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‘A Sale of Physicals’: Fasig-Tipton July Kicks off Yearling Sales Season Tuesday

LEXINGTON, KY – The Fasig-Tipton July Sale of Selected Yearlings will open the yearling sales season Tuesday in Lexington, with bidding slated to begin at Newtown Paddocks at 10 a.m. The 370 catalogued offerings kick off with a selection of 109 yearlings by first-crop sires.

Activity at the sales barns was brisk throughout the weekend and continued to be strong on a cloudless, sunny morning in Lexington Monday.

“We are into day three of showing,” said Kerry Cauthen outside of his Four Star Sales consignment barn. “The first two days were very strong. Early on Saturday, we were covered with all-lookers and yesterday it started to separate into, 'OK, these are the ones we like,' and still we had nothing but dead steady, all-day long, great traffic.”

Shoppers at the barns Monday included the major 2-year-old pinhookers–Paul Sharp, Eddie Woods, Dave Scanlon, Ciaran Dunne, Tom McCrocklin, Steve Venosa and Raul Reyes were seen making the rounds–interspersed with a mixture of end-users and agents such as trainer Ken McPeek–perenially very active at the summer auction–Steve Young, Marette Farrell, and Tom McGreevy.

“It's always been seen as a pinhookers sales, but we have had a lot of end-users–Kenny McPeek just came through here, Marette Farrell just came through here–so there are plenty of end users,” said Carrie Brogden of Machmer Hall Sales.

The Fasig-Tipton July sale has developed a strong roster of graduates, with the likes of Grade I winners Chocolate Gelato (Pratical Joke) and Faiza (Girvin) gracing this year's cover. Both of those 2021 graduates rewarded their buyers when selling for nifty profits at the 2-year-old sales last year before finding top-level success on the racetrack. The 2022 July sale also produced the $2.2-million son of Good Magic who topped this year's OBS April sale.

“This is a sale of physicals,” Brogden said. “People have been complaining about the pedigrees, but this is supposed to be a sale of physicals. We just try to bring the type that the more you look at them, the more you like them.”

Consignors are expecting to see familiar trends in the marketplace as the yearling sales season opens.

“I think we are going to continue to see the general trend that we've seen the last couple of years,” said Conrad Bandoroff of Denali Stud. “The top-quality offerings are going to bring as much or more, as they always do. Whether there is going to be any correction in the middle market, my crystal ball is not that good, but all I can say is we are showing these yearlings a lot. The feel and the appetite for horses seems good.”

Cauthen has similar expectations.

“As always, it will depend on the individuals that they are looking at,” he said. “I think for the good individuals, it will be a very good marketplace.”

Last year's July sale, topped by a $600,000 son of Curlin, saw 189 yearlings gross $21,763,500 for an average of $115,151 and a median of $90,000. It was the auction's co-highest median, second highest average, and its highest gross since 2008.

The yearling market only seemed to get hotter from there. But while bidding was fierce throughout the yearlings sales last summer and fall, consignors at the 2-year-old sales this spring found they were selling in what seemed to be a more cautious marketplace.

“When you talk about softness in the 2-year-old market, I think there are a whole lot of different variables that go into that–were they able to buy the same quality of product that they had in the past,” Cauthen said. “I think [a weaker 2-year-old market] is, of course, always a concern, but honestly I think, based on traffic, based on attitude, I think there is quite a bit of buyers' interest at this point.”

Brogden seemed to be thinking along the same lines when she reflected on the yearling market from a year ago and the resulting juvenile market this spring.

“My personal opinion as to why the 2-year-old sales were not as strong is because the yearling sales last year were insane,” Brogden said. “I felt like a lot of the 2-year-old consignors had to compromise or overpay for what they bought. In our own consignment, I felt like 2-year-old consignors, especially in the later books in [Keeneland] September, were buying horses that really weren't the type of physicals or vetting I would have thought that a 2-year-old consignor would take a risk on. But you have to have numbers. Just because the market is strong doesn't mean you don't need product. So people were buying.”

Brogden said she would encourage buyers to be ready to be quick out of the gates as the July sale opens Tuesday.

“Last year, I felt like as we rolled on through the sales that the yearling market got stronger and stronger,” she said. “I've tried to say to people for years, look hard and spend in July. People come to the July sale and say there are 4,000 more selling in the later sales. And I say, 'Yeah, but by the time you guys get to Book 3 September, you're going to be begging me to have horses that have these physicals that we are selling in the July sale.”

Despite any downturn in the 2-year-old market, pinhookers are always going to need yearlings this time of year, Bandoroff agreed.

“The nature of our business is, regardless of whether we had a good year or a bad year, we have to go back and reload and restock our inventory,” Bandoroff said. “The buyers may be being more careful, but when they see that horse that fits the mold of what they are looking for, I still think they are going to be trying to buy them.”

Looking out over a bevy of shoppers, Joe Seitz of Brookdale Sales said the yearling market was strong enough to survive a slight correction.

“A lot of those people [pinhookers] that you just mentioned are here, so that's a good sign,” Seitz said. “If people are being a little more conservative, that's OK. I still think it will be healthy. It's been really strong for a couple of years now, so even if it were to level a little bit, I think we will be fine.”

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Audible Colt Tops Keeneland September Book 3 Finale

What was a solid final Book 3 session of the Keeneland September Yearling Sale suddenly jumped into high gear in its final 45 minutes, producing its four highest prices in the span of some 80 hips, led by a session-topping son of Audible who sold for $725,000 to Flurry Racing Stables just six lots from the end of the all-day session.

Now midway through the 12-day auction, figures continue to be well ahead of 2021 levels. During the weekend's two Book 3 sessions, 586 yearlings sold for $92,258,500. The Book 3 average of $157,438 is up 14.5% from a year ago, while the median is up 20% to $120,000.

Through six sessions, Keeneland has sold 1,242 yearlings for $327,909,500. The average of $264,017 is up 10.67% from a year ago and the median is up 11.11% to $200,000.

A filly by Curlin brought the 2021 Book 3 section's top price of $800,000 and was one of 12 yearlings to sell for $500,000 or more during the two sessions. Curlin again had the highest-priced Book 3 yearling this year, with a colt selling for $900,000. That yearling was one of 19 to sell for $500,000 or over.

Asked to describe the action at Keeneland Sunday, Four Star Sales' Kerry Cauthen said, “Flipping incredible. It was just a great day.”

“We came in with nice individuals that we thought would sell well,” Cauthen continued. “They had nice physicals that would probably suit a pinhooker or a higher-end racing stable. And we just found the competition for those individuals was incredible.”

The Keeneland September sale was strong out of the blocks last Monday and Cauthen agreed there was a carryover to the auction's later books.

“This sale started in Book 1 with a bang. We kept selling great horses above and beyond expectations,” Cauthen said. “But we were putting very good individuals in front of them. And that does tend to trickle down into the next books because if they keep getting pressed out of the market, they realize they have to adjust their sights and probably spend a little more.”

The domestic buying bench continued to dominate the results sheets through Book 3.

“The strength of the domestic market is directly related to the strength of our racing market,” Cauthen said. “You can go out with a racehorse and earn a horse's money back and continue to have enjoyment and have it make some sense. And that has led us to a very, very strong domestic market.”

Bloodstock agent Clay Scherer, who purchased Sunday's session-topper on behalf of Staton Flurry, agreed the country's purse structure has led to plenty of competition in the sales ring.

“There is still strong demand for a Thoroughbred,” Scherer said. “It's never been more profitable to own one on the racetrack with the purse money that we have now. You are almost at the point where you can run year-round for six-figure purses for a maiden special weight. That's incredible.”

The Keeneland September sale continues through Saturday with sessions beginning daily at 10 a.m.

A Late Flurry of Activity

Staton Flurry had already left Lexington when bloodstock agent Clay Scherer called to tell him about a colt by Audible (hip 1952) selling late in the day at Keeneland and, with Scherer's enthusiasm in high-gear, the owner went to a session-topping $725,000 to acquire the youngster from the Paramount Sales consignment as Book 3 came to a close Sunday.

“I've just seen pictures of him,” Flurry said Sunday night. “I left the sale yesterday morning and Clay hadn't looked at him yet. But I had the Wi-Fi on in the plane when I was flying home and he texted me, '1952 is a freak.' He said, 'We have to buy this thing.' He sent me some photos and I saw the walking video online. He has been driving me crazy all morning about this horse–he's probably called 10 or 12 times today and texts and similar pictures. The last time he was this hyped up about a horse was at the 2-year-old sale last year and we ended up buying what became Interstatedaydream. She has worked out all right for us. For him to get this hyped up about a horse, I said it must be something special.”

Interstatedaydream (Classic Empire), purchased for $175,000 at the 2021 OBS Spring Sale, won this year's GII Black-Eyed Susan S. and GIII Indiana Oaks.

Hip 1952 is out of Oh Boo Hoo (Kafwain), a half-sister to multiple Grade I placed Palacio de Amor (Dixieland Band).

“He was just a nice, beautiful horse,” Scherer said of the yearling's appeal. “He has a typical Into Mischief look to him and bred the same way as [champion] Gamine. He looks like a fast horse who can carry it around two turns, a Classic distance type horse.”

Asked if he thought he would have to go that high to acquire the colt, Scherer laughed and said, “Not even close. I was on the phone with Staton and, when you fall in love with one and you have the right people behind you, they don't want to lose when they think they have a shot to go win the biggest races.”

Asked what he thought about the session-topping price tag, Flurry said, “We knew he was going to be expensive. We were thinking probably in the $600,000 range. I actually told Clay to stop bidding, but he said, 'Let's hit it one more time.' It's rare for Clay to get this excited or this hyped up about a horse, so for him to really say that told me all I needed to know.”

Flurry admitted, among the many partnerships shopping for colts, it has been tough finding the Classic-type youngsters he is looking for in order to fulfill a lifelong goal.

“The top of my bucket list–everybody looks at me like I am crazy–but I want to win the Arkansas Derby more than anything,” Flurry said. “It's home. I grew up about 1/4-mile from there. So we are looking for something that can win us that and, if you win that, you've got a good shot at the Kentucky Derby.”

Flurry continued, “It's been especially tough at this sale. Normally you see a million-dollar horse sell. But this sale, it seemed like every other horse was a million-dollar horse. You've got the partnership groups partnering with each other where normally they go against each other and this year they are all forming teams to buy the big ones to go for the two-turn horses. It's like the whole dynamic of the sale has changed from last year to this year.”

Duignan Calls an Audible

Gabriel Duignan hit a pinhooking home run with the $725,000 session-topping son of Audible. The horseman had purchased the colt for $160,000 as a short yearling at this past Keeneland January sale.

“He was a beautiful foal when I bought him,” Duignan said, while savoring the late-session fireworks. “It seemed like a good price at the time. He's just done super. He's just an absolutely beautiful horse. He's a horse that there is nothing you would change about him.”

Of the colt's development from January to September, Duignan said, “I think maybe the market has changed a bit, too, but he came in and he did super. He was squeaky clean on the X-rays. He was just a marvelous horse. He was probably the busiest horse I've ever had at a sale. And he showed like a champ. He never got tired. Every show was a good one. He turned out beautiful. He did everything you dream of.”

Yearlings by first-crop sire Audible (Into Mischief) have been in demand all summer and Duignan is at the top of the list of the stallion's fans. Just prior to selling hip 1952, Paramount sold another colt by the sire (hip 1941) for $350,000 to Mike McLoughlin. Duignan's Springhouse Farm purchased Mrs Vargas (Bernardini) with the colt in utero for $200,000 at the 2020 Keeneland November sale.

“I do love them,” Duignan said of Audible's offspring. “I think he was a very good racehorse with a nice pedigree. I think he is making nice stock. He's been very good to me at this sale.”

Through six sessions, 35 yearlings by Audible have sold for $7,747,000. In addition to Sunday's session topper, the sire was represented by a $675,000 son (hip 1167) Saturday.

Into Mischief Colt Joins Lynnhaven Roster

Jim and Dana Bernhard's Lynnhaven Racing continued its shopping spree at the Keeneland September sale with a pair of purchases Sunday. The duo was led by a colt by Into Mischief (hip 1871) who the couple purchased for $650,000 from the Four Star Sales consignment. Bred by Susan Casner, the yearling is out of stakes-placed Kayce Ace (Tiznow), a full-sister to Colonel John.

“He was a super nice colt,” said Four Star Sales' Kerry Cauthen. “Probably in the spring when we first saw him, he toed in a little bit and we didn't think he probably belonged in Book 2. He was probably a little weedy at that time. But he just bloomed into what was a heckuva nice, racy body. And matured. And we couldn't have been happier with him. That was rewarded in the marketplace today.”

Also Sunday, Lynnhaven Racing purchased a colt by Collected (hip 1672) for $300,000 from the Stone Farm consignment.

Through six sessions, the operation has purchased 10 yearlings for a total of $3,820,000.

Gun Runner Colt Rewards de Sousa

Sergio de Sousa freely admits he forms an attachment to his broodmares and the Hidden Brook managing partner, was rewarded for his faith in Wedding Jitters (Broken Vow) when the mare's colt by Gun Runner (hip 1681) sold for $500,000 to Winchell Thoroughbreds and Three Chimneys Farm Sunday at Keeneland. De Sousa co-bred the yearling with Jonathan Mills from Cranford Bloodstock and in a foal share with Three Chimneys.

“He was a very straightforward colt and we always liked him at the farm,” de Sousa said. “He showed well and he got a lot of action. You always hope for them to do well–$500,000 was great. We were hoping he would do something in there, but you never know until they go through and the hammer drops.”

Wedding Jitters was bred by Hidden Brook and sold by the operation for $110,000 at the 2015 Keeneland September sale. She won twice in nine starts and set a track record at Gulfstream in 2017. De Sousa claimed the filly for $16,000 out of that 7 1/2-furlong record-setting performance.

“I have always been a huge fan of Broken Vow,” De Sousa said of his decision to claim the mare. “And she was a beautiful foal. We had her dam, Lightfoot Lane, and we sold her, I think she went to Saudi. But I like to buy back into our families.”

Of the mating to Gun Runner, De Sousa said, “He was a tremendous race horse. He was typey and that's kind of what I wanted to breed the mare to. She has a Nyquist who is very nice and very typey. It was a bit of a gamble on Gun Runner. Three Chimneys was good enough, through Doug Cauthen, to do a foal share with us on the mare. It was a gamble, but the body type was what we were looking for, we were looking for a stallion to complement her. And we obviously got lucky that Gun Runner is just a fantastic horse having a great start at stud. Everything kind of lined up the right way.”

De Sousa purchased back into another Hidden Brook family which was represented by a yearling in Sunday's sixth session of the Keeneland sale. Theory of Chance (Archarcharch) was sold by Hidden Brook for $95,000 at the 2014 Keeneland September sale and was reacquired by the operation for $45,000 at the 2017 Keeneland November sale. Her Collected colt (hip 1652) sold for $210,000 to John Brocklebank, as agent for Bill Peeples.

“I have a problem sometimes with some of these mares, especially some of the ones we sold,” De Sousa said with a chuckle. “It's hard for me to let them go. I really enjoy breeding horses because there is a connection and a story behind the ones we have. I can only imagine how people like Claiborne and Mr. Hancock, they go so far back on these families, it's very neat to be able to talk about the family that deep. Obviously, we want to make as much money as everybody else, that is what our business is, but I think there is also an attachment to the families or the horses as individuals.”

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Keeneland January Provides Steady Start to 2022

The Keeneland January Horses of All Ages Sale concluded its four-day run in Lexington Friday with steady figures which continued to show strength in the marketplace into the new year.

“We are very, very pleased with the sale,” said Keeneland's vice president of sales Tony Lacy. “Continued competitive trade, high clearance rate and high median price have solidified some confidence in people who were nervous before the beginning of the sales season. They feel positive about moving forward into the rest of 2022 and are investing as such. The market is very broad in all respects; you're not seeing the spikes and valleys indicative of a narrow market. Demand is strong, with multiple bidders on horses at all levels, but not overheated. Prices, even the higher ones, are fair, believable and sustainable.”

The 2021 January sale was dominated by the dispersals of Sam-Son Farm and the late Paul Pompa, Jr., which combined generated gross of $13.5 million. Despite lacking those types of high-power dispersals, this year's auction produced fairly similar results.

Through four sessions, Keeneland sold 1,013 horses for a total of $46,341,100–second highest since the 2008 sale. The auction's average dipped just 3.23% to $45,746, while the median was up 33.33% to $20,000.

In 2021, 963 head grossed $45,522,100 for an average of $47,271 and a median of $15,000.

“There are a lot of happy sellers,” Lacy said. “The buyers can be a tad frustrated in places, but still, they understand that a competitive market is good for everybody. If it's competitive to buy, it's competitive to sell, so hopefully they will reap the rewards on the other end.”

The buy-back rate, which was 25.75% during the auction's first session, fell as low as 13.09% during the third session before concluding with a cumulative 19.35%. It was 21.26% a year ago.

“The high clearance rate continued through the middle and even lower end of the market, and that is really encouraging because this isn't a barometer sale like September and November,” Keeneland Director of Sales Operations Cormac Breathnach said. “This is a new tax year and yet there's the same hunger to buy horses where there hasn't been for years. That's a really good sign.”

Four Star Sales' Kerry Cauthen agreed the low buy-back rate was a positive indicator for the market.

“Comparable horses have been selling well compared with previous years,” Cauthen said. “Generally, when you bring a horse to January, you intend to sell. The number of horses not sold on Thursday was incredibly low. That means people are buying, and that is the name of the game.”

Three Chimneys Farm, buying out partner Hill 'n' Dale Farm, purchased the auction's top-priced offering when going to $750,000 for the 2-year-old filly Princesse Lele (Quality Road). Carl and Yurie Pascarella acquired impressive maiden winner Belgrade (Hard Spun), a late addition to the catalogue, for the sale's second highest price of $700,000.

“I think the higher-priced horses were fair,” Lacy said. “They weren't extraordinary, they were I think very rational and more sustainable over the longer term. I think it gives a feeling of confidence moving forward that there is viability in breeding a nice horse, whatever level it is, that you can get a return profit and get it moved along.”

Belgrade's late entry to the January sale was the highlight of a strong supplemental catalogue.

“The quality of the catalogue was very strong when it initially came together, but the ability to add a small number of supplements, such as Belgrade, who sold so successfully for Randy and Sandy Bradshaw, was very rewarding,” Breathnach said.

A colt by Gun Runner was the January sale's top-priced short yearling when selling for $375,000 to Narvick International. The youngster was one of 492 yearlings to sell at the four-day auction for a total of $18,136,300 and an average of $36,862.

Two short yearlings topped the $400,000 mark at the 2021 January sale–both to Larry Best's OXO Equine–with a colt by Munnings bringing top price of $475,000. In all, 421 yearlings sold for $14,958,600 and an average of $35,531 in 2021.

“I think pinhookers are looking forward hopefully to another very strong year,” Breathnach said, while agreeing it seemed like some sellers were being protective of their yearlings this early into the new year. “This past September was extremely good, with a record median among other metrics, so I think there is that confidence that the market is currently in a good state of supply and demand. There's a lot of energy behind the sport in terms of new ownership and new money that showed up in September, and it's not an overheated market. It's very solid, especially for the middle. So they might want to roll the dice deeper in the year than maybe they have in the last several years. There were also quite a few yearlings who traded for $200,000 or more, especially in Book 1 and that's a sign that what was offered was very popular.”

Best was the leading buyer at the 2022 January sale, but this time his purchases were all mares as he looked to support his three young stallions. Best paid $1.49 million on six horses.

Taylor Made Sales Agency, agent, led consignors by selling 122 horses for $5,696,800.

Ron Winchell and Three Chimneys donated a 2022 no-guarantee season to Gun Runner to support relief efforts from last month's tornadoes in Western Kentucky. The season was auctioned off at the end of Tuesday's first session of the auction was brought a final bid of $130,000 from Bill Layni.

“This was such a generous gesture by Ron Winchell and Three Chimneys, and Keeneland was very pleased to have been able to facilitate the sale of the Gun Runner season,” Lacy said.

The racing or broodmare prospect Go Big Blue Nation (Animal Kingdom) (hip 1579) brought the highest bid of Friday's final day of the January sale when selling for $225,000 to R. Larry Johnson. During the session, 243 horses sold for $4,020,700, for an average of $16,546 and a median of $10,000.

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Return To The Ring: Keeneland September’s RNA Re-Offer Sparks Trade In Different Ways

The catalog order was out of sorts at the end of Tuesday's session at the Keeneland September Yearling Sale in Lexington, Ky.

Hip 399 was followed by Hip 399A and 399C, as one would expect when the main catalog turns into the supplemental catalog. Then, Hip 6 entered the ring, followed by Hips 72, 111 and 179.

The four horses causing the catalog detour were the inaugural class of Keeneland's RNA Re-offer program, which allowed sellers of horses that finished under their reserve during the auction's first session the opportunity to run them the ring a second time at the end of Tuesday's second day of trade.

Though each of the RNA Re-offer horses had a common touching point, each one took a unique path to and from it.

The quartet that went through the ring on Tuesday evening was narrowed down from an original group of seven yearlings that were announced by Keeneland at the end of Monday's session. Consignors had to notify Keeneland Sales officials of their intentions to run their horses through again within 30 minutes of the close of Monday's session. Buyers were then made aware of the horses to be offered through Keeneland's social media channels and advertising.

For a few of the horses, that little extra boost of promotion was all they needed to make a sale happen. Mill Ridge Sales had two horses entered in the RNA Re-offer, but neither made it to the ring.

“The one that was early, Hip 70, was for a partnership, and we thought we had action, but didn't have enough,” said Price Bell of Mill Ridge. “We RNA'd it for $125,000 and we wanted to support new ideas. Keeneland promoted it last night, and they promoted it today, and it probably let people know we wanted to sell these horses, that they weren't RNAs to race. This morning, we had three people ask us about her, and we got it done.

Hip 70, a First Samurai filly, sold privately to Madras Bloodstock on Tuesday morning for $90,000.

Bell said the other Mill Ridge horse set to go through again, Hip 195, an Uncle Mo filly who was a $140,000 buyback, was offered late on Monday, and was entered for the second chance mostly to hold the spot until the consignor could talk it over with the breeder, who elected to keep the filly to race. Still, Bell said the filly had an inquiry from a potential buyer on Tuesday morning after the initial list was revealed.

“It was effective to get more eyes on them, and positions them to be buyable,” he said. “It's not Plan A, but this late in the yearling season, sometimes you don't have a Plan B. For this to be a Plan B for that draw and that day, is great.”

Ramsey Farm also had a potential re-offer turn into a private sale, with Hip 197, a Nyquist colt, go to Daniel Pita for $70,000 after hammering for $80,000 in the ring.

For the remaining four horses, it was a slightly different pre-sale experience than their first go-around. Book 1 of Keeneland September is often filled with all-shows and extensive vetting, as high-level buyers attempt to leave no stone unturned. By Tuesday, however, most shoppers have moved on with their inspections to the horses in Book 2.

It was largely business as usual for Taylor Made Sales Agency, which had two horses entered in the re-offer: Hip 72 by Justify (RNA at $200,000), and Hip 179 by American Pharoah (RNA at $140,000). The consignment regularly keeps its buybacks from the first session of Book 1 on the property for an extra day in an attempt to woo a private sale before taking them home. Taylor Made's Mark Taylor said the discussion with the sellers to re-offer was not much different than it would be for any other RNA situation.

“It's the same conversation you would have if this re-offer wasn't in existence,” he said. “We always sit back and say, 'Okay, we've got the horse back. Have you reevaluated what you would take for the horse, and if so, where do you think that is?' Then, we go and start calling people that were interested. A lot of times, those people seek you out, too. In this case, I would say there's no downside for putting them in. If someone calls you at noon and gives you the hammer price, and you want to go ahead and sell it, Keeneland's going to allow you to do that.”

For both horses, Taylor said he expected them to bring more the first time around. He theorized that buyers might have thought that as well, which might have made them think the horses were out of their budget and look elsewhere. Multiple potential buyers made private offers in about the same price range, but all of them were slightly lower than the what seller was looking for, prompting the decision to let the hammer sort it out.

Catalog placement came into play for Hip 6, an Into Mischief colt who was bought back on Monday with a final bid of $340,000. It can take a while for a buyer's bench to build up momentum, and the colt was re-entered with the hopes of catching the market once it's warmed up.

“It's been busy enough,” consignor Pat Costello of Paramount Sales said about an hour before the colt's second trip through the ring. “He's been out five or six times today. Hopefully, we'll get something done.”

Though the shoppers had largely moved on to horses later in the sale, Kerry Cauthen of Four Star Sales said he worked on getting the minds of potential customers back to day one for a moment. Cauthen had Hip 111, a More Than Ready colt who was bought back at $145,000 after his first trip through the ring on Monday.

“People have obviously moved on to the next spot,” Cauthen said. “We mentioned it to everyone at Barn 42 (Four Star's Book 2 barn), letting them know the horse was going to be offered again. A lot of people would have seen him, and it gets back in their head, and we had three or four people say, 'I'm gonna watch him.' I don't know if it'll work or won't work, but there's no harm in letting them have a look.”

Cauthen's strategy was successful. Of the four horses that went through the ring for a second time on Tuesday, the More Than Ready colt was the only one to change hands at the fall of the hammer, improving his price from $145,000 on Monday to $150,000 on Tuesday.

The remaining three horses hammered for less the second time around, with Paramount's Hip 6 getting the closest at $335,000 after initially bringing $340,000.

One of the caveats of the re-offered section was that reserves had to be set with 15 percent above or below the initial reserve on Monday, which could have affected the sale status of some of the horses that hammered for less. As horses clearly marked to sell, it is likely they will find buyers privately before the sale is through.

Tony Lacy, Keeneland's vice president of sales, said he was pleased with what he saw with the re-offer program, between the private and public sales.

“I think there was a little bit of uncertainty over what it really was, but now that we're at the stage of the day where you had a few people that felt the market didn't treat them the way they expected, they can come back, and hopefully there will be better reception,” he said.

“There was anxiety amongst a group of sellers about being early in the sale, and as a former consignor, it definitely felt there was a lack of safety net in certain parts if you had a horse that may be perceived as having less marketability, or less appeal,” he continued. “Quite frankly, I think it really helped, and it helped solidify people's confidence that if they didn't get one sold early, that they had options.”

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