julian Blaxland, Will Johnson, Bruce Slade and Craig Rounsefell were prominent players, as were trainers Richard and Michael Freedman.

 

The sale's back books drew buyers from Central America, Russia, Saudi Arabia, South Korea and Turkey, a function of Keeneland's aggressive strategy to recruit buyers from these 'emerging' racing jurisdictions.

As with any sporting event, it's great to watch on TV and all, but nothing beats being there in person, said Keeneland Vice President of Sales Tony Lacy.

“The opening of the U.S. borders just two days before the sale really created an atmosphere and brought back a feeling of probably 10-15 years ago, when you had a really vibrant international market,” said Lacy. “The presence of the Australians was really welcomed, because American broodmares have been doing exceptionally well in their gene pool. It was great to see the Europeans coming back here and spending money again. The attraction of American pedigrees is starting to gain traction again. I think going forward there is real momentum and I think we've got a real good base to work off in the future.”

Added Keeneland Director of Sales Cormac Breathnach, “American bloodlines are so valuable around the world and are huge contributors to studbooks in various jurisdictions. We are privileged and fortunate to be able to present that market to the world here at Keeneland and with the support of all the breeders and consignors that send us such quality stock. The market has been very strong, the international participation is consistent and very valuable to us and it's exciting for us to be on this end of it.”

'Cool' Marketplace Fosters Confidence, Stability…

Another positive in Lacy's eyes is the re-emergence of buyers at the November Sale who had availed themselves of a break of as many as 15 years from the sales.

“I think what is really encouraging is that you're seeing some people that might have been inactive for a number of years [buying horses],” he offered. “I'll use Bill Casner as an example. Bill has been active, but at a slightly lower level. This year he came back and bought at a significant level. If you look at the results through Books 1 and 2, you see people who have purchased farms that were active and really doubling down, stocking up for their farms.”

And that helps to maintain a relatively even keel, according to Lacy.

“I think even if we have a correction in the market over the next few years, you won't have the same panic in the market because of the fact that this is real money that's being invested,” he said. “There's confidence. Prize money being up has really helped and the fact that we have partnerships that are buying racehorses has invigorated the yearling market. When you have a vibrant yearling market, the reaction is that people think 'alright, it's valuable to breed these horses' and to have a market to sustain it. That's extremely encouraging. I don't think the market is overheating in any way. If you look at the results from 2018-2019–eliminate the results from 2020–but look at 2021, you actually see a straight line. There's a very consistent line of growth. 2020 was a bit of anomaly, but last year was actually better than what we thought it might be. There was a demand for young stock and it's carried over here.”

Breathnach concurred.

“There's a lot of help in the industry, from the sporting end with high purses and handle has been very good and there is a lot of energy around the sport again,” he explained. “People made money in September and now they're reinvesting now with confidence, because like Tony said, it feels like a very fair, sound market and something that is sustainable, because there is a balance between supply and demand and there is a real appetite to buy and to fill orders and they're not getting them filled in many cases. They're getting pushed back in the books and now they're going to be back in January to try to fill their orders there.”

Following Through On A Vision…

In a TDN interview with Katie Petrunyak after being named to his new role earlier this year, Lacy said he was committed to enhancing the buying experience for the auction house's clientele, making it fun and exciting. With Keeneland's two biggest sales now in the rearview, it is clear Lacy very much intends on seeing that task through.

“We've been really focused on creating a little more energy, a little more excitement and a little more of an atmosphere around the grounds,” he said. “In September, we had to duct tape a lot of things together to make this work, starting in early summer. It's been well received. A lot of international and out-of-town customers have really enjoyed themselves and I think that's something we want to try to build on.

“It's a transactional business, but we also realize that there is a lot enjoyment in trying to source and buy quality stock,” he continued. “That's something we'll be focusing on more and more. We want make sure that people realize that when you invest here, it increases prize money, it allows us to do more development. We're also really excited about having the Breeders' Cup here next year. Next November is going to be a really exciting time and we're already planning for what we can do then.”

An ELiTE November Topper…

One might think that selling a horse for $3.1 million wouldn't necessarily elicit a significant reaction from ELiTE Sales' Brad Weisbord within the context of having consigned the likes of champions Monomoy Girl ($9.5 million) and Midnight Bisou ($5 million) and Uni (GB) ($4.1 million) on a single night a little more than a year ago. But Weisbord, who said has seen his baby daughter a grand total of 'one day in the last five weeks,' was still basking in the afterglow of the sale of Paris Lights nine days after she went through the ring at Keeneland November.

“It's been a great November,” said Weisbord. “It was a pleasant surprise to hear from Elliott Walden two weeks before the sale, saying that he was giving us Paris Lights to sell. We put our heads together and seeing all those headliners at Fasig-Tipton, we thought it was best to bring Paris Lights to Keeneland because she would have a chance to shine there. This was a case of being the last big fish in the sales ring and everybody lined up on her. To sell a $3-million mare, even in a healthy market, is a giant deal and we were very appreciative of the opportunity.”

Like so many others, Weisbord has been taken by the performance of the market over the last week and a half.

“This, for me, is the best market we've ever participated in,” he said. “I thought the same thing last year and this year is even better. The health of the worldwide economy is continuing to strengthen. We have probably never seen this strong a market at the upper end. We had five millionaires and there was very active bidding well above our reserves for all five of them.”

 

Taylor Made Tops Among Consignors…

There are a few constants in life: death, taxes and Taylor Made Sales topping the consignors' table at Keeneland November.

And so it was in 2021, as the agency sold 246 head for $23,873,200 to reign as king of that particular hill for the 25th time since 1990.

“We've got a great base of customers, many of whom have been with us for decades and continually give us good horses,” Taylor Made's Mark Taylor commented. “We've got a hell of a team. A lot of the people that work for us could run their own consignments, they know what they're doing. Us Taylors are just the conduits between the employees and the customer. We're very lucky. Thanksgiving is coming up, so we're very grateful.”

Given the strength of the year's previous auctions, Taylor said the overall results of the November sale were not totally unexpected, yet simultaneously a bit surprising.

“What was encouraging was that it was strong from start to finish and there was demand for horses at all levels. It was really good,” he said. “It exceeded my expectations in this way. I thought that our high six-figure and seven-figure horses, that we would be selling into a very healthy market. The middle market commercial breeders–what we have been seeing is signs of them shrinking down. Wherever they are in the market, they want to sell off and have higher quality. The cost of keeping them and raising them keeps going up and then also the veterinary scrutiny continues to get more intense.

“It's totally out of their control,” he added. “You're raising this animal that you're bringing to the market and there's so much intense vet scrutiny that a lot of the commercial breeders just can't stomach it. It's so hard to hit a home run, and even when you have a horse that's capable of it, sometimes it takes just one or two opinions and instead of hitting a home run, you're striking out. It's a hard business model because there is so much unpredictability in that way. I was pleasantly surprised that there was so much demand for those mares. I thought it was going to get really thin and really weak once we hit Book 3, but that was not the case. It's a testament to how much people love this game. That they're willing to reinvest and plow money back in.”

Ingordo: Buying Horses 'Was Not Easy'…

Noted bloodstock agent David Ingordo was one of many buyers who found the sledding to be pretty tough at the November sale. That being said, he wasn't complaining and also sees a bright future for the sport.

“On the heels of as good a September sale as I've ever seen and a yearling sales season that was phenomenal, quite frankly, it was expected that November would be a good market,” he said. “I'm usually a foal buyer, but I was not able to get anything bought in my price range and at my comfort level for what my needs were. We got outbid quite a bit, I thought the foal market was quite strong, and deservedly so. Pinhookers had a good year, end-users are buying more weanlings now than they ever have and there is just a lot of competition for good foals.

He continued, “On the mare side, again it goes back to good yearling sales. A lot of people are reinvesting in mares, making key acquisitions for broodmare bands, and that was difficult to do as well. On the value side of the broodmare market, there were a lot of people supporting their various sires and we saw a lot of mare competition and it was tough. We were able to buy horses that we wanted, but it was not an easy process.”

Ingordo signed 19 tickets to support new Lane's End stallion Code of Honor (Noble Mission {GB}) and another half-dozen in the name of Gage Hill II in partnership with Lane's End.

“Code of Honor is a very attractive horse and stands over a lot of ground,” he explained. “Physically we're thinking to add some strength and some body to the mares we breed to him. He won what is historically one of the best 2-year-old races at Saratoga and got beat a lip in the Champagne, so he has 2-year-old form. We're looking to try to make him a commercial horse and try to get some runners out there early. We bought some speedy types of physicals from sire lines we felt would bring additional precocity that he himself had. He's a wide-open horse to breed to pedigree-wise, so we were able to find a wide variety of mares that fit him. As is becoming our model, we are committed to supporting these horses with mares, we're going to buy yearlings and weanlings by him, we're going to buy 2-year-olds. And people that breed to him, we're going to support those that breed to the horse by buying horses off them as well.”

The sales are a means to an end and Ingordo is encouraged not only by the results of the past week-plus, but also by the state of the horse racing business.

“That winning post about a quarter-mile up from the pavilion and the winner's circle is what drives this,” he said, referring to the Keeneland finish line. “Racing is healthier than is sometimes reported, we seem to always focus on the negatives. I personally race horses and we make our racing stable work based on the prize money we can win. It covers the bills and hopefully we create a product that we can sell as a stallion or a broodmare or whatever. Purses are good and there is a demand I haven't seen for some time. It is quite refreshing to see just how many people want to race horses at whatever level they're able to do it. Even if you have a claiming horse, you can still make it make sense. That is something we need to focus on as a big positive and realize that is what is driving all this demand. Someone has to produce those horses, so the breeders are being rewarded for producing a nice horse, and whatever region they're in, people want to race.”

What They're Saying At The Sales…

“I think I'm like everyone else…OMG is the explanation for it. The strength of the market is mind-boggling, the strength of the stock market is mind-boggling. There's just so much money in the world right now and you combine that with the accelerated depreciation we're getting, purse money is up and overall gambling on racing continues to move forward. We've got as close to a perfect storm in the horse business probably since all that crazy money in the early 80s. It's as good as it's been since the turn of the century.

“The increase in the $10,000 to $60,000 horse, which was sometimes unsellable, there now seems to be a fervent market for those horses. I don't know where the money is coming from, but it's great for the industry.”

–Bradley Thoroughbreds' Peter Bradley

 

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