‘Remarkable’ Fasig November Gross Tops $100 Million Again as Nest, Goodnight Olive Bring $6 Million

by Jessica Martini & Christina Bossinakis

LEXINGTON, KY – After a vibrant afternoon-into-night of bidding, the Fasig-Tipton November Sale grossed over $100 million for the third straight year with champions Nest (Curlin) and Goodnight Olive (Ghostzapper) leading the way when bringing matching $6-million final bids Tuesday at Newtown Paddocks.

“It was another remarkable horse sale, literally from start to finish,” said Fasig-Tipton President Boyd Browning. “It's really humbling to think that we've been able, for three years in a row, do over $100 million in sales in a single night. It's remarkable and beyond our wildest expectations. The first time we did $100 million [in 2021], I told you it was something I never thought we'd be able to achieve. And coming into this year, we would never have dreamt it would happen again. I'm really proud of that.”

During the single-session sale, 154 horses sold for $101,281,000. The average of $657,669 was up 9.8% from a year ago, while the median of $295,000 was up 18%. The buy-back rate was 24.9%.

A year ago, 169 horses grossed $101,214,000 for an average of $598,899 and a median of $250,000. The 2022 buy-back rate was 29.3%.

During Tuesday's auction, 25 mares sold for seven figures, with 16 selling for two million or more and 10 selling for $3 million or more.

Lexington financier John Stewart, who burst onto the sales scene at the Keeneland September Yearling Sale two months ago, dominated the domestic buying bench with seven horses purchased for $13,350,000. He purchased broodmares Queen Caroline (Blame) and Pizza Bianca (Fastnet Rock {Aus}) on matching $3 million bids and capped his evening with the $6-million acquisition of champion Goodnight Olive, who just four days ago won her second GI Breeders' Cup F/M Sprint at Santa Anita.

Earlier in the auction, Mike Repole bought out his partners to retain Nest for $6 million with plans to return the champion to the racetrack as a 5-year-old next season.

Also representing strength in the domestic buying bench, Spendthrift Farm purchased five mares for $7.7 million, led by the $3-million acquisition of GI Kentucky Oaks winner Secret Oath (Arrogate).

“It's plenty strong,” Spendthrift's Ned Toffey said of the market Tuesday. “They are not giving them away, that's for sure. I think there are plenty of people here with deep pockets.”

Ned Toffey | Fasig-Tipton

Japanese buyers were out in force at Newtown Paddocks Tuesday, with nine seven-figure purchases led by Emmanuel De Seroux's $4.2-million acquisition of Group 1 winner Sauterne (Fr) (Kingman {GB}) on behalf of Grand Stud.

“There was great international participation tonight–it probably wasn't as reflected on the sheets because of the number of people who got outbid consistently,” Browning said. “But there was great competitive bidding throughout the evening, particularly on the quality mares in-foal and the quality fillies and mares coming off the racetrack. It's remarkable what happens when you are entrusted with fillies like Goodnight Olive, Nest and Wonder Wheel and mares in-foal like Queen Caroline. I could go and on, because there were so many that sold remarkably well. It all comes down to the horses.”

The Fasig-Tipton November sale opened with an offering of 135 weanlings and the group was topped by a filly by Munnings who sold for $500,000 to Shadwell Racing. Shadwell also purchased a weanling filly by Gun Runner for $400,000.

That $500,000 price tag was matched with a pair of supplemented weanlings late in the sale when the En Fuego Stables pinhooking partnership purchased a son of Maxfield and Cherry Knoll Farm purchased a filly by Into Mischief. Both weanlings were consigned by Taylor Made Sales Agency.

“We thought we had strengthened our weanling group this year,” Browning said. “And clearly the overall weanlings were better this year than last year.”

Browning said the Fasig-Tipton November sale has established a trusted record of success among buyers across the globe.

“I think we have clearly established, A) a lot of wonderful relationships and B) the trust and the confidence in the marketplace,” he said. “The buyers know they are going to be able to come here and have the opportunity to buy the best horses on offer anywhere in the world.”

Repole Buys Out Partners for Nest

Mike Repole, sitting with his team in the pavilion, jumped in the bidding around the $4-million mark and eventually saw off all challengers to purchase out his partners on champion Nest (Curlin) (hip 163) for $6 million Tuesday at Fasig-Tipton. The 4-year-old filly was consigned by Highgate Sales.

“I wasn't sure if I was going to get her or not,” Repole said. “At that price, I thought I wanted to give her another shot. If she had gone to $7 or $8 million, I probably would have let her go. But considering I own 50% of her, I feel like I just bought her for $3 million, not $6 million. My family CEO thinks we sold her for $6 million. He's got bad news coming, but I am not going to hurt his feelings right now.”

Racing for Repole, Eclipse Thoroughbred Partners and Michael House, Nest put together a championship season as a 3-year-old in 2022. The bay filly won the GI Alabama S., GI Ashland S. and GI Coaching Club American Oaks and finished second in the GI Belmont S. and GI Kentucky Oaks.

During an abbreviated 4-year-old campaign, she won the GII Shuvee S. in July, was third in the GI Personal Ensign S. and fourth in the GI Spinster S.

“I am going to try my best to bring her back [to the races],” Repole said. “Hopefully, she will be 100%. If not, I own a couple of stallions, one Uncle Mo. She could have a date with him. But I really think the goal will be to bring her back. I think she has unfinished business.”

Repole continued, “I think last year she had a fever and got started late. And then she had that race at Saratoga where she was spectacular. I really think that took a lot out of her. I think if we get off to a better start, and space her properly this year, I think she is good for four or five good starts. Hopefully, she will run in May, June, and August and maybe in the Distaff and hopefully be a champion again.”

Nest, who was purchased by Repole and Eclipse Thoroughbred Partners for $350,000 as a yearling at Keeneland September, is a daughter of Marion Ravenwood (A.P. Indy), who sold to Coolmore's M. V. Magnier for $2.6 million at Fasig-Tipton last November while carrying a full-sibling to the champion. The mare produced a colt this year and was bred back to Into Mischief. @JessMartiniTDN

Laymon Says Emotional Goodbye to Olive

After watching champion Goodnight Olive (Ghostzapper) (hip 237) sell for $6 million Tuesday night at Fasig-Tipton, Steve Laymon admitted, “It's hard not to have a tear in my eye.”

Laymon and his First Row Partners, through bloodstock agent Liz Crow, had purchased the filly for $170,000 at the 2019 Fasig-Tipton October sale. Then watched as the dark bay mare won back-to-back renewals of the GI Breeders' Cup F/M Sprint and $2,196,200 on the racetrack.

“I followed her all the way around [the sales grounds],” Laymon said. “And it was just like going to the paddock and to the races, and just like Olive, she never turned a hair. She's such a smart mare. Her intelligence level was just amazing. She came in the ring and she showed who she was. You never dream of buying a horse and selling her for $6 million. I do not know John Stewart, I spoke to him tonight. But I am so thrilled to have him in the business. These mares need to stay in the U.S.–no disrespect to international buyers. But it's hard not to get possessive of one of these and want to keep them in the country.”

Laymon, an optometrist from North Carolina who founded First Row Partners five years ago, said it was an easy decision to send the 5-year-old mare through the sales ring.

“We are a racing partnership,” he said. “We keep a few mares. But at this level, you just have to part with them if you want to continue to race. Unfortunately, you make mistakes in this business. You try to learn from those mistakes, but you just have to have a horse so often that pays for some of those mistakes.”

Laymon's proceeds from the auction weren't his only winnings Tuesday.

“There are six First Row partners,” he said. “We were at dinner after the Breeders' Cup Saturday and I asked each one of them to get a one hundred dollar bill out and put their initials on it and put down the number they think she will bring. Guess who won that? I did. I put $5.95 million.”

Asked if he planned to reinvest some of that $6 million price tag in racehorses, Laymon smiled and said, “Slowly. We are in the racing business and this will keep us in the business a long time. We have been so blessed. First Row Partners is in its fifth year of racing and we've sent 15 horses to Chad in the last five years and we've won four Grade Is, four Grade IIs and three Grade IIIs and three Grade I placings. That's not supposed to happen in this business. It's the team. Liz Crow, she buys them, and her team is phenomenal. [Trainer] Chad Brown, I've been with him since the Frankel days. He is so focused. He is so darn smart. And he wins races because of his brain and his dedication.” @JessMartiniTDN

Stewart a Man on A Mission at Fasig-Tipton

With her Breeders' Cup blanket barely having lost its fragrance after last weekend's victory in the GI Filly & Mare Sprint, Goodnight Olive (Ghostzapper) (Hip 237) added a slam-dunk in the sales ring, drawing a gaudy $6-million final bid from the red-hot John Stewart. While many had wandered away during the later stages of the sale, an expectant horde began to gather again along the perimeter of the pavilion in the moments leading up to the champion's arrival into the ring. With intermittent volleys being lobbed in rapid succession, Stewart–surrounded by his own entourage including bloodstock advisor Gavin O'Connor–was resolute. Reeling off counterbids without missing a beat, he saw off all competitors to land the session's co-topper at $6 million.

Stewart also secured a pair of mares for $3 million during the session: Pizza Bianca (Fastnet Rock {Ire}) (Hip 168), and Queen Caroline (Blame) (Hip 171), the dam of champion Forte (Violence).

The two-time Breeders' Cup champion was consigned by Elite Sales, who enjoyed a stellar day with 12 head grossing $18.5 million.

Bred by Stonestreet, Goodnight Olive was purchased by Liz Crow for $170,000 at the 2019 Fasig-Tipton October Sale. Campaigned by First Row Partners and Team Hanley, the filly enjoyed a spectacular 2022 season, winning all four starts, including the GI Ballerina S. in addition to her Breeders' Cup victory. This season, she added wins in the GI Madison S. and GII Bed 'O Roses S. before defending her title at the World Championships.

Crow said, “The owners enjoyed every moment with her. Our team [Elite] got to go along for the ride. And then to get to showcase her here, every major buyer is here at this sale, and to see her bring what she was worth, she is really a once-in-a-lifetime horse.”

Liz Crow | Fasig-Tipton

The 5-year-old mare joins champion Groupie Doll as only one of two horses to win two Breeders' Cup Filly & Mare Sprints.

“I think she was the best horse in the sale,” Crow opined.

And Stewart certainly agreed.

“She was on my agenda from the beginning,” he said. “I knew there was a lot of foreign interest and I was determined that she was going to stay here.”

“With all the success she's had to date, I think she still has some opportunity to still run. To add what she's already done, we need to keep those horses here. That was my main objective. Once I decide I am going to buy them I buy them, they can bid whatever they want, but this horse is going home with me.”

Stewart confirmed that he is about a month away from closing on Shadwell Farm's Shadayid Stud in Midway.

“That's what's great about this sport,” he said. “I was just at the Breeders' Cup, and this horse wins four days ago and then you have the opportunity to actually buy it. What other sport can you actually do that? It's like Lebron James wins the NBA Championship and then you can buy Lebron or the team. This is really a great sport.”

During Tuesday's session, Stewart purchased seven head in total, including a pair of weanlings, for $13.35 million.

“We got the dam of Forte, we got Pizza Bianca and we got this horse, which I think is one of the best horses we've seen here for a long time,” he said. “I couldn't be happier right now.”–@CbossTDN

Stewart Full Tilt Ahead for $3-Million Pair

Firing in quick succession, Stewart, seated alongside by Gavin O'Connor at the back of the pavilion, went to $3 million Pizza Bianca before extending to the same price for Queen Caroline. The former was consigned by Elite Sales, while the latter was offered by Bluegrass Thoroughbred Servies on behalf of South Gate Farm. Queen Caroline represented a major score for Amy Moore, who purchased the Virginia-bred for a mere $170,000 at Keeneland September in 2014.

“Those were a lot cheaper than I thought they would be,” admitted Stewart. “I was thinking $5-5.5 million on Queen Caroline. I bought every horse that I bid on.”

John Stewart | Fasig-Tipton

He added, “And I would have paid a lot more for Queen Caroline. I am really excited with what we have bought and now we have some new horses to put on our farm.

A multiple stakes winner on the track, Queen Caroline hit paydirt in the breeding shed, producing champion juvenile colt Forte (Violence) in her first go around. She sold in foal to Horse of the Year Flightline.

“Queen Caroline is the whole reason we came to the sale,” added Stewart. “It's a funny story. As we were looking through the weanlings in the catalog, we were looking for something out of Queen Caroline. And then I saw that Queen Caroline herself was in the book and thought 'This is amazing!' Once we saw her, it was a done deal. She was 100% on the list. So I was very glad to walk away with her.”–@CbossTDN

'Pizza' to Go

Campaigned by celebrity chef Bobby Flay and trained by Christophe Clement, Pizza Bianca earned over $792,947 on the track, and counts the GI Breeders' Cup Juvenile Fillies Turf among her career highlights. The 4-year-old mare was offered in foal to Into Mischief.

Flay secured Pizza Bianca's dam White Hot (Ire) (Galileo {Ire}) for 1.25 million guineas at Tattersalls October in 2014. Pizza Bianca was the first foal produced by the unraced mare. Offered at this sale last year, Pizza Bianca RNA'd for $3.45 million.

“We were very excited about buying [Pizza Bianca] as well,” Stewart said. “She had an impressive list of accomplishments. If you look at everything we've been buying, it's all about quality.”

He added, “We looked at a lot of horses, but to find the pedigree and the accomplishment level, that's what we're looking for. We're not just looking for the bloodline. And Pizza Bianca is a 100% of that.”

Stewart also put in a strong showing at Keeneland earlier this September, buying 13 yearlings for total expenditures of $8.425 million and was back in action at Fasig last month for the October Sale.

“These are all for me,” he affirmed. “These [resulting foals] are for me to race and for me to breed. I am not looking to sell either of these horses. I looked at them and thought 'you are not leaving this country.' They are staying in this country and it's even better that they are staying in Kentucky. That's been the whole goal is to keep the good bloodlines here. It's the best way that I can invest my money and I am super excited about that.” —@CbossTDN

Godolphin Strikes for Faiza

Most wouldn't be surprised to see Godolphin among the buyers of a top prospect at the nation's leading yearling sales. However, the operation made somewhat of a surprise appearance on the leaderboard with Faiza (Girvin) (Hip 228), who was purchased by the 'Boys in Blue' for $4 million. The Grade I stakes winner was consigned by Hill 'n' Dale.

“She was a very good racehorse and had a lot of quality about her,” said Godolphin's Michael Banahan. “She was a nice type to be able to bring back.”

Faiza brought $90,000 at the Fasig-Tipton Kentucky Select sale in 2021 before blossoming into a $725,000 Fasig Midlantic juvenile purchase by agent Donato Lanni for Michael Petersen in 2022. Trained by Bob Baffert, she won her first five starts, including the GI Starlet S. and GII Santa Anita Oaks.

Faiza | Benoit

“Bob Baffert and Donato Lanni buy beautiful horses that win Grade I races,” said Hill 'n' Dale's John Sikura. “I am really so happy for Michael Petersen and for the entire team. It was a great result for us, too. I am happy for everybody.”

Out of MGSW and MGISP Sweet Pistol (Smart Strike), Faiza's dam Sweet Pistol is a half-sister to two-time grades stakes winner Thousand Words (Pioneerof the Nile). The 10-year-old mare was purchased for $33,000 by Faiza's breeder Brereton Jones at Keeneland November in 2016.

Sikura added, “Those Grade I winners as mares are hard to find and the Japanese buyers are particularly interested in and respect that Grade I form and they really chase those mares. When they also have the looks to go with it, they have all the questions you can answer. And those are the ones that historically produce stakes winners and graded stakes winners.”

The purchase represented the first broodmare/prospect purchase for Godolphin since going to $3.5 million for GI Spinaway S. winner Pretty City Dancer (Tapit) at this venue in 2018. Pretty City Dancer would go on to produce a Classic winner in the form of GI Kentucky Oaks heroine Pretty Mischievous (Into Mischief).

Godolphin enjoyed another fruitful Breeders' Cup with Cody's Wish (Curlin) repeating in the GI Breeders' Cup Dirt Mile, while completing the exacta in the GI Breeders' Cup Mile with Master Of The Seas (Ire) (Dubawi {Ire)) and Mawj (Ire) (Exceed and Excel {Aus}).

Named after Cody Dorman, the colt repeated at this year's World Championships with another Dirt Mile win. The victory was bittersweet as Dorman passed away traveling back to his home in Kentucky Sunday.

“It was a fantastic story and a wonderful family,” said Banahan. “It was so special that we had that opportunity with them the last five years. I hope the [Dorman] family gets a lot of strength from the people both in and outside the industry while they go through their grieving process. It's heartbreaking for them, I'm sure. I hope they get a lot of strength for the last five years that Cody was able to share this special bond with Cody's Wish.”

Commenting on the operation's year overall, “We've had a great couple of years and this has been a really phenomenal year. From winning our first Kentucky Oaks, winning at the Breeders' Cup and helping give Bill Mott his first Met Mile. We've had multiple highlights through the year so we've been fortunate that our horses have performed at a high level. We're so grateful for it.” —@CbossTDN

Sauterne to Grand Stud

Bloodstock agent Emmanuel De Seroux, bidding on behalf of Japan's Grand Stud, purchased French Group 1 winner Sauterne (Fr) (Kingman {GB}) (hip 178) for $4.2 million Tuesday evening at Fasig-Tipton. The 3-year-old racing/broodmare prospect was consigned by Nicky Drion Thoroughbreds.

“She has a fantastic pedigree, as you can see,” De Seroux said of the filly's appeal. “She's beautiful and she was a great racehorse. In the Group 1 in France that she won, she beat the colts. The horse that was second to her just won the mile race at Ascot by six lengths. So her form is outstanding.”

Sauterne was making her second trip through the sales ring Tuesday night in Lexington. She had RNA'd for £1.2 million at the Goffs London sale in June just weeks after finishing third in the G1 French 1000 Guineas and second in the G2 Prix de Sandringham. In July, the bay was second in the G1 Prix Jean Prat and third in the G1 Prix Rothschild before beating the boys in the G1 Prix du Moulin de Longchamp Sept. 3 for her owner/breeder Jean Pierre Joseph Dubois.

Sauterne is out of Salicorne (Aragorn {Ire}), a half-sister to multiple Group 1 winner Stacelita (Fr) (Monsun {Ger}), whose daughter Soul Stirring (Jpn) (Frankel {GB}) was champion 2-year-old and 3-year-old filly in Japan in 2016 and 2017. Stacelita's daughter Southern Stars (GB) (Smart Strike) produced Japanese champion Stars on Earth (Jpn) (Duramente {Jpn}).

“We just bought her five minutes ago,” De Seroux said with a smile when asked about plans for the filly. “She will probably be bred in Kentucky and then go to Japan.”

De Seroux returned a few hips later to acquire And Tell Me Nolies (Arrogate) (hip 206), also on behalf of Grand Stud, for $2.3 million. Consigned by Indian Creek, the 3-year-old filly sold as a racing/broodmare prospect. A $230,000 OBS Spring purchase, the bay won the 2022 GI Del Mar Debutante S. and GI Chandelier S. for Peter Redekop B.C., Ltd. She was second in this year's GII Santa Anita Oaks and GIII Santa Ysabel S. and third in the GII San Clemente S.

She is out of graded winner Be Fair (Exchange Rate), a half-sister to Grade I winner Macho Again (Macho Uno). @JessMartiniTDN

Secret Oath Leads Spendthrift's Fasig Haul

GI Kentucky Oaks winner Secret Oath (Arrogate) (hip 180) will be joining the Spendthrift Farm broodmare band after selling for $3 million Tuesday in Lexington. In addition to the Oaks, the 4-year-old broodmare prospect won the 2023 GII Azeri S. and 2022 GIII Honeybee S. in the colors of her breeder, Robert and Stacy Mitchell's Briland Farm. She also hit the board in seven other Grade I events, including the GI Arkansas Derby.

“Her race record needs no explanation,” Spendthrift's Ned Toffey said after signing the ticket on Secret Oath. “She is a big, classy mare. We think she is a perfect type of mare for Into Mischief. She's a really special mare and we need to get that kind.”

Secret Oath | Coady

Of the filly's final price tag, Toffey admitted, “We thought she might be a little bit more money. That's a lot to pay for any horse, but we thought she could have brought a little more. We were happy to get her for that number.”

Secret Oath, who is out of stakes winner and multiple Grade I placed Absinthe Minded (Quiet American), was consigned by Bluewater Sales.

Spendthrift was busy through the auction. In addition to Secret Oath, the operation also purchased graded-stakes winning broodmare prospect Travel Column (Frosted) (hip 193) for $2 million and paid that same amount for graded winner Merneith (American Pharoah), in foal to Flightline. In all, Spendthrift purchased five mares for $7.7 million. @JessMartiniTDN

Search Results, Wonder Wheel to Northern Farm Japan

Grade I winner Search Results (Flatter) (hip 179) and champion Wonder Wheel (Into Mischief) (hip 200) led a trio of seven-figure purchases by Katsumi Yoshida's Northern Farm. Bidding on behalf of Yoshida, Shingo Hashimoto bid $3.6 million to acquire Search Results from the Elite consignment. The 5-year-old mare, who was a $310,000 Keeneland September purchase, won the 2021 GI Acorn S. and was second in that year's GI Kentucky Oaks. A five-time graded stakes winner, she hit the board at the Grade I level seven times and earned $1,943,810 for Klaravich Stables and trainer Chad Brown.

“She was one of the best 3-year-olds [of her generation],” Hashimoto said of the mare, who is out of graded-placed Co Cola (Candy Ride {Arg}). “And we really liked how she looked.”

Hashimoto returned just a few hips later to purchase 2022 champion 2-year-old filly Wonder Wheel for $3.2 million. The 3-year-old, who was consigned by Taylor Made Sales Agency on behalf of the Green family's D J Stable, won last year's GI Darley Alcibiades S. and GI Breeders' Cup Juvenile Fillies. She is out of multiple stakes winner and multiple Grade I placed Wonder Gal (Tiz Wonderful).

“Her appearance was very good and she's a champion 2-year-old, so we know she's very good,” said Shingo Hashimoto, who signed for the broodmare prospect. “We will take her back to Japan and keep her as a broodmare.”

Wonder Wheel was purchased by the Greens for $275,000 as a Keeneland September yearling and earned $1,591,857 on the racetrack.

“We were very confident bringing her here that she was going to bring a good amount of money,” Jon Green said after watching the champion sell. “You can never handicap it perfectly as far as who is on the horse and who liked the horse and to what extent. But I feel like Taylor Made did a phenomenal job of giving us the proper information to handicap who was going to be on her. And Fasig-Tipton, you can't say enough about this night and this venue. And just of competitiveness here. It's just a fun place to be on a night like tonight.”

Len & Jon Green | Fasig-Tipton

Green admitted the sale was bittersweet, particularly following the death of his mother, Lois Green, in May.

“This was the last horse that my mom ever named,” Green said. “We were fortunate as a family to watch Wonder Wheel compete and win in our silks. The last trip that my mom went on was to watch her run in Kentucky. So it was very difficult decision [to sell] from an emotional standpoint, but from a business standpoint, it makes all the sense in the world.”

Green continued, “From the moment that we bought her, Kim Valerio picked her out, Mark Casse trained her, Tyler Gaffalione did a phenomenal job riding her. And of course, Taylor Made and Fasig-Tipton did an absolute perfect job of marketing her. Everyone along the way added value. And I can't thank everyone enough for what they've done.”

Yoshida's shopping spree at Fasig-Tipton Tuesday also included Armony's Angel (To Honor and Serve) (hip 207), who was acquired for $1.8 million from the Taylor Made Sales Agency consignment.

In foal to Gun Runner, the mare is already the dam of this year's GI Arkansas Derby winner Angel of Empire (Classic Empire).

Late in the sale, Yoshida concluded his Fasig purchases with Ceiling Crusher (Mr. Big) (hip 265) acquired for $750,000.

Asked if he was able to purchase the mares he was aiming for, Hashimoto said, “Some of them, yes. Not all of them. That's always a part of the game. It's always tough.” @JessMartiniTDN

'Holiday' Brings $2.1m from Alpha Delta

With Tuesday's session already in full swing, Stolen Holiday (War Front) (Hip 189) realized a cool $2.1 million from Jon Clay's Alpha Delta Stables. Reynolds Bell, seated next to Clay inside the pavilion, was resolute in securing the half-sister to Group 1 winners Eishin Apollon (Giant's Causeway), Master of Hounds (Kingmambo) and Minorette (Smart Strike).

Consigned by Taylor Made Sales, the 6-year-old mare is out of Grade II scorer Silk and Scarlet (GB) (Sadler's Wells). This represents the family of English Highweight Sanglamore. She sold in foal to Into Mischief.

“We have been working the sale, and she fell in the sale the way we like it,” said Bell. “We liked her pedigree and he ability on the racetrack. And we liked who she is in foal to.”

He continued, “We find what we like. Whether it's dirt or grass, it doesn't really matter. They have to have some ability and they have to be in foal to something that can give them a good start.”

Very late in the sale, Alpha Delta also struck for Hip 264, Strong Incentive (Warrior's Reward), who brought $2.15 million. In foal to Good Magic, she was consigned by Elite.

Alpha Delta also went to $900,000 for Hip 159, Canadian champion Munnyfor Ro (Munnings) earlier in the session. Consigned by Hill 'n' Dale, she sold in foal to Curlin.

“The market has been strong,” said Bell. “But that's been the market we've been in for a while now. The ones that make sense to go for, everyone is there. And the ones that don't make the cut, nobody is there for. Whether it's yearlings, 2-year-olds, broodmares, it's pretty much the case.” —@CbossTDN

Shadwell at the Fore of Weanling Action

Highlighting the early swath of weanlings on offer at Fasig-Tipton's November Sale Tuesday, Shadwell emerged at the forefront, purchasing a pair of fillies, including Hip 62, a daughter of Munnings for $500,000.

Consigned by St George Sales, the Ontario-bred foal–bred by Narola and Anderson Farm–is out of Grade III winner Summer in Saratoga (Hard Spun). Out of MSW Diversa (Tabasco Cat), the 7-year-old mare, a $630,000 purchased by Anderson Farms at Fasig-Tipton at this venue in 2021, is a daughter of GI Vanity S. heroine Love Theway Youare (Arch).

“She was just a beautiful Munnings, I have never seen a Munnings like that, so we are happy with her,” said Shadwell's Jonny Smyth. “I spoke Sheikha Hissa and made some budget decisions, so we were happy to get her.”

Back in action later in the session, Smyth–bidding from inside the pavilion–extended to $400,000 for Hip 109, a filly by Gun Runner. Consigned by Taylor Made Sales Agency, the dark bay is a daughter of Classofsixtythree (Include). The 10-year-old mare is also responsible for GSW and GISP Gunmetal Gray (Exchange Rate) and Grade III-scorer Sixtythreecaliber (Gun Runner).

“She is a nice, leggy filly,” he said. “She was a beautiful mover as well.”

Offered at Keeneland January in 2019, Classofsixtythree had failed to meet her reserve at $385,000 while carrying Sixtythreecaliber.

Of Shadwell's purchases Tuesday, Smyth added, “Both are from beautiful families, so they have some nice residual value.”

Commenting on the overall quality of the weanlings on offer at Fasig-Tipton Tuesday, he said, “It's a nice group. Fasig has put together a nice group of weanlings. We've had a few on our list and we were very happy to get them.”

Active both in the sales arena and the racetrack both domestically and abroad this season, Smyth indicated there was also plenty to look forward to on the farm as well.

“It's been an exciting year. We have [six-time Grade I winner] Malathaat [Curlin] on the farm and she is in foal to Into Mischief,” he said of the two-time champion. “We're looking forward to what she will produce. And it's also been a phenomenal year in Europe, so we're very happy with the entire program overall.”

Later in the session, a colt by Maxfield (Hip 213) and Hip 268-a colt by Into Mischief-also reached that mark. Both top weanling colts were consigned by Taylor Made Sales. The former was purchased by Cherry Knoll Farm and the latter was secured by Enfuego Stables–@CbossTDN

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Catching Up with 2020 Breeders’ Cup Classic Winner Authentic

Between winning the COVID-delayed Kentucky Derby in September and giving thousands of microshare owners cause to celebrate, Authentic was a major talking point the fall of 2020. His first foals, yearlings of 2023, include 10 who fetched $700,000 or more at recent Keeneland and Fasig-Tipton sales.

“Authentic is a very special horse to us here at Spendthrift,” said the farm's general manager, Ned Toffey. “He is a horse that we initially pursued the breeding interest in, but very quickly we found ourselves taking it a step farther and buying him outright. It was exciting for us to have a son of Into Mischief with so much potential and especially so much Classic potential. At the end of the day I think he gave Mr. [B. Wayne] Hughes one of the biggest thrills to win the Breeders' Cup Classic right here in Lexington. He is very, very special to us.”

Authentic (2017 bay horse, Into Mischief–Flawless, by Mr. Greeley)

Lifetime record: Horse of the Year, Ch. 3yo colt, MGISW, 8-6-2-0, $7,201,200

Breeders' Cup connections: B-Peter E. Blum Thoroughbreds, LLC (KY); O-Spendthrift Farm LLC, MyRaceHorse Stable, Madaket Stables LLC, and Starlight Racing; T-Bob Baffert; J-John Velazquez.

Current location: Spendthrift Farm, Lexington, Ky.

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Catching Up with 2019 Breeders’ Cup Classic Winner Vino Rosso

The first of back-to-back GI Breeders' Cup Classic winners retired to Spendthrift, Vino Rosso currently leads the U.S. freshman sire list and has had four individuals place in Grade I races in the last five weeks, including three on Oct. 7.

“Since he is a son of Curlin, we were fortunate enough to acquire the breeding rights to him in his 4-year-old year, and that's when he really began to take off,” said Ned Toffey, general manager of Spendthrift. “He won the Wood Memorial, so he was good early in his 3-year-old year, too. He had talent, did have some precocity, and really got good as he got into those Classic distances. His Breeders' Cup Classic was one of the most impressive. He was a horse that had a really good fall and continued to thrive into Breeders' Cup week. He was the wise guy horse and didn't disappoint on race day; he's come to stud and done the same. He's demonstrated more precocity as a sire than we even expected. We're really excited about him.”

Vino Rosso (2015 chestnut horse, Curlin–Mythical Bride, by Street Cry {Ire})

Lifetime record: Ch. older male, MGISW, 15-6-1-3, $4,803,125

Breeders' Cup connections: B-John D. Gunther (KY); O-Repole Stable and St. Elias Stable; T-Todd Pletcher; J-Irad Ortiz, Jr.

Current location: Spendthrift Farm, Lexington, Ky.

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Another Year, Another Declining Foal Crop; Experts Chime In

When The Jockey Club announced last week that the estimated North American foal crop for 2024 was 18,000, a 2.7% decline from the projected 2023 foal crop, the news was hardly a surprise. By the time the final numbers are in for 2024,the foal crop will have declined in 18 of the last 19 years and this will be the smallest foal crop since 1964. Since 2005, when there were 38,365 foals, the crop has declined by more than half.

How big of a problem is this. Why is it happening? What can be done to reverse the trend? The TDN posed those questions to some of the foremost experts in the breeding industry.

Ned Toffey (Spendthrift Farm): It is certainly concerning and it's certainly more than a minor blip. When it got to 20,000, that was essentially half of what it was when I first went to work on a Thoroughbred farm. We have to do a better job as an industry of marketing both the sport and the breeding industry. We have to do a better job of attracting new people. We are up against it.

As a society, we've become more removed from agriculture and horses in particular. It's a venture that requires a lot of wealth and a lot of patience. As an industry, we have not done a good job putting this out there. Spendthrift is among the many farms that has embraced the tourism aspect and even that is a long play that you hope down the road yields fruit. By opening up farms, people can get more familiar with what we do here and it won't be such a strange thing for them. Then again, that's not going to change the foal crop any time soon. It was nice to see a handful of new people coming in and buying yearlings during this last sales season. We sure needed that because so many others have gotten out.

I don't know how it is that purses keep getting bigger but the foal crop keeps declining. You are seeing fewer and fewer of these breed-to-race operations. It's become almost strictly commercial. That doesn't necessarily mean that there should be fewer foals. In Australia, a year or two ago they passed us with their foal crop and a much higher percentage of their foals go through the sales ring than ours. They are more commercial than we are and are in a position where they are thriving.

As Australia has shown, where they are primarily commercial, we can still have larger foal crops. The horse is still a bigger part of their culture than it is in ours. It's more of a cultural shift than anything else and that's not an easy thing to reverse. We have to find the right people to figure out the best way to market this industry to people.

We need to get our house in order, clean up, change the perception our industry has. We need to do a better job policing ourselves. There are some things going in the right direction and we need to get out there and change the perception of the industry the public has.

Carrie Brogden, | Keeneland

Carrie Brogden (Machmer Hall): Everything is so expensive now. If you look at the stud fees, the costs of the labor, the board, the hay, the feed. All it takes is for a horse to have a couple problems and you've gone from having a horse worth $300,000 to $3,000. We sold two with two weak scopes in the September sale. One brought $4,000 and the other $3,000. Both would have been $75,000 horses if they had what the market deemed were normal scopes. There are so many factors. What it comes down to is it's a lot easier to buy a great horse than to breed one.

What can be done to fix it? The sport would need to come back to being in demand. People ask how come the sales are so strong even through the sport is obviously under tremendous pressure. The answer is that the supply is not keeping up with the demand. It's going to continue to contract. I went to the sale with an Indiana-bred filly by Upstart that I really, really liked. People told me they're not interested in Indiana-breds. They're only interested in Kentucky and New York-breds because of the purses. The state-breds are getting hammered way more than they used to be because the purses are so good in so many other states. Going forward, I'll be very wary of buying state-breds to pinhook because of the feedback I have gotten.

I can only see it continuing to contract because the target is so small. Everyone wants an above-average horse. Everyone is always going to have a bell curve when it comes to their foals. You hope the top foals pay for the rest of them. It's not easy when you have 10 foals and you are hoping the two best ones will pay for the rest of them.

Until we get our sport straightened out and unless HISA can turn out to be the positive thing so many of us hope it will be, I don't think the trends are going to turn around. At least until we turn around the popularity of our sport.

Craig Bandoroff (Denali Stud): The reason this is happening is because, as breeders, its very hard to make money. Like everything in this business, the percentages of being economically successful are low. The reason it is happening is because there are fewer people who are in it for the love of the game and the pursuit of the challenge. You have more and more people who are doing this because they are looking for an economic return. That's my opinion and has been my experience. In the past, the breeders developed families and did it as a pursuit. We have very few of those sorts of breeders anymore.

Racing is the engine that pulls the train. Everything is interconnected. More and more there will be fewer horses for racing and that means racetracks will have to run fewer days, have fewer races and have smaller fields. How do we reverse the trend? I'd like to think we're going to hit a number where it levels out and the economics get better. Don't ask me where I came up with this number, but in my mind I've always felt that 14,000, 15,000 is where you might level out. That's what my gut tells me. But when I see it declining every year, that doesn't surprise me at all.

We have to make the economics better. Why is this happening when purses are going up? That's a good question. What percentages of the horses win a race or even make it to the races? Those numbers aren't good. That's how I explain our business. We drill oil wells and we get a lot of dry wells and hope we get a couple of other ones that will pay for the failures. That's the economics in every part of this game, whether you're breeding, racing, standing stallions. Purses are going up but not because people are betting on horses. I hope we don't lull ourselves into a false sense of security because we all know what the government giveth the government can take away.

Craig Bernick | Keeneland

Craig Bernick (Glen Hill Farm): It's a commercial market now. The foal crop has been going down for a long time but the amount of horses being sold as yearlings hasn't gone down by nearly the same percentage. The syndicates are fantastic because it gives people a chance to compete at a top level. A lot of these owners were putting up $500,000 or so a year buying three or four horses they would send to their local trainer. Now they're using the same amount of money to take 10% of 15 horses. That's got everyone focusing on the top of the market, the best horses.

Racetracks are closing and the foal crop is going down and there are more $500,000 and up horses sold every year. Everybody is focusing on the top and ignoring all the other horses.

We should have had a mare cap but we don't. That would have helped diversify the stallions that people breed to and everything else that goes along with it. The big stallion farms want more, more, more all the time. We have a foal crop going down yet we have stallions being bred to more mares than ever before. That can't be good for business long term.

I don't know what can be done to reverse the trend. We have the Breeders' Cup, the Triple Crown and four or five big Saturdays spread across the rest of the year and those are the only races anyone wants to run in anymore. We've made Grade II and Grade III races not run on those days insignificant from an owners' perspective. The only thing that really matters any more is if you win on Whitney Day, Travers Day, Breeders' Cup, Triple Crown, Pegasus. Those are the days that matter. We've lost a lot when people don't care anymore about winning a Grade III race somewhere on a Saturday. Everybody's aiming for the same top of the pyramid and as a result, there will be fewer and fewer horses born. Until there is a demand from people who want to have nice horses, are happy to win nice races and enjoy being an owner, we're going to be in trouble. All everybody wants anymore is to have Derby and Breeders' Cup horses.

Fred Hertrich (Watercress Farm): The market is not accepting less-expensive horses. The day of the $1,000 stallion breeding to the $1,000 mare is a thing of the past. The cost of raising that horse, the cost of breaking that horses, the cost of training that horse is the same whether it is the highest-priced yearling in the world or the least expensive. Like with everything else in the economy, the costs are great so the price of the asset has to be greater. We used to have thoroughbred buyers who would buy 10 yearlings at $5,000 apiece. They'd hope to hit the lottery with one of them and they might give away the rest. But that was when expenses were manageable. Now with the price of feed, help, blacksmiths, on and on, the game has changed. People can't afford to do that any more. You have to believe that when you start with that product you're going to have something that will have value and has an opportunity to be a top racehorse.

I'm not sure anything can be done about this because I don't see the costs of raising an animal going down. Look at labor. What we used to have to pay for labor on a farm or in a training barn has gone up 30 to 40% in the last 24 months. It won't be reversed, in my opinion.

If the foal crop were to get down to 13,000 or 14,000, the caliber of everything would be better. Racing will be better, the product will be better. No one will be breeding an ill-conformed stallion to an ill-conformed mare. The dynamic will change but it will be an improved product for the public to wager on. There are going to be tracks where if the purses are too low they won't continue to race because people will not be able to afford to race for those purses. Some of the jurisdictions that have no way to generate serious purse money may not be able to stay competitive. I hate to say it, but like with anything, the bottom of the food chain is not going to do well. Horse racing and horse breeding is no different than any other entity in the country.

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