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Keeneland September Yearling Sale Post Record Average, Median Prices

Keeneland's September Yearling Sale, a bellwether event for the Thoroughbred industry, concluded Friday with gross sales of $352 million, sixth-highest in sale history, and record cumulative average and median prices. Large crowds of enthusiastic buyers and buoyant trade from start to finish of the 11-day auction drove a record high clearance rate of just over 80 percent that reflected a confident market and an excitement for owning racehorses.

Vibrant pace throughout the sale, held Sept. 13-24, produced gross receipts of $352,823,000, a 47.96 percent rebound from last year's gross of $238,454,300 when the 12-day sale was impacted by the uncertainty of the COVID-19 pandemic. This year's gross is just shy of the $359,787,700 realized in 2019 to signal a resumption of the bull markets of previous years. A total of 2,672 yearlings sold through the ring this year compared to 2,346 in 2020.

Records were established for both cumulative average and median prices. Average price of $132,045 represents a 29.91 percent increase over last year's $101,643 and surpasses the previous record of $129,331 set in 2018. Median price rose 75.68 percent from $37,000 to $65,000 and smashes the record of $57,000 set in 2017.

Fifteen yearlings sold for $1 million or more, led by a colt from the first crop of City of Light who brought $1.7 million.

“Thanks to all our breeders, consignors and buyers, whose passion for racing clearly showed through these past two weeks,” Keeneland President and CEO Shannon Arvin said. “This September Sale felt completely different from any other in recent memory – lots of hustle and bustle. We elevated our hospitality throughout the sale, with a particular focus on the first two days, to create excitement and anticipation. We worked to set the tone and stage. Our breeders and consignors delivered high-quality bloodstock, and the buyers responded fervently. People are emerging from the pandemic with a renewed sense of vitality, and they are ready to have fun. That positivity, coupled with the increased prize money available at tracks around the country, created a pent-up demand for racehorses coming into the sale. We were thrilled to see lots of happy buyers and consignors.”

“This sale exceeded expectations in nearly every measure,” Keeneland Vice President of Sales Tony Lacy said. “The positive takeaways are very encouraging. The level of confidence across the spectrum of the industry is extremely high. The clearance rate has been very healthy, especially in the middle market. The strength of the young sires has been remarkable and shows excitement for the next generation. The diversity of buyers and the spread of equity among them are broad and deep. We're seeing a lot of new faces and new money, and these people are excited about their participation.”

Brian Graves, General Manager of Gainesway, the sale's second-leading consignor that sold 131 horses for $30,120,000 concurred.

“I thought (the sale) would pick up steam as the books went, and it did,” Graves said. “The middle market has been the strongest part of the market for horses all year long, and (the September Sale) just proved that there's a lot of people in the middle. There's a good stable, solid domestic market out there right now, and that's good for all of us.”

The strong demand for horses was borne out in the record clearance rate, the highest for the September Sale since 2012. Records were twice set for number of horses sold through the ring during a single session: 319 in session seven followed by 325 in session nine. Keeneland officials noted the clearance rate is higher than the published figure since a large number of horses sold privately after not meeting their reserves in the sale ring.

“It's been a great sale – nobody can deny that. Every indicator tells us as much. Such a low RNA rate yesterday (session nine); nine percent is remarkable,” said Peter O'Callaghan of Woods Edge Farm, who sold all but one horse in his consignment, which was highlighted by a $1.05 million colt by City of Light purchased by West Bloodstock, agent for Repole Stable and St. Elias.

“(The sale is) the best it's been in quite some time. I don't think it's an accident, either,” O'Callaghan added. “Horse racing did a great job going through COVID and got a lot of new eyes on the game, a lot of new bettors in the game. Handles were going up everywhere. Prize money is exploding. People are recognizing that. They know it really makes sense to own a racehorse in this country. You can make money, you can pay your way. If you win a nice race at a prominent track, you can almost pay your training fees for the year. It's great, and long may it continue.”

Several days prior to the sale, Keeneland announced an innovative venture with Kentucky Downs aimed at further strengthening racing opportunities for this year's September Sale graduates. They are eligible to run in a pair of $250,000 allowance races – one for fillies and one for colts and geldings – at the 2022 FanDuel Meet at Kentucky Downs.

The optimistic outlook for racing contributed to a deep buying bench at the September Sale, consisting of domestic buyers along with returning international buyers from 27 countries such as England, Ireland, France, Japan, China, Australia, Hong Kong, Peru, Argentina, United Arab Emirates, Russia and Singapore. The sale's 15 seven-figure horses were bought by 13 distinct buyers.

From the outset, major buyers packed the sales pavilion and back show rings and competed with waves of new buyers who arrived daily as the sale moved into Week 2.

Domestic buyers, particularly end users, drove the market.

“The domestic end-user activity was sensational,” Keeneland Director of Sales Operations Cormac Breathnach said. “It's been great to see them step up in such a big way. It's encouraging that as an industry we're able to maintain strong growth while we're missing some historically significant players.”

The sale also benefited from the increased participation of partnerships and syndicates. Partnerships comprising West Point Thoroughbreds, Woodford Racing and Talla Racing purchased the top three highest-priced horses: a City of Light colt from the family of Grade 2 winner and sire Broken Vow for $1.7 million, a Quality Road colt who is a half-brother to Grade 1 winner Girvin and classic-placed Midnight Bourbon for $1.6 million and a Justify colt from the family of champion Wait a While for $1.55 million.

Jacob West's West Bloodstock, agent for Repole Stable and St. Elias, was the sale's leading buyer, purchasing 43 yearlings for $16,045,000. They included a son of City of Light for $1.05 million. West acquired horses for Repole and St. Elias as late as the eighth session.

Other leading buyers who represented partnerships were Donato Lanni, agent for SF Bloodstock/Starlight/Madaket, who spent $10,590,000 for 24 colts, and BSW/Crow Colts Group, a new entity that acquired 20 colts for $6,805,000.

“Partnerships were very dominant in the market, and they hugely benefited this sale,” Lacy said. “While they may take away the $3-$4 million horse, partnerships spread the money among buyers and allows investors to spread their risk. They also enable people to have fun in a more affordable way. And by bringing more people into the sport, they create a fan base.”

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Established sires continued to be highly prized with American Pharoah, Curlin, Into Mischief, Quality Road, Street Sense, Tapit, Uncle Mo and War Front represented by yearlings who brought seven figures. Into Mischief was the leading sire by total sales with 62 colts and fillies grossing $25,967,000.

American Pharoah sired the auction's highest-priced filly, who sold for $1.4 million to Northshore Bloodstock, agent. Consigned by Betz Thoroughbreds, agent, the filly is a half-sister to undefeated Echo Zulu, who captured Saratoga's Grade 1 Spinaway Stakes eight days prior to the sale.

Yearlings from the first crops of Triple Crown winner Justify and Grade 1 winner City of Light fetched some of the sale's top prices to rank the stallions second and third, respectively, on the September Sale's leading sire list in terms of gross sales. Justify was represented by 61 yearlings sold for $22,431,000, led by a colt for $1.55 million. City of Light grossed $17,525,000 for 47 yearlings, including the $1.7 million sale-topping colt and a $1.05 million colt. He sired the highest-priced horses in two sessions.

“The market is probably the strongest we've seen here in the last 15, 20 years – just in depth of the buying bench and quality of the prices,” said Aidan O'Meara, Director of Bloodstock and Client Development at Stonehaven Steadings, consignor of a $1.55 million Justify colt. “We've never been as busy at the barns with the number and intensity of the buyers and the number of shows. The amount of back ring action in the past couple of days has been astonishing. We were very fortunate with a couple of big touches, but the market held all the way through until the last one we just sold.”

Among the other young stallions to rank among the sale's leaders were Horse of the Year Gun Runner, champion Good Magic and Grade 1 winners Mendelssohn and Practical Joke.

“There was exceptional quality in this yearling crop that extended into Week 2,” Keeneland Director of Sales Development Mark Maronde said. “The quality of this crop, the variety of stallions represented and the professionalism of our breeders and sellers made this sale a success.”

Small, family-run farms made a splash this September by consigning homebreds that sold for seven figures. The sale-topping colt by City of Light was consigned by Rosilyn Polan's Sunday Morning Farm. The Knelman family's Farfellow Farms sold a $1 million colt by Street Sense to BSW/Crow Colts Group and a $700,000 colt by City of Light to West Bloodstock, agent for Repole Stable and St. Elias.

“The sale has been extremely strong,” said Jak Knelman. “It's pretty amazing walking to the back ring and seeing everybody who is looking at horses in the barns and just purely waiting for them to come to the back ring. Purses in Kentucky and across the nation in the big markets are really exploding, and it affects the people who are raising horses. For (us with) a small band of broodmares and (being) commercial breeders, the yearling sales are really what we target. This is what makes or breaks the year. You're sure to be looked at by everyone when you come here, and that's all you can ask as a seller.”

Keeneland made several adjustments to the format this September that were well received by consignors and buyers. Week 1 was structured so Books 1 and 2, which consisted of two sessions each, were held on four consecutive days before the sale took a one-day hiatus. As a result, 1,102 yearlings were cataloged to be presented to buyers. Keeneland also combined the final two sessions (those horses originally cataloged to Sessions 11 and 12) into a single session on today's final day to conclude the sale during a three-day Book 5. Both changes were made to present a critical mass of horses to buyers.

For the first time, Keeneland offered an RNA Reoffer program that allowed consignors to reoffer horses not sold on Day 1 at the conclusion of the second session. Four horses that did not meet their reserves on opening day went through the RNA Reoffer at the close the second session and one of those sold.

“The RNA Reoffer served its purpose in that it incentivized a lot of post-sale transactions,” Lacy said.

Keeneland once again offered tools such as online and phone bidding to facilitate buying. Online bidding resulted in the sale of 135 horses for a total of $19,206,500.

Taylor Made Sales Agency, agent, led all consignors at the September Sale for the seventh consecutive year and the 23rd year overall since 1988. Taylor Made sold 304 yearlings for $37,306,500.

During Friday's final session, 244 yearlings sold for $3,937,500, for an average of $16,137 and a median of $12,000.

Bill and Anne Scott purchased a Silent Name (JPN) filly for $120,000 to be the highest priced yearling sold Friday. Consigned by Hidden Brook, agent, the filly is out of the graded stakes-winning Awesome Again mare Ice Festival.

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Buying From The Back Ring: High-Stakes Snap Judgments At Thoroughbred Auctions

A Book 1 purchase at the Keeneland September Yearling Sale can entail months of careful shopping, from farm visits ahead of the auction to countless inspections, phone calls, and veterinary visits when the horses are on the sales grounds. When Book 5 comes around, and buyers are laying eyes on prospects for the first time in the back walking ring, that process is condensed down to about 20 minutes.

With so many horses going through the ring, and limited time and travel budgets to roam the barns inspecting horses at each consignment, many horsemen in the later books of the marathon sale will elect to find a spot in the back walking ring and inspect the horses as they come through, often standing shoulder-to-shoulder with several others doing the same thing. If they find one that meets their criteria, they'll follow the horse up to the ring to place a bid. Then, once the paperwork is complete, they'll often go back to the same spot and start the process over again.

It's a pressure cooker for buyers and sellers alike, as they weave between nervous horses and each other in a crowded, enclosed area, trying to get the best sightline for a yearling on the walk or hunting down the consignor to glance at the vet report.

The horses purchased in these books are crucial to filling the ranks for pinhookers and trainers around the country, and while the prices might not turn heads the way a seven-figure star might earlier in the sale, the buyers still shoulder a significant risk relative to their initial capital. To succeed in the long-term, their quick-twitch judgement with back ring horses has to be right more often than not.

So, what do keen judges lean on during the bloodstock realm's version of speed dating? For most, it comes down to the walk, the mind, and the budget.

“You can pick apart the book by pedigree at this point as much as you want, but honestly, we just look at individuals, and if we see something that catches our eye, we kind of go from there,” said Delaware Park-based trainer Chelsey Moysey. “You see the horse, see the page, and go on to vet reports and all of that. At this stage in the game, it moves fast, and that's what works for us.

“The biggest thing for me is the walk,” Moysey continued. “I want a good walker, a good shoulder, and a good hip. I can work with anything from the knees down, give or take, but I want to see a horse with a good shoulder and a good hip.”

In addition to how the young horses move, buyers often judged prospects on how they handled their surroundings. A yearling that could handle the sensory overload of the auction process was more likely to warrant a longer look than one hanging on to its composure by a thread.

“They've got to be smart-looking to me,” said Eric Foster, a trainer based in Kentucky and Indiana. “I haven't had a lot of luck with horses that weren't smart. I want to hang around with smart people and smart horses. And never back in the knee. A lot of my rules I make, I wind up having to break them a little bit, so it's hard for me to say, 'I'll never do this,' because then I'll be right there doing it.”

Foster said he comes to the sale with a number in his head in terms of setting a budget, but he allows some wiggle room if he feels he'd be getting adequate value at a higher price.

Moysey also said the horse will dictate the price in her eyes, but her goal was to come back with as many prospects within her overall budget as she could.

“We're still on the lower end of racing, so for us to spend $50,000 on an individual is a lot, but for us to spend $50,000 on two is great,” she said We try to look between the $20,000 to $30,000 range, and if we get something cheaper, great. That isn't happening right now, but we're trying.”

The intent of the buyer can also swing the type of horse they're looking for in the back ring. As buyers looking to race, Foster and Moysey said they were able to forgive certain conditions found on a vet report. Pinhook buyers, on the other hand, will need their horses to stand up to veterinary scrutiny when they're offered again in the spring, and it's hard to have a clean vet report as a 2-year-old if they didn't start with one as a yearling.

Crystal Ryan of South Carolina-based pinhook operation Mason Springs said she prefers to do her homework back at the barns, but the volume of horses in the catalog sometimes makes back ring buying a necessity. When it does, due diligence has to be done quickly, and juggling prospects can be a challenge.

“It all happens so fast, and it's so easy to lose track of one, when you get on one and you have to check on all those things,” she said. “It can be really hard, because one you like might not pass the vet, and then you look and the next horse you like is already going to the ring, and there's not enough time to call it in to the vet.”

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Whereas Moysey was willing to forgive anything below the legs on a horse, Ryan's checklist was the exact opposite.

“First off, I try to look from the legs up, because if I look from the side, I will tend to like something that I probably shouldn't, so I really try to watch that walk, and see how correct they are,” she said. “Of course, there's no perfect horse, so they'll have a little deviation and you have to be a little forgiving.”

Buying to pinhook also means Ryan was not necessarily shopping for the horses she'd like, but the ones she expects potential buyers will like during the 2-year-old sales, both from a physical and pedigree standpoint. She admitted this has taken some fine-tuning of her critical eye.

“It does knock a lot of horses out that I would otherwise really like,” Ryan said. “I have an affinity for a turf horse and that doesn't really fit the bill, so I have to be really careful about that.”

What a back ring buyer does when they fall on a potential purchase can differ wildly, as well. Querying the consignor for the vet report is standard procedure, but how much conversation they have with the agent about the horse and the economics around it depends on the buyer.

“I really kind of keep myself to myself and just do my own thing,” said Midwest trainer John Ennis. “I just paddle my own canoe, really.

“It's a big investment that you're buying, so you want to make sure you're buying something with no soundness issues,” he continued. “Starting out on the right foot is the main thing.”

Book 5 of this year's Keeneland September sale has been unusually robust, and that has given the traditional back ring buyers more competition than they might have expected. Because buyers in the higher books have gotten pushed down into the later sessions, prices have been driven up, and buyers on a tighter budget have had to be even more shrewd than before about picking their spots.

Just because it's later in the sale and the average price has gone down, that doesn't mean it's gotten any easier to buy a horse than it was on the auction's opening day.

“It's hard to have a stone plan for it,” Foster said. “You need to be a little bit lucky.”

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World Record Price For Online Thoroughbred Auction Set In New Zealand

Nine-time Group 1 winner Avantage has fetched a whopping NZ$4.1 million (US$2,877,460) when sold to Tom Magnier of global breeding giant Coolmore via New Zealand Bloodstock's online platform Gavelhouse Plus.

The stunning figure establishes a new world record for any horse sold online, a growing trend in the bloodstock industry.

The daughter of Fastnet Rock is the third highest-priced mare ever sold via auction in the Southern Hemisphere behind Milanova, who fetched AUS$5 million (US$3,648,234) in 2008, and the AUS$4.2 million (US$3,064,516) outlaid for Sunlight last year, with all three purchased by Coolmore.

It was virtual theater at its best as Magnier, bidding under user name Danehill1986, fended off rival bidders with refreshed bids every thirty seconds for the best part of 15 minutes.

“Congratulations to David Ellis, Jamie Richards and the connections of this wonderful mare for what they have achieved with her on the track,” Coolmore Australia principal Tom Magnier said.

“We love Fastnet Rock mares, and she has won more Group 1 races than any of them. He is making his presence felt as a broodmares sire throughout the world, and she is one of his best daughters.”

“A mare like her needs to go to an elite stallion and thankfully there are a plethora of options for her here at Coolmore, so the likes of Wootton Bassett, Pierro and Justify will be considered. We look forward to welcoming Avantage back to the farm where she was raised and grazed.”

The star mare's racing career was brought to a sudden halt last Friday after suffering a tendon injury and the decision to disperse the syndicated 6-year-old via gavelhouse.com was promptly made by the Te Akau Avantage Syndicate (Mgr: Karyn Fenton-Ellis MNZM).

By champion sire Fastnet Rock, with a deep pedigree and strong physique, Avantage commanded interest from major breeders around the world.

Initially purchased as a yearling at Karaka by David Ellis CNZM for $210,000, the high-class mare was prepared by Jamie Richards to win 16 of her 28 starts and $2.16 million in prize money

A group winner on both sides of the Tasman, Avantage boasts the largest haul of Group 1 wins of any of Fastnet Rock's 41 individual Group 1 winners and was known for her versatility, as a Karaka Million winner at two, who won at Group 1 level between 1200 meters and 2000 meters.

“I believe in supporting New Zealand companies and am a very proud New Zealander tonight,” Ellis said

“From the day Joe Walls and Andrew Seabrook came to me with the gavelhouse.com concept I've been supportive of it and it's great to see a New Zealand company has broken the record.”

“I've been very impressed with the way she was marketed to the world at such short notice and it was great to see how much work Andrew and the NZB agents put in, alongside Haylie Martin and her team to get such a result.”

“Te Akau and Coolmore have had a fantastic association for a long time and it's wonderful Avantage is heading back to where she was conceived and born, you can see why the Magnier family are the best in the world at what they do, they have fantastic stallions and buy the best mares out there.”

Out of the Listed winning Zabeel mare Asavant, who was also Group 1-placed, Avantage was bred by Bluff couple Willie and Karen Calder.

Asavant's dam Pins 'n' Needles was a Group 3 winner and is also the dam of Group 1 winning sprinter DB Pin, a star in Hong Kong. Additionally, Avantage is a half-sister to stakes-placed So You Think mare Asathought.

The result was a historic moment for gavelhouse.com and further outlined the importance of the digital platform in connecting New Zealand with the world.

“First and foremost, a massive thank you to David Ellis and the team at Te Akau for showing their full confidence in our site by entrusting us with the marketing and sale of one of the world's most sought after mares,” gavelhouse.com general manager Haylie Martin said.

“We also thank Tom Magnier and Coolmore for their support and all of the underbidders.”

“This just shows what we can achieve with a bit of Kiwi ingenuity and teamwork in little old New Zealand, this is certainly a proud moment for the domestic industry.”

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Army Mule Filly Records Wednesday’s Highest Price At Keeneland September Sale

Maddie Matt Miller, agent, paid the session-topping price of $250,000 for a filly by Army Mule during Wednesday's ninth day of the Keeneland September Yearling Sale.

Out of the winning Henny Hughes mare Henny's Hurricane, the filly is a half-sister to stakes winner Amynta. She was consigned by Hill 'n' Dale Sales Agency, agent.

A total of 325 yearlings sold Wednesday for $12,929,500, for an average of $39,783 and a median of $30,000. With two sessions remaining, Keeneland has sold a total of 2,125 horses through the ring for $339,691,500, for an average of $159,855 and a median of $90,000.

Mark Glatt, agent went to $230,000 for a colt by Arrogate out of Grade 2-placed Wicked Lick, by Maclean's Music to be the day's second highest price. Woods Edge Farm, agent, consigned the colt, who is from the family of Grade 2 winners Noble Moon and Silver Music.

Jerry Crawford for Donegal Racing purchased a colt by Noble Mission (GB) for $155,000. Out of the winning Smart Strike mare Clever Run, he is from the family of Grade 2 winner Chamrousse. Lane's End, agent, consigned the colt.

John Oxley paid $150,000 for a colt by Cross Traffic from the family of Kentucky Oaks winner Summerly. Consigned by Mulholland Farm, agent, he is out of the Super Saver mare Summer Place.

With five purchases for $382,000, Oxley was the session's leading buyer.

A filly by Violence from the family of multiple Grade 1 winner Emollient sold for $140,000 to Gerry O'Meara, agent for Frank Bertolino. Taylor Made Sales Agency, agent, consigned the filly, the first foal of the Malibu Moon mare Turning Tide.

Two yearlings sold for $135,000 apiece.

Clear Ridge Stables purchased a colt by Maclean's Music from the family of Grade 1 winner Sweet Talker. Consigned by Hill 'n' Dale Sales Agency, agent, he is out of winner Keep the Magic, by Malibu Moon.

Little Hound went to $135,000 to acquire a colt by Malibu Moon from the family of champion Queena. Out of the Empire Maker mare Lost Empire, he was consigned by Denali Stud, agent. His family also includes Grade 2 winner Chief Havoc and Grade 3 winner La Reina.

Leading consignor Taylor Made Sales Agency sold 29 horses for $1,279,000.

The September Sale continues tomorrow and runs through Friday. All sessions begin at 10 a.m. ET.

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