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Spendthrift’s Young Guns at F-T July

Generally well-represented at most sales venues throughout the yearling season, Spendthrift Farm offers a sextet of homebred youngsters, dominated by the offspring of a trio of the nursery's fledgling stallions, at the Fasig-Tipton July sale, set to take place July 13. And while the operation has reached great heights with its marquee stallions–the late Malibu Moon and Into Mischief–the basis of Spendthrift's program has been largely built upon the continuous replenishment of young stallions offered at affordable fees.

“We want breeding to work for everybody involved,” explained Spendthrift General Manager Ned Toffey. “Of course, we are always looking for the caliber of superstars of the late Malibu Moon and Into Mischief, but we haven't forgotten that Into Mischief initially stood for $12,500 and, in his second year, he stood for $6,500. We also appreciate the fact that good horses can come from anywhere. Fasig-Tipton has always had a long tradition of showcasing new sires and we think this is a great place to try to introduce our young stallions and to show the buyers and the breeders what kind of horses these sires are able to produce. And that is very much what this group of yearlings is there to do.”

Case in point, Spendthrift's stallion roster is represented at the July sale by a pair of Grade I-winning stallions who are represented by their first yearlings in 2021: Mor Spirit (Eskendereya) and Free Drop Billy (Union Rags), in addition to freshman sire Lord Nelson (Pulpit).

Among those represented by first yearlings this season is GI Los Alamitos and GI Met Mile winner Mor Spirit. A $650,000 Fasig-Tipton Florida graduate, he also won the GIII Robert Lewis S. and GIII Sexton Mile. A total of eight yearlings by the sire are on offer in this season's July catalog, and Spendthrift's homebred duo consists of a pair of colts: Hip 44, out of Malibu Cove (Malibu Moon); and Hip 62, out of Palmilla Moon (Malibu Moon). The former, consigned by Eaton Sales, is a half-brother to GSW and GISP Kalypso (Brody's Cause). Out of a full-sister to Grade III scorer Prospective, the Jan. 29 foal is from the extended family of champion North Sider.

“He is out of a mare that is the dam of Kalypso, from the first crop of [Spendthrift sire] Brody's Cause,” offered Toffey. “We think this is an exceptional individual. Physically speaking, this colt takes a backseat to nobody. We think he's very much what buyers will like. He's got good size, but he's not too big. He has very good bone and is correct. He's also beautifully muscled. And he looks very fast. We think he's a horse that will really appeal to buyers.”

Spendthrift also serves up hip 62–consigned by Scott Mallory–the second foal out of 6-year-old Palmilla Moon. A $180,000 KEESEP yearling purchase in 2016, the mare is a granddaughter of the prolific Aletta Maria (Diesis {GB}), who is responsible for Grade I-scoring turfers Cetewayo and Dynaforce, in addition to Grade II winner Bowman Mill. Covering over 300 mares in his first two seasons at stud, Mor Spirit stands for $5,000 S&N this year.

“This colt is very a strong, well balanced and really sturdy individual,” said Toffey. “He has tremendous bone and very athletic. He's just one of those horses who has always done everything right for us. We think he is a very good example of what this sire is throwing.”

Also standing for the same advertised fee in 2021, Free Drop Billy recorded his most important career victory at two, taking the GI Breeders' Futurity. Appearing early in the catalog under the Scott Mallory banner is Hip 5, a filly out of SP Cedar Summer (Souvenir Copy). The Feb. 26 foal is a half-sister to MSW and GSP Populist Politics (Don't Get Mad).

“This is a very fast, athletic looking filly,” Toffey said.

Outlining the sire's attributes, Toffey added, “He is a beautifully made, compact horse. He's a beautifully-bred horse and we're really seeing that in this offspring. He tends to throw more size than he has himself. They have a lot of substance and a lot of bone and classy looking animals. You are seeing the depth of his pedigree come out.”

Hip 91, who also represents the young stallion in this year's catalog, will be precluded from the sale, confirmed Toffey. Out of the Tiznow mare Tiz the Key, the filly hails from the family of European champion juvenile filly Gay Gallanta (Fr).

“We have an absolute monster of a physical by Free Drop Billy out of Tiz the Key that has to come out because of a minor issue coming along at the wrong time,” he said. “But we expect to have her in Fasig-Tipon's October sale.”

A stakes winner at two, Lord Nelson won the GII San Vincente S. the following season, although he enjoyed his best season at four, annexing a trio of Grade I sprints–the Santa Anita Championship, Bing Crosby S. and Triple Bend S. With six yearlings by the sire catalogued for July, Spendthrift is represented by Hip 114, a colt out of Bonita Mia (Warrior's Reward) who is also consigned by Scott Mallory. The colt's unraced dam is out of Miss Simpatia (Arg)–a sister to Argentine Champion Miss Linda (Arg)–making her a half-sister to GI Acorn S. winner Carina Mia (Malibu Moon) and Miss Match (Arg) (Indygo Shiner), victorious in the GI Santa Margarita invitational S. as well as the G1 Argentine Oaks.

“We felt this was a very quick-looking and athletic colt,” stated Toffey. “The pinhookers appeared to do well with the Lord Nelsons this year. And we felt they would be more than willing to go back to the well on him. His 2-year-olds have been very promising so far and we're excited about his chances this year.”

In 2020, a total of 37 yearlings by Lord Nelson sold for an average of $84,972, including a half-brother to Spendthrift resident sire Maximus Mischief (Into Mischief) who realized $460,000 at Keeneland last September. This season, 26 juveniles by Lord Nelson sold for an average of $99,903, headed by a $385,000 OBSMAR purchase out of Luna Dorada (Seeking the Gold). The stallion was advertised at $10,000 S&N for 2021.

“His horses are really developing beautifully,” Toffey opined. “They are good, medium sized horses that are very athletic and well balanced. And they look quick.”

Rounding out Spendthrift's offering at July are a pair of yearlings by the operation's marquee stallions. Consigned by Four Star Sales, Hip 339 is by the nation's leading sire Into Mischief and out of MSP Anahauc (Henny Hughes), a sister to stakes winners Gangbuster and Dreamcall. Recently deceased sire Malibu Moon is also represented by seven yearlings in the catalog, including Spendthrift's Hip 141. Consigned by Scott Mallory, the colt is out of GSW Daring Kathy (Wildcat Heir).

“Any stud farm is so fortunate when they can get a stallion of the caliber of Malibu Moon or Into Mischief, but you always know that you have to continue to be looking for the next one,” said Toffey. “They don't come along that often. There will be a lot of stallions that are given a shot at stud and that just don't make it, so there are no guarantees. It's an ongoing process to find the next good horse. And any farm that gets a horse like Malibu Moon at all is very fortunate, and you'd like not one but two, but that is very difficult to do so you always have to keep looking. In this game, whether it's stallions, racehorses or mares, you're always looking for the next big horse. And that's what we're trying to do.”

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Tony Lacy and His Vision for the Keeneland Sales

As the calendar reaches the midpoint of June and the summer heat starts to rise in the Bluegrass, yearling inspections for the 2021 Keeneland September Sale are well underway. Former bloodstock advisor and consignor Tony Lacy, who was named as Keeneland's Vice President of Sales this April, is in his element as his team travels across Kentucky and beyond, inspecting the many young Thoroughbreds that will soon make up the massive catalog lineup come September.

“I grew up a horseman and that's what my family is, so this is really coming back to my roots,” Lacy said on a sultry afternoon in Versailles after dodging summer storms to complete a long list of inspections at Three Chimneys Farm. “I think this is where I can relate very closely after being a consignor for 20 years at Four Star Sales. I know the anxiety levels at this time of the year–where these horses might fall in the book and what their marketability might be. I can bridge the gap, I believe, between what the seller feels like they need and what the sales company needs to provide.”

A fourth-generation horsemen, Lacy began his career in his native Ireland working as an assistant trainer to his father, T.F. 'Tom' Lacy, while also becoming an accomplished amateur jockey both on the flat and over jumps. He then worked stints as an assistant trainer in France, the U.S. and Dubai. He landed back in the U.S. in 2001 to help launch Four Star Sales and began taking on advisory and managerial roles for many successful racing and breeding operations.

Over the years, he has represented Emirates Racing and the Dubai World Cup in the U.S., served as the North American Representative for ARQANA, and advised the French Breeding and Racing Committee and France Galop. He currently serves on the board of New Vocations and is also the incoming president for the Thoroughbred Club of America.

“I think my experiences on the track and in the breeding industry help me understand the dynamics of what trainers are looking for, as well as the strife and struggle of a breeder,” Lacy said. “I've bought quite a number of horses over the years, so from that perspective, I've seen it from many angles. I'm not saying that I know it all–far from it–but I think I can relate to what people are really going through if they have an issue or they're looking for improvements in any aspect.”

In his first few weeks on the job, Lacy has worked closely with Geoffrey Russell, who served Keeneland's auction house for the last 25 years and officially retired this year, but will serve as a consultant through the remainder of 2021.

“Coming in as vice president of sales, it's really an all-encompassing position,” Lacy said. “In the first few weeks, I've gotten exposed to a lot of aspects of how every department interacts with each other, which certainly allows you to balance everything out and understand why something is possible or might not be possible. I'm working very closely with Geoffrey right now, who is obviously in the early stages of his retirement which he is enjoying, but he's been a great help in the transition.”

On June 10, bloodstock consultant Cormac Breathnach, Ph.D. was named Keeneland's new Director of Sales Operations to succeed Russell.

With several new faces at the helm of Keeneland's sales operation, Lacy said the incoming team's goal is to evolve the company's image and identity throughout the industry.

“I think Keeneland may be perceived as the big green institution that may not be as approachable,” he explained. “I know as a kid growing up, it was iconic and it still is. It's got an extremely strong brand. But I think with the way the industry has evolved and with what people demand, we've got to be more interactive. There is an entertainment aspect to it. There is a customer service aspect to it. There's a lot of problem solving and it's a lot about being compassionate.”

Lacy said that Shannon Arvin, who officially transitioned into the role of Keeneland President and CEO Jan. 1 of this year, as well as Gatewood Bell, who was named as Vice President of Racing this February, both played a role in creating the vision behind this new outlook.

“Shannon is fantastic. She gets it,” he said. “Gatewood has been a great support as well. We're all working in lockstep. I think we come with a very targeted perspective of modernizing Keeneland and I'm excited about that. I'm excited to be a part of it. I didn't give up everything to do this without allowing it to happen. I've committed everything to it.

“Between Shannon, Gatewood and myself, we certainly see that racing and sales [teams] have to work together very closely,” he continued. “We're really doing the same thing with a lot of the same people and it has to be a seamless process where if somebody is interacting at the sales, they're recognized for what they've contributed in racing and vice versa. We want to try and help everyone be better.”

Lacy aboard Juddmonte homebred and eventual five-time Graded/Group I producer Hasili (Kahyasi). | Camilla Yakteen

Lacy and his team will have the advantage of making these first steps toward their mission at a time when optimism is riding high in the industry and the results are showing at the sales.

“Last year was obviously a stressful time for everyone,” Lacy said. “But when you look at the 2-year-old sales this year, there's a lot of positivity. People are really anxious to get back out there. Syndicates are getting much more involved and that aspect of it creates a real energy coming into this year and I think we want to promote that.”

If there was one positive to take away from last year's sales season, Lacy said it would be the industry's ability to take a stressful environment and bring forth innovation.

“The online platform encouraged people to bid online more if they couldn't make it to the sale,” he noted. “The introduction of walking videos, as well as just a little more transparency with information, all help the process. I think these things were necessary last year, but this year they become the standard around the world and I know Keeneland has embraced that.”

Lacy said he has always believed each drop of the hammer is more than just a hip number going through the ring followed by a subsequent transaction. It's a lesson he remembered time and time again as a consignor at Keeneland and one that helped Four Star Sales become one of North America's leading sales agencies.

“There is a fun aspect to a sale that the buyers need to be able to enjoy,” he said. “It's not always about the transaction. It's about the competitiveness and trying to find the next Derby horse. I love every day I go to work and I want it to be like that for everybody. It should be an exciting place for people to come and do business with a great vibe for the process.”

Now, Lacy has made it a full-time commitment to create a rewarding experience for each buyer and seller that will step onto Keeneland's grounds this fall.

“Growing up, you look at Keeneland and how iconic it is and it was really never something I ever thought was possible to be in the position I'm in,” he admitted. “So I feel very fortunate and I feel the responsibility of the job. But it's a wonderful organization and I think it's exciting at the moment because obviously there's turnover in faces at Keeneland, but I think that brings a fresh perspective and a whole new attitude. We're all working towards the goal that we want to be stronger in 10 years' time than we are now and leaving it for the next team, the next generation, to be able to pick up and make even better.”

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Lacy Named VP of Sales at Keeneland; Russell To Retire

Internationally respected bloodstock adviser and consignor Tony Lacy will join Keeneland as the company's vice president of sales. Keeneland has simultaneously announced that Geoffrey Russell, who has served the auction house for 25 years–the last 20 as director of sales/sales operations–is retiring from the company, but will remain as a consultant through 2021.

“Tony possesses a well-rounded knowledge of the Thoroughbred industry, bolstered by valuable insight and a unique skill set gained from having worked on the ground in the U.S., Europe and the Middle East,” Keeneland President and CEO Shannon Arvin said. “He is an established presence globally and connects to a vast network of owners, trainers, consignors and buyers. We are excited to welcome Tony to Keeneland, and look forward to his leadership as we prepare for the future.”

A fourth-generation horseman, Lacy began his career as an assistant trainer to his father T.F. 'Tom' Lacy, a steeplechase jockey who nearly defeated Arkle in the 1964 Irish Grand National. Tony Lacy was an accomplished amateur jockey in Ireland for 11 years on the flat and over jumps while competing against the likes of Aidan O'Brien and Willie Mullins.

Lacy worked in Chantilly under trainers Emmanuel Chevalier Du Fau and Henri-Alex Pantall, later becoming an assistant trainer for the Maktoum family in Dubai with Erwan Charpy. In this country, he gained valuable experience working at Wintergreen Stallion Station and oversaw sales horses for noted 2-year-old consignor Jerry Bailey.

In 2001, Lacy helped establish the Four Star Sales consignment along with Kerry Cauthen, eventually becoming a partner and helping the company become one of North America's leading sales agencies.

“Since the inception of Four Star, Tony has always been far more than just a partner,” Cauthen said. “Though his daily presence will be sorely missed by us all, we are tremendously excited for him and all the great things he will bring to Keeneland in this very important industry role. We look forward to a continued long-working relationship together.”

Lacy has also managed a number of breeding and racing programs and most recently aided owner Scott Heider, breeder of GI Kentucky Derby hopeful King Fury (Curlin), in building a boutique racing and breeding operation. Lacy has also counseled and represented Emirates Racing and the Dubai World Cup in the U.S. He has also advised the French racing industry's marketing arm, French Breeding and Racing Committee (FRBC) as well as France Galop.

Lacy is the incoming president of the Thoroughbred Club of America and will be the first foreign-born president in the organization's 89-year history. He also serves on the Board of New Vocations.

“I am extremely honored to be named Vice President of Sales for Keeneland,” Lacy said. “Keeneland is a pillar of the global horse industry, and I have a high level of respect for Shannon, the team she is building and her vision for the future.

“I believe my background as a consignor and bloodstock adviser will allow me to understand the needs of our sales participants, continue to build on the best of our traditions and pursue innovations that will keep the company dynamic in a changing environment. Keeneland is an iconic brand, and we remain committed to protecting and growing its premier operations for the future health of the industry as a whole.”

Russell Retires After 25 Years…

Born in Ireland, Geoffrey Russell first attended the races when he was five years old, and later frequented the races with his best friend, whose family owned racehorses and taught Russell about pedigrees and other industry insights. While attending a bloodstock auction in the 1970, Russell watched as Sir Philip Payne-Gallway bought a full-sister to English Horse of the Year Shirley Heights (GB) for a then-record price in Ireland.

After graduation from the College of Marketing and Design in Dublin, Russell worked at Coolmore Stud in Ireland and as a bid spotter at Goffs. He came to the U.S. in 1982 on a summer internship at Fasig-Tipton, but admitted that he never expected to stay. Following a time at Elmendorf Farm, Russell accepted a position as the vice president of appraisals and director of sales administration at Fasig-Tipton.

Russell joined the team at Keeneland in 1996 as the assistant director of sales under Rogers Beasley. He was promoted to director of sales in 2001 when Beasley transitioned into the role of director of racing for Keeneland. Russell became the Director of Sales Operations in 2016.

“I think it chose me more than I chose it,” Russell said about his career in Thoroughbred sales. “I have a love of pedigrees, and I love horses. The atmosphere and the theatrics of an auction are captivating. Then you put your other hat on, and you see the sales are people's livelihoods and you realize how important your job is to do it right.”

Russell's service to the Thoroughbred sales industry includes two terms as Chairman of the Society of International Thoroughbred Auctioneers (SITA), and he has been Keeneland's representative on the North American International Catalogue Standards Committee (ICSC). He also serves on the board of the Grayson-Jockey Club Research Foundation.

“I have never met anyone more devoted to Keeneland or Thoroughbred racing than Geoffrey Russell,” Arvin said. “Keeneland sales achieved new heights globally under his watch, and he indelibly shaped the future of sales operations domestically and abroad through his years of leadership and service. I am grateful to Geoffrey for his integrity, his tireless work ethic and his dedication to Keeneland.”

Russell's friendship with Arvin began while she was Keeneland's counsel with Stoll Keenon Ogden and they worked together on Conditions of Sales and legal issues.

“It has been a great honor and privilege to work at Keeneland,” Russell said. “I appreciate all the opportunities that Keeneland has given me over my 25 years here. I never thought I would work at Keeneland–and never as Director of Sales nor being the longest-tenured one.

“With Shannon at the helm–and I firmly believe she is the right person to lead Keeneland–I feel that this is a good time for a transition as Keeneland looks to the next 20 years. Keeneland is putting the right people in place for the future, and the appointment of Tony as Vice President of Sales is an example of that foresight. Tony is a trusted and respected horseman, well-liked by his peers, who has conducted his racing and bloodstock career with quality and integrity. I am confident in Tony's leadership and look forward to the exciting future of Keeneland sales.”

Added Lacy: “I have admired Geoffrey from the first time I met him,” Lacy said. “He has always been very knowledgeable, decisive and fair in managing the sale process. He helped Keeneland navigate varying economic environments and his counsel will be heavily relied upon going forward. It is important to maintain the consistency Geoffrey has skillfully managed over the years to allow a smooth transition to the next Director of Sales Operations, and I am very grateful he will assist in this process. He has set a very high standard and I congratulate him on an incredible career.”

For his accomplishments in the Thoroughbred industry, the Irish Thoroughbred Breeders' Association (ITBA) honored Russell with its 2016 Wild Geese Award. ITBA Chairman Stephen Collins said the award acknowledges “one of our own who has flown the Irish flag with pride on an international stage.”

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Analysis: Kentucky November Mixed Sales Display A ‘Hold’ Market, And That’s Okay

On the surface, the numbers were down across the board at the 2020 November mixed sales in Kentucky after a lot of people bought high on mares and stud fees in previous years, and the world is still on the razor's edge until a COVID-19 vaccine reaches mass distribution. Looking at it from that scope, it can be hard to drum up optimism for the direction of the bloodstock market.

So, why are so many buyers and sellers exiting the November sales feeling decent-to-good about where they stand? It's about the horses that didn't sell.

The bloodstock market has shown signs of wobbling toward a downturn for a few years as the whims of buyers get increasingly polarized, and the target to make serious money at the yearling and 2-year-old sales gets smaller.

Pair that with all of the sudden obstacles and uncertainties that COVID-19 brought about, and it would have been understandable if the November sales saw broodmare owners abandoning ship before the bottom fully falls out. Anyone that survived the crash of the late 2000s and early 2010s would rightfully be hesitant to hang on to stock that could produce foals worth a fraction of what they'd make in a stronger market.

Instead, the marathon Keeneland November Breeding Stock Sale shrunk by two days and about 750 horses. The overall buyback rate went down, but not as steeply in the upper markets, suggesting sellers weren't going to let their better stock go if the price wasn't right.

A horse only gets one shot at a yearling or 2-year-old sale season, so they go through the ring with a sense of urgency. Broodmares will always be broodmares, and weanlings have plenty more chances to sell before they reach racing age. Patience in that segment of the market is one of the true canaries in the Thoroughbred industry coal mine.

When they had every reason to stuff the November catalogs and panic-sell, the long-term oracles of the bloodstock market have elected to “hold.” That's not necessarily a sign that an upswing is magically on the horizon, but it does suggest the market is viable enough for breeders to stick around for the next year or two and see what happens. In these uncertain times, that's about as ringing an endorsement as you're going to get.

“When we were looking at our entries for the November sales, we certainly found a tentative attitude from breeders and owners in general who said, 'Look, I don't want to sell into a down market,'” said Tony Lacy of consignor Four Star Sales. “I found this to be a strength. If people are willing to hold on to their stock, and not be in a position where they have to sell, that's actually okay. In the last downturn, people had to sell, so we had an abundance of product with a lack of demand. That exacerbated the weak position our industry found itself in for those three or four years.

“In the last downturn, it was unnerving because not only was there an economic downturn, there was a lack of confidence, and it was globally,” he continued. “There was also just a pure lack of money. This time, it's not a lack of money, I think it's confidence, and I think we're so far into the pandemic, we've learned this is just the way we have to operate now. From that standpoint, I think people sort of got into a rhythm.”

Of course, this is far from an “everything's fine” report to focus on the silver linings of a market that saw a drop of about eight percent in average and median sale prices during the Keeneland November sale. The auction market will still enter 2021 with a lot of the same questions and potential rough spots it had in 2020, and a deeper market correction certainly wouldn't be outside the realm of possibility. What's fortunate is the market largely exited the November sales without adding any new questions.

A common note among buyers and sellers exiting the November sales was a general scarcity for weanlings, and in turn, quality weanlings. Geoffrey Russell, Keeneland's director of sales operations, confirmed that fewer weanlings went through the ring this year, with some owners deciding to wait for the yearling season, which made for a smaller margin for defeat when it came to bidding.

Conrad Bandoroff of consignor Denali Stud said the weanling market still had a few of the trappings of the yearling sales in terms of what buyers were looking for.

Much like how a rocky 2-year-old auction season this spring and summer had a bearing on the ensuing yearling season when pinhookers came back to re-stock, Bandoroff said he noticed some trepidation in the weanling-to-yearling pinhook market after their calendar saw some major shuffling due to COVID-19 and results were mixed during the yearling sales.

“I thought the weanling market could be described as a little tough, but coming off the heels of what was a difficult yearling sale season, you'd expect the weanling pinhookers were going to be careful,” Bandoroff said. “They were just very selective, and it was kind of just feast or famine.”

Adrian Regan, who bought as agent and sold under his Hunter Valley Farm, also noticed the pinhooking presence seemed a little light this year, but the ones that hit the marks brought serious money.

“We thought there were a few faces missing in the pinhooking market this year,” Regan said. “The pinhookers were more cautious about what they were spending on foals, but it seemed maybe a little more polarized than in other years, much the same as the yearling market. Everybody seemed to be falling on the same ones, but in saying that, it was a pretty good market overall.”

Russell noted that the buyer's bench for weanlings has shifted in recent years, which also might have had an effect on how pinhook buyers approached the November sales.

“With several major end-users now participating in the foal market, it pushed pinhookers back, and they probably haven't fulfilled their needs, so hopefully they'll came back in January and fill their requirements,” he said.

In comparing the September and November sales, Bandoroff said the November sales did a better job maintaining their momentum throughout the duration of the auction. In comparison, the upper-middle market of the yearling auctions was tough sledding until it reached the portion of the catalog supported by buyers who needed to purchase horses to make a living – namely, pinhookers and trainers – at which point, the market solidified again.

There was still some of that during the 2020 November sales, but Lacy said the clientele for the mixed sales, particularly the broodmare market, tends to be a more reliable buyer because it's the one staring in the mirror.

“As we got into the middle markets, I felt there was a lot more stability,” Lacy said. “You could value a horse more accurately, and I thought there was more confidence in the middle markets. In all essence, it's trade. We're trading amongst ourselves, and I felt like the confidence internally in the industry was probably more buoyant than we all expected.

“I think we've got to look at ourselves as farmers, because that's essentially what we are, and in any form of farming, in any year, no matter if the crop is a massive success, or if it's a disappointment, the farmer still has to put the plow in the ground, and I saw a lot of that,” he continued. “People were trying to upgrade some of the stock, what they felt might be perceived as value, when in actual fact, I thought a lot of the breeding stock was selling better than it was last year.”

Bloodstock agent Hanzly Albina, who made 14 purchases under the Sallusto & Albina Bloodstock banner, said he found a sense of optimism in the results and the activity on the grounds at a level he did not expect going into the season.

That was a common refrain among many on the sales grounds – uncertainty and concern followed by expectations being exceeded. Most, including Albina, said it could have been worse, and the fact that it wasn't is a victory in and of itself.

“Competition was pretty strong,” he said. “Obviously at the very top end, with a few of the larger groups spending more money than they previously had, that definitely pushed other buyers further down the catalog. I think that really helped everyone. It was tough to buy really nice mares. The prices were pretty consistent on the cheaper side. I did not feel like I was getting a 50 percent discount on the cheaper stock, and if I did, it would be an indicator of buyers' apprehension, so that was encouraging.”

The major Kentucky auction calendar is through for 2020, but the mixed season itself will have a couple more stops in the Bluegrass in January at Keeneland and February at Fasig-Tipton. Neither auction will have the depth or seven-figure magnitude of its November predecessors, but the world can change so drastically in two months' time that it will still be a necessary temperature check of market confidence.

Judging by the size of the Keeneland January catalog, sellers will remain in the “hold” position. Russell said the auction will be a four-day affair when it spanned five days in 2020, and the catalog will slim down from about 1,800 entries to about 1,600.

The market crash wasn't that long ago. We all remember what a fire sale looks like, and breeders know when it's time to start selling off major branches of the factory to stay in business, or in the debt collector's good graces. Right now, we're not seeing that. A lot can change, but the fact that the alarm hasn't been sounded should provide a bit of hope that whenever things go back to something approaching normal, the climb back up the hill won't be as long.

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