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Zayat Stables Equine Liquidation Approaches Finish Line After Keeneland November Sale

One of the overarching storylines throughout this year's detour-laden auction calendar has been the liquidation of the once-mighty Zayat Stables operation to settle debts from a defaulted eight-figure loan and an ensuing bankruptcy.

Beginning with the Fasig-Tipton Kentucky Winter Mixed Sale in February, the equine holdings of Ahmed Zayat have been steadily pieced off through the auction ring, private sales, the claim box, and giveaways. According to a court document filed in early November by Elizabeth Woodward, the receiver responsible for handling the liquidation, there were still 10 horses publicly on the books for the stable. After the recently-completed Keeneland November Breeding Stock Sale, where all 10 were cataloged, only two remain, and they will likely be sold privately by Thanksgiving.

This, of course, is not a clear-cut indicator that all of the liquidation resources have been exhausted. The document implies that Zayat Stables still holds some stallion interests, and other holdings might still be in the process of being determined. Regardless, it is clear that the sun is almost over the horizon on the operation that bred and raced Triple Crown winner American Pharoah, won Eclipse Awards as outstanding owner and breeder, and was recognized by the Turf Publicists of America with the Big Sport of Turfdom Award and by the National Turf Writers and Broadcasters Association with the Mr. Fitz Award for “typifying the spirit of racing.”

The November sale saw nine of the 10 remaining Zayat horses go through the ring, with eight selling for a total of $491,000.

Starting with the two that didn't sell, Amandrea is owned in a 45 percent minority with partner Myracehorse.com, and she was scratched from the sale. The next filing from the receiver will indicate if a private deal was brokered or pending for Zayat's share before the sale. A weanling Kitten's Joy filly finished under her reserve with a final bid of $80,000, but liquidation horses that did not meet their reserve at previous auctions this year have typically been sold privately or re-entered in another auction.

The remaining eight followed the pattern set by their predecessors, hammering well below their lofty assessed values set by Zayat's representatives in mid-December 2019. That assessment came about when the owner submitted a liquidation plan to creditor MGG Investments to pay off a $23-million loan and stave off a lawsuit. MGG ultimately filed suit in late January.

The group cataloged in the November sale (minus the weanling, who wasn't born at the time of the valuation) was valued at a combined $5.9 million in December 2019, meaning they ultimately brought about 8 percent of what they were projected to when they went through the ring nearly a year later.

The six horses sold at this year's Fasig-Tipton July Horses of Racing Age Sale brought 9.62 percent of their December assessed value, while the six horses sold in February brought about 19 percent of their assessed worth.

It's well established that assessing value to a Thoroughbred is not a concrete science, and Thoroughbred value can be so fluid that the 2019 projection is practically obsolete at this point. The receiver's November report also makes sure to note how COVID-19 has affected the marketplace for public and private trade.

What makes it worth pointing out at this juncture is the assessment's use as a milepost – first, to show just how fluid those valuations can be, and second, to display how short of the mark the Zayat dispersal will come to paying off its creditors.

One of the primary methods of assigning valuation is based on income projection – what a horse could potentially earn in his or her lifetime at that point in the road. This would explain the widest discrepancy in the Keeneland November group, Gozilla, who sold for $60,000 after being valued at $2.25 million a year earlier.

In December, Gozilla was a 2-year-old looking down the Triple Crown trail with a third in the Grade 1 Hopeful Stakes and a fourth in the G1 Champagne Stakes. The Flatter colt had a a full buffet of spring graded stakes races to bolster his resume, and a strong performance in the Triple Crown races themselves could have made him a legitimate stallion prospect, easily worth seven or eight figures. The opportunity to reach that level, paired with the past performance to imply he was capable of doing it, justified a higher valuation, even if it was one staring at his ceiling.

To put that valuation in perspective, Max Player was appraised at a “fair market value” of $1.75 million after winning the G3 Withers Stakes in early February. The Kentucky Derby qualifying points the son of Honor Code earned in that race were arguably worth more than the graded stakes win itself. The fact that he was firmly on the path to the Triple Crown, and proved he was capable of defeating other horses with the same intentions, increased his earning potential.

Now, in November, Gozilla's Triple Crown opportunity has been exhausted, along with a potentially lucrative Breeders' Cup try. He has raced just once in 2020, finishing eighth in a Keeneland allowance in July.

Gozilla remains intact, and horses have recovered from greater downturns in form to become high-level runners and stallions, but his window is much smaller to achieve it, and the public auction market is as risk averse as it's ever been. It's highly unlikely he'd have ever commanded a price anywhere close to the Zayat assessment, but his open market value is also a fair assessment of his earnings potential at this point in his career.

A similar trajectory can be seen in Alex Joon, a 3-year-old Flatter colt who shortly before had broken his maiden at Churchill Downs when assigned a $1-million valuation last year. He has since run twice, most recently finishing second in a Churchill allowance, before selling for $120,000 at the November sale.

Alex Joon's allowance runner-up effort came on Oct. 29, shortly before the November sale, and recent form can be appealing for a racing prospect. This was also the case for the most expensive Zayat offering, Bob and Jackie, who sold for $190,000.

The 4-year-old Twirling Candy colt has been one of the highlights among the Zayat runners in 2020. He kicked off his campaign with a victory in the Wickerr Stakes at Del Mar, then he finished fourth in the G2 Del Mar Handicap later in the meet. He entered the November sale off a G2 City of Hope Mile Stakes at Santa Anita on Oct. 3, giving potential buyers recent proof that he can compete at a graded stakes level.

Bob and Jackie was a two-time stakes winner at the time of the December valuation, which placed him at $750,000. Using the same methodology for his higher-priced stablemates, his Triple Crown chances had passed at that point and he'd only run once in 2019 by mid-December. However, his recent stakes success and the fact that he plausibly still had a few prime racing years left in him to make a stallion resume boosted his value above the rank and file. As it turns out, he would become one of the most valuable Zayat horses to change hands at auction during the liquidation.

One last horse to examine from the November group is the Eskendereya mare Fateer, the dam of Bob and Jackie who was offered at this year's Fasig-Tipton Kentucky Winter Mixed Sale in February but finished under her reserve at $95,000. She was offered in-foal to top sire Kitten's Joy during the sale, and the ensuing filly was an $80,000 RNA at the November sale.

Nine months later, Fateer went through the ring again, not pregnant for the 2021 foaling season, and she sold for $57,000 – a steep drop from her $450,000 valuation in December.

Like many bankruptcies, the assets of the Zayat Stables dispersal will likely put only pennies on the dollar toward paying back the outstanding debt.

Thoroughbreds are a volatile commodity, and the fortunes of a public or private sale can swing wildly over one or two big performances by a runner or their foals, as well as the overall health of the marketplace. The valuations placed on the Zayat horses in December were unrealistic – they always were – but an unspectacular year from the stable in the middle of a pandemic also created a wider gap between projection and reality.

One of the most celebrated stables of the past decade went out quietly on the racetrack, which led to it going out quietly in the auction ring.

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Sir Dudley Digges To Enter Stud In Ontario Following Keeneland November Sale

Sir Dudley Digges, the winner of the 2016 Queen's Plate, will begin his stallion career at the Orangeville, Ontario farm of horseman Cole Bennett after the horse sold for $6,700 Wednesday at the Keeneland November Breeding Stock Sale, Canadian Thoroughbred reports.

The 7-year-old son of Gio Ponti has been dormant since June 2019, bringing an end to a racing career that saw him win seven of 32 starts for earnings of $939,690. His resume is highlighted by a victory in the 2016 Queen's Plate, the first leg of the Canadian Triple Crown. He went on to sixth in the Prince of Wales Stakes in Fort Erie, then he returned to form to run second in the Breeders' Stakes.

A well-traveled runner, Sir Dudley Digges went on in later campaigns to win the Old Friends Stakes at Kentucky Downs, and venture all the way to Barbados to win the 2018 Barbados Gold Cup for owners Ken and Sarah Ramsey.

Bred in Ontario by Bernard and Karen McCormack, Sir Dudley Digges is out of the stakes-winning Kris S. mare My Pal Lana, whose five foals to race are all winners.

Bennett, an owner and trainer, told Canadian Thoroughbred that eligible mares would be allowed to stay and breed at the farm this coming spring with no boarding charges. Plans are also in the works to offer bonuses to 2-year-old maiden special weight winners by the new stallion.

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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Keeneland November Breeding Stock Sale Delivers Stable Marketplace

Keeneland's November Breeding Stock Sale ended today following 10 days of competitive trade for quality broodmares, broodmare and stallion prospects, weanlings and horses of racing age, including nine horses sold for $1 million or more, while recording strong participation from many prominent domestic and foreign horsemen who make up the sale company's deep buying bench.

“Keeneland ends this fall with a sense of gratitude for the hard work of everyone who participated in the success of the September Yearling and November Breeding Stock Sales, the fall race meet and Breeders' Cup,” said Keeneland President and CEO Bill Thomason, who will retire Dec. 31 after a decade of service to Keeneland. “Given the impact of the COVID-19 pandemic on the global horse industry, the fact that we were able to conduct our fall events on the dates originally scheduled is a major accomplishment that should be celebrated by all involved.”

The November Sale is a globally important source of quality bloodstock, and this year's sale reflected welcomed stability in the marketplace.

“We owe the strength of the September and November Sales to the tremendous efforts of our consignors, buyers and their staffs, who, despite the challenges associated with the pandemic, brought quality horses to market and fully participated at every level,” Keeneland President-Elect and Interim Head of Sales Shannon Arvin said. “We have all moved mountains this fall, and during these tough times, we are pleased that so many buyers from around the world made arrangements to be here or be represented and that they took advantage of the various bidding platforms Keeneland made available to them.”

For the auction, held Nov. 9-18, Keeneland recorded gross sales of $151,019,300 for 2,198 horses, for an average of $68,708 and a median of $23,000.

The 2019 November Sale, which spanned 12 sessions, had 2,570 horses sell in the ring for $193,316,100, for an average of $75,220 and a median of $25,000.

Keeneland conducted the 2020 November Sale with extensive COVID-19 protocols similar to those in place for the September Sale for the health and safety of participants. In addition to providing online bidding, Keeneland expanded its phone bidding service to accommodate remote buyers while it offered bidding from the outdoor Show Barn just behind the Sales Pavilion to permit greater social distancing.

Online bidding, which Keeneland introduced at the September Sale, continued to gain popularity as 279 horses sold over the internet for $16,274,300. Of particular note is the fact that more horses sold each day via the internet during the second week of the auction than during the first week. Leading the online purchases was Grade 1 winner Ollie's Candy, who raced two days before the start of the sale in the Breeders' Cup Distaff at Keeneland and sold as a racing or broodmare prospect to K I Farm of Japan for $1.65 million.

“One of the silver linings of this unprecedented time has been the innovations we've successfully implemented with regard to internet bidding and enhanced phone bidding,” Arvin said. “People have found creative ways to participate in the sale and see the horses when they can't be right here in the way in which we are accustomed.”

Despite the logistical and operational challenges presented by the pandemic, including travel restrictions that affected a number of regular international attendees, the November Sale produced solid results.

“The enthusiasm for quality horses and the participation of major domestic and foreign buyers, many of whom remained active well into the second week of the sale, is a testament to the resiliency of this industry,” Keeneland Director of Sales Operations Geoffrey Russell said. “There was a healthy mix of U.S. and international interests representing Europe, Japan, Korea, Turkey and Saudi Arabia, among others, as well as several new buyers emerging on the scene. Hats off to consignors, who were very good about marketing their horses, either directly or via Keeneland's website, to remote buyers. We know this hasn't been an easy environment to navigate, and we appreciate the efforts all have made to participate either in person or through use of the available technology.”

The premier Book 1 on Nov. 9 produced nine horses who brought $1 million and more, led by two offerings purchased by the auction's leading buyer, Larry Best's OXO Equine: Concrete Rose and Indian Miss.

Grade 1 winner Concrete Rose, a 4-year-old daughter of Twirling Candy, was consigned as a racing or broodmare prospect by Lane's End, agent for Ashbrook Farm and BBN Racing. Indian Miss, an 11-year-old daughter of Indian Charlie who is the dam of champion Mitole, was consigned by Hill 'n' Dale Sales Agency, agent, in foal to Into Mischief. Three days before the sale began, her 2-year-old colt, Hot Rod Charlie, was second in the TVG Breeders' Cup Juvenile Presented by Thoroughbred Aftercare Alliance at Keeneland.

Best bought 17 horses for $7,965,000. Eight of his purchases were weanlings, topped by a colt by Mastery for $450,000. He continued to purchase weanlings through the sale's fifth session.

The November Sale's second-leading buyer was Matt Dorman's Determined Stud, a new operation in Maryland that acquired 14 horses for $4.53 million with Phil Schoenthal, agent. Other prominent domestic buyers included Louisiana's Coteau Groves Farm/Cary Bloodstock, agent, who spent $3,272,000 for 13 horses as well as such successful Central Kentucky operations as Spendthrift Farm, Hunter Valley Farm, agent, and Claiborne Farm, agent.

The sale's third-leading buyer was Yeguada Centurion of Spain's Leopoldo Fernandez Pujals, who purchased 22 horses for $3,857,000 to mark his second year of sizable acquisitions at the November Sale. Shadai Farm, K I Farm, JS Company, Paca Paca Farm and Katsumi Yoshida of Japan ranked among the sale's leading buyers, as did other global entities such as Narvick International, David Redvers Bloodstock, Arthur Hoyeau, agent, and Coolmore's M.V. Magnier.

The worldwide appeal of the November Sale was evident when Narvick International paid $1.85 million for Cherokee Maiden, a 3-year-old daughter of Distorted Humor from the family of 2020 Japanese Triple Crown winner Contrail and Breeders' Cup Juvenile winner Essential Quality. Bedouin Bloodstock, agent, consigned her as a racing or broodmare prospect.

Joining Ollie's Candy, a 5-year-old daughter of Candy Ride, as another November Sale offering who raced in this year's Breeders' Cup was Lady Prancealot, who was fourth in the Maker's Mark Filly and Mare Turf and sold to Shadai Farm for $1.6 million. Taylor Made Sales Agency, agent, consigned both Ollie's Candy and Lady Prancealot as racing or broodmare prospects.

Other seven-figure horses were Canadian champion Holy Helena, in foal to Quality Road ($1.5 million to Spendthrift Farm), Houtzen, in foal to Curlin ($1.5 million to Stonestreet Thoroughbred Holdings) and the racing or broodmare prospect Gingham ($1 million to Claiborne Farm, agent).

“The market in both September and November was a lot deeper than we, and many others, thought it would be,” Keeneland Director of Sales Development Mark Maronde said. “But horsemen are optimistic. They see the end of this pandemic coming and they wanted to continue to participate. They still bought bloodstock because of blue sky ahead.”

Keeneland demonstrated flexibility in accepting supplemental entries to the November Sale catalog until the start of the auction. Supplements produced many of the auction's highest-priced broodmares, weanlings and horses of racing age.

Topping the Book 1 supplements were Unicorn Girl, dam of Grade 1-winning juvenile Jackie's Warrior, sold to Arthur Hoyeau, agent, for $850,000; Veronique, dam of undefeated Keeneland stakes winner and recent track record setter Nashville, purchased for $800,000 by James Delahooke, agent; and a weanling half-brother to Jackie's Warrior by American Pharoah purchased by M.V. Magnier for $600,000.

Energizing later sessions was the vibrant market for horses of racing age, a number of which were supplemented to the sale.

At $525,000, the high seller during the ninth day was graded stakes performer Hidden Scroll, a winning 4-year-old Hard Spun colt, who sold to Fergus Galvin, agent for Marc Detampel. WinStar Racing, agent for Juddmonte Farms, consigned the colt. Edgemont Road, a stakes-placed son of Speightstown supplemented to the sale, sold to Eddie Kenneally, agent for William K. Werner, for $275,000.

The day before, two horses of racing age who were supplemental entries – Grade 2-placed Bob and Jackie and Churchill Downs winner Alex Joon – sold for $190,000 and $120,000, respectively.

“We've been working on the racehorse segment of our catalog for the last couple of years,” Russell said. “WinStar was the first to come to us and try to design a portion of the sale around racehorses, and it has grown exponentially since. Going forward, we'll be looking to improve on it.”

Colts by the two most recent winners of the Triple Crown – Justify and American Pharoah – sold for $600,000 apiece to tie as the most expensive weanlings. Donati Lanni, agent, purchased the son of Justify, who was consigned by Hunter Valley Farm, agent. Magnier acquired the aforementioned son of 2015 Triple Crown winner American Pharoah, who is a half-brother to Jackie's Warrior.

Represented by his first crop, Justify was the leading sire of weanlings by average with five colts averaging $427,000. They also included the top-priced weanlings of the second ($475,000) and third sessions ($435,000).

Weanlings from the first crops of other Grade 1 winners Bolt d'Oro, City of Light and Mendelssohn also were well received with total sales for each sire exceeding $1 million.

“Fewer foals were cataloged this year, and the bidding for them was more competitive,” Russell said. “The strength of the foal market surprised many consignors who didn't enter their foals in the November Sale. Several major end users are now participating in the foal market, and that has pushed the pinhookers back a little. They probably haven't fulfilled all their orders, so we hope to see them at the January Horses of All Ages Sale.”

The number of horses sold in post-sale transactions – 88 horses for $6,796,000 as of sale end Wednesday – is a reflection of the strong trade. One was Book 1 offering Con Te Partiro, the globetrotting Group 1 winner sold privately for $1.6 million to David Redvers Bloodstock. Consigned by Bedouin Bloodstock, agent, the 6-year-old daughter of Scat Daddy initially was reported as an RNA.

The leading covering sire by average was Quality Road, whose three in-foal mares averaged $911,667.

Taylor Made Sales Agency was the November Sale's leading consignor for the fourth consecutive year and the 24 time since 1987. Taylor Made sold 208 horses for $18,957,600, including the aforementioned Ollie's Candy and Lady Prancealot as well as Expo Gold, dam of the 2020 Preakness-winning filly, Swiss Skydiver, for $950,000. In foal to Catholic Boy, Expo Gold sold to Hunter Valley Farm, agent.

During Wednesday's final session, 214 horses sold for $1,309,600, for an average of $6,120 and a median of $4,000. The high seller at $40,000 was Mutakaamil, a 4-year-old son of Tapit who sold to Jeff Engler, agent for Lea Farms. Bluewater Sales, agent, consigned the colt.

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