Tag: Shannon Arvin

Significant Purse Increases for ’21 Keeneland Spring Stakes

Keeneland has announced a revamped stakes schedule for its 15-day 2022 Spring Meet, which will be held from Apr. 8-29. A total of 19 stakes will be run, and all have received purse increases for a total of $7.7 million in total stakes purses. Among notable changes are that the Apr. 9 GII Toyota Blue Grass S., Keeneland's main GI Kentucky Derby prep, will once again offer a $1-million purse (it was $800,000 last year); and the $600,000 GI Central Bank Ashland ($400,000 in 2021) will be contested on opening day.

Contributing to the purse increases is $1.5 million from the Kentucky Thoroughbred Development Fund (KTDF), pending approval from the Kentucky Horse Racing Commission. Purses for several stakes have doubled for 2022–including the Apr. 15 GI Maker's Mark Mile ($300,000 to $600,000); Apr. 16 GIII Stonestreet Lexington S. ($200,000 to $400,000); and Apr. 23 GIII Ben Ali S. ($150,000 to $300,000).

“Keeneland is thrilled to offer such a lucrative Spring Meet stakes schedule for horsemen, horseplayers and racing fans,” Keeneland President and CEO Shannon Arvin said. “Keeneland is coming off a record-breaking 2021 in terms of wagering, which we are reinvesting in purse money to further elevate our racing program. We look forward to world-class racing this April setting the stage for a huge racing year that will continue with the Fall Meet in October and the return of the Breeders' Cup World Championships on Nov. 4-5.”

Post time for the Spring Meet will be 1:00 p.m. each day. The track will be dark on Easter Sunday, Apr. 17.

“Keeneland in the spring is about 3-year-olds blossoming into talented runners, and we have focused on enhancing those stakes in particular to attract the best sophomores in the country,” Vice President of Racing Gatewood Bell said. “Moving the Central Bank Ashland to opening day makes the start of the Spring Meet extra special and provides a showcase for this historic Grade I event, which is the division's first Grade I race of the year. And the fact that Easter Sunday falls on the second Sunday of the meet–when Keeneland is closed for racing–allows us to present a blockbuster opening weekend with 10 stakes worth a total of $4.55 million.”

Visit www.keeneland.com for more information.

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Keeneland November Sale Closes With Gains Across The Board

Keeneland's November Breeding Stock Sale, the most important auction of its kind in the world, closed Friday with gross sales of $203 million, the highest for the sale since 2016, and a record median of $37,000 to signal a resumption of the pre-pandemic bull markets.

Momentum from Keeneland's September Yearling Sale continued to bolster confidence in the market and demand for Thoroughbreds, spurring healthy competition for breeding stock among a deep buying bench as evidenced by the 82 percent clearance rate. Highlighting the auction, held Nov. 10-19, was the sale of seven horses for more than $1 million each, led by Grade 1 winner Paris Lights for $3.1 million, and an $800,000 filly by Frankel who is the top-priced weanling sold at public auction in North America this year.

“Excitement for racing and confidence in the future of our sport globally are positive trends for the entire horse industry,” Keeneland President and CEO Shannon Arvin said. “The November Sale continued the optimism we saw in September with great energy on the sales grounds, smiling faces all around and people having fun doing what they love. As in September, Keeneland worked to elevate the sales atmosphere with many little touches that we hope consignors and buyers really enjoyed, and that helped create a terrific environment to showcase the quality individuals that breeders and sellers brought to market. We are delighted with the enthusiastic response of buyers.”

Buoyant trade throughout the 10-day November Sale fueled double-digit growth over 2020, when the auction was held amid the COVID-19 pandemic. Gross receipts of $203,585,500 increased 34.81 percent from last year's $151,017,300. Keeneland surpassed gross sales for the entire 2020 November Sale on the fifth day of the 2021 auction. This year, 2,470 horses sold through the ring compared to 2,197 in 2020.

“There is exceptional depth and strength to the market. Quality is selling at a premium, and demand is across the board without being overheated,” Keeneland Vice President of Sales Tony Lacy said. “This sale is not an anomaly; sales are strong around the world. There is a positivity surrounding the sport right now and a real desire to own racehorses. Prize money and partnerships have invigorated the yearling market. When you have a vibrant yearling market, it is viable to breed these horses and have a market that will sustain it. We as an industry must challenge ourselves to keep this enthusiasm as we move forward.”

“It's been very good (the market),” WinStar Farm President, CEO and Racing Manager Elliott Walden said. “We've tried to buy some and haven't been successful and the ones we've sold, sold very well. It's a sellers' market right now, and it's good for everybody. It's good to regenerate dollars and it's good for people to get inventory and have that appetite. The fundamentals are good on the racing side. Purses are good; it makes sense to buy horses. The economy is doing very well right now, but I think the fundamentals of owning a racehorse are there finally. It's been a long time.”

Cumulative average price of $82,423 for the November Sale represented a 19.91 percent rise over last year's $68,738.

Cumulative median price rose 60.87 percent from $23,000 to $37,000, exceeding the record of $35,000 recorded in 2005 and equaled in 2006-2007 and 2013-2014.

“The median is a good guide of the health of the market generally and the middle market in particular,” Keeneland Director of Sales Operations Cormac Breathnach said. “We've seen record medians in September and again in November, and it's very gratifying. The median and the RNA rate often tie well together. A higher median and a lower RNA rate show that there is depth of the buying bench, energy through the sale into later books – as people get pushed – and an appetite for horses.”

Robust trade at the November Sale was fueled by competition among a deep and diverse buying bench as domestic and foreign buyers stretched their budgets to acquire quality horses at all levels of the market. The diversity of buyers was reflected in the fact that the 41 horses sold for $500,000 or more were purchased by 30 different interests.

Domestic buyers continued to flex their spending muscle as established breeders including Spendthrift Farm, Claiborne Farm, Stonestreet Thoroughbred Holdings, Mt. Brilliant Farm and Winchell Thoroughbreds bought with confidence. Prominent owners such as Bill and Susan Casner, who have not been as active in recent years, made significant purchases during the November Sale.

“The health of the mare market in particular has been really encouraging because people are investing for the future,” Lacy said. “Many of them are established breeders who are doubling down. This is discretionary income, not borrowed money. It is actual money that's being invested.”

Spendthrift Farm paid the sale-topping price of $3.1 million for Paris Lights, a Grade 1-winning filly by Curlin who was consigned by ELiTE, agent. The 4-year-old daughter of the winning Bernardini mare Paris Bikini is from the family of Broodmare of Year Better Than Honour, Grade 2 winner Smolensk and Grade 3 winners America and First Captain.

Paris Lights was one of 15 horses supplemented to Book 1. Another supplement, Look Me Over, received a significant update to her catalog page immediately before the sale when her half-brother, Corniche, won the TVG Breeders' Cup Juvenile Presented by Thoroughbred Aftercare Alliance and became the presumptive champion 2-year-old male. Look Me Over sold for $1.2 million to Mt. Brilliant Farm.

Phil Schoenthal, agent for Matt Dorman's D. Hatman Thoroughbreds, paid $800,000 for the weanling filly by champion British runner and leading sire Frankel who is a half-sister to Group 1 winner Arizona (IRE) and Grade 2 winner Nay Lady Nay (IRE). Consigned by Four Star Sales, agent, the filly is out of the English Channel mare Lady Ederle. She is from the family of European champion Dabirsim and Group 1 winner Bright Generation (IRE).

Meanwhile, the success of American bloodlines globally enhanced the worldwide appeal of the November Sale and contributed to a resurgence in international participation. Buyers from 23 countries, including Japan, England, Ireland, France, Australia, Turkey, Korea, Saudi Arabia and Argentina, participated in the sale.

“With travel restrictions lifting in time for the sale, it has been refreshing to see some people who've not been here – not just for several years but sometimes a decade or more,” Lacy said. “Keeneland is a global marketplace and one of the key sources of equine stock in the world. The fact that people were able to attend in person was very important. The sale had the feel of 10-15 years ago when there was very vibrant international participation. It is one of the things we want to focus on for the future.”

Japanese buyers were a major presence, energized by the success of Japanese horses at the recent Breeders' Cup World Championships. Maker's Mark Breeders' Cup Filly and Mare Turf winner Loves Only You (JPN) was bred by the Northern Farm of longtime Keeneland patron Katsumi Yoshida, who bought her dam, the Storm Cat mare Loves Only Me, for $900,000 at the 2009 November Sale. Loves Only You sold as a yearling in her native country for $1.4 million.

In Book 1, Yoshida acquired two mares with American pedigrees. He spent $850,000 on Lucky Dime, a half-sister to champion Mitole and Grade 2 winner and classic-placed Hot Rod Charlie in foal to Medaglia d'Oro, and $800,000 on Grade 2 winner Horologist.

Masahiro Miki of Japan was the sale's leading buyer, spending $3,675,000 for three horses in Book 1. He paid $2.3 million on the second-highest-priced horse, Pink Sands, a Grade 2-winning daughter of Tapit who is carrying her first foal by Into Mischief. Consigned by Gainesway, agent, the 6-year-old mare is out of Grade 1 winner Her Smile, by Include.

Other prominent buyers from Japan included Ever Union Shokai, which purchased 2021 Grade 1 Gamely winner Maxim Rate for $1.2 million, along with J.S. Company Ltd. and Shadai Farm.

“American dirt bloodlines are so valuable around the world and contribute to stud books in various racing jurisdictions,” Breathnach said. “We are really privileged and fortunate to be able to represent that market to the world here at Keeneland with the support of the breeders and consignors that send us such quality stock. International participation is very important to us.”

The November Sale's second-leading buyer was John and Susan Sykes's Woodford Thoroughbreds of Florida, who spent $3,515,000 for 14 in-foal broodmares. Woodford paid $400,000 each for two mares carrying foals from the first crop of Kentucky Derby Presented by Woodford Reserve winner and Horse of the Year Authentic, the sale's leading covering sire by gross.

A total of 20 mares in foal to Authentic sold for $7.84 million, led by Achalaya, dam of Grade 1 winner Casa Creed and Grade 3 winner Chess's Dream. Thirty Year Farm purchased her for $725,000 from the Gainesway consignment.

Lane's End supported multiple Grade 1 winner Code of Honor, who enters stud at the farm in 2022, by purchasing 19 mares for $2.55 million under Code of Honor LLC/L.E.B., agent.

The weanling market was extremely competitive with pinhookers and end-users both actively involved. A weanling led Day 2 when Coolmore's M.V. Magnier spent $625,000 for Just Before Dawn, a colt by undefeated Triple Crown winner Justify. Lane's End, agent, consigned the colt, a half-brother to multiple Grade 1 winner Moonshine Memories from the family of Horse of the Year Favorite Trick and classic winner Tiz the Law.

The leading sire of weanlings by gross was Munnings, whose 21 weanlings sold through the ring for $3,064,000. Sires represented by their first crops of weanlings were led by Grade 1 winner Audible and by champions Mitole and Vino Rosso. Weanlings by such young sires as Gun Runner, Constitution and Liam's Map also were popular.

“The young sires have created a lot of excitement for the future among breeders,” Breathnach said. “For instance, seeing the success of horses from Gun Runner's first season gives people confidence in his potential and also in the other very talented young sires in the pipeline.”

By average (with three or more sold), Into Mischief led rankings of both covering sires and weanling sires. Six mares in foal to the stallion averaged $887,500, and his seven weanlings averaged $402,143.

The November Sale also featured the first of an annual draft of broodmares and broodmare prospects from successful breeders and owners Gary and Mary West. Paramount Sales was agent for the consignment, which grossed $784,000 for 26 horses.

Online bidding once again proved a popular tool for buyers as 253 horses sold over the internet for $11,697,000.  Of particular note is the fact that online activity spiked during the second week of the auction.

The leading consignor at the November Sale for the fifth consecutive year and 25th time since 1987 was Taylor Made Sales Agency, which sold 236 horses for $23,080,200. Taylor Made's most expensive offering was the Scat Daddy mare Downside Scenario, the dam of Grade 2 winner Mutasaabeq who is in foal to Into Mischief. She sold for $1.15 million to Stonestreet Thoroughbred Holdings.

Keeneland debut winner Strava brings $825,000 to lead horses of racing age on final day

Closing day of the November Sale began with an offering of 148 cataloged head of breeding stock that was topped by Miss Floki, a 3-year-old winning daughter of Ghostzapper out of Grade 1 winner Cotton Blossom, who sold for $105,000 to Douglas Arnold, agent. Consigned by Four Star Sales, agent for the Estate of William D. Graham's Windhaven Farms, she was cataloged as a racing or broodmare prospect.

The session concluded with a segment dedicated to horses of racing age in a format Keeneland offered for the first time. A total of 127 horses sold for $8,029,000.

The $825,000 high seller was Strava, a 2-year-old son of Into Mischief who won his Oct. 9 career debut at Keeneland. Denny Crum purchased the colt, who was consigned by WinStar Racing, agent, and is out of the winning Grade 1-placed mare Catch My Drift, by Pioneerof the Nile. (Click here for a video of Strava in the sales ring.)

Crum, who won two NCAA championships as coach of the University of Louisville's men's basketball team, has been involved in racing for some time. With his purchase of Strava, he reunites with Dallas Stewart, who trained his multiple Grade 2 winner Nasty Storm and conditioned Strava before the sale.

“I've decided at my age there is no reason to save any money,” Crum, 84, said. “So I wanted a good horse, and I think we got one. (Strava) cost us a little more than I thought he would, but still (he) is the best horse here.”

Stewart said Strava would go to Fair Grounds.

Gold for Kitten, a 3-year-old stakes-placed filly by Kitten's Joy, sold for $350,000 to Vineyard Racing. Out of the winning Hard Spun mare Olympic Avenue, she is from the family of Grade 3 winner Valid Expectations and stakes winner Successful Native. Gold for Kitten was consigned by St George Sales, agent, as a racing or broodmare prospect.

M. Maker, agent, paid $335,000 for Stolen Base, a 2-year-old colt by Bodemeister who last raced in the Nov. 5 Breeders' Cup Juvenile Turf. Winner of his debut at Saratoga, the colt was second in Keeneland's G2 Castle & Key Bourbon in October. He was consigned by Bluewater Sales, agent.

Selling for $325,000 was Realm of Law, a 3-year-old War Front colt who won an Oct. 15 maiden race at Keeneland. BBA Ireland purchased the colt, whose dam is Grade 2 winner Filimbi, by Mizzen Mast, and is from the family of Grade 1 winners Flute and Weep No More. He was consigned by WinStar Racing, agent for Juddmonte.

Lacy said presenting horses of racing age in their own segment on the final day of the November Sale had advantages.

“Breeding stock are not displaced in the flow of the sale, and it is perfectly positioned on the racing calendar as stables move south for the winter,” he said. “Owners have young stock coming through, and they want to trade out some of their stock that maybe isn't working for their program or they want to capitalize on what they've got.”

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Something For Everyone As Keeneland November Wraps

The seasonal foliage was about the only thing falling at the Keeneland November Breeding Stock Sale, which concluded a wildly successful run in Lexington Friday afternoon. Over the course of 10 days of trade, sales officials reported gross receipts of $203,585,500 for 2470 horses sold, good for an average of $82,423. Further demonstrating the strength of middle market, the median price of $37,000 established a new November record, eclipsing the previous mark of $35,000 set on five previous occasions, but most recently in 2014. The buyback rate closed at a very manageable 17.4%.

The November sale was topped by the supplemented GI Coaching Club American Oaks winner Paris Lights (Curlin) (hip 224D), who was consigned by Brad Weisbord and Liz Crow's EliTE, as agent for WinStar Farm/WinStar Stablemates. Despite the passing of its founder B. Wayne Hughes this past August, Spendthrift Farm continued an aggressive buying spree dating back to last year's breeding stock sales, going to $3.1 million for the daughter of Paris Bikini (Bernardini). Paris Lights was one of seven mares that eclipsed the seven-figure mark at Keeneland, each of which was secured by a different buyer, while the 41 horses that sold for a pricetag in excess of $500,000 were acquired by some 30 unique entities.

The 2021 November Sale also warmly welcomed the return of a broad international buying bench, as the United States conditionally opened its borders on the eve of the auction Nov. 8. Bidding was spirited at every level of the sale, across each of the five books that was capped by Friday's equally vibrant Horses of Racing Age Section (see related story). So lively was the bidding that by the time the dust had settled on the Book 3 finale Nov. 14, the sale had already soared past the gross for the entire COVID-impacted event in 2020.

The weanling section of the sale also featured competitive bidding, with end-users and resellers alike making their presence felt. Four Star Sales sold the highest-priced foal of the sale (hip 144), an $800,000 Frankel (GB) half-sister to MGSW Nay Lady Nay (Ire) (No Nay Never) and GSW/MG1SP Arizona (Ire) (No Nay Never) to Midlantic-based trainer Phil Schoenthal, agent for Matt Dorman's D. Hatman Thoroughbreds.

The level of engagement augurs well for horse racing and breeding, Keeneland President and CEO Shannon Arvin said.

“Excitement for racing and confidence in the future of our sport globally are positive trends for the entire horse industry,” she commented. “The November Sale continued the optimism we saw in September with great energy on the sales grounds, smiling faces all around and people having fun doing what they love. As in September, Keeneland worked to elevate the sales atmosphere with many little touches that we hope consignors and buyers really enjoyed, and that helped create a terrific environment to showcase the quality individuals that breeders and sellers brought to market. We are delighted with the enthusiastic response of buyers.”

Opening of Borders Comes In The Nick of Time…

Following an 18-month interruption owing to the coronavirus, the United States officially re-opened its borders to fully vaccinated international travelers Monday, Nov. 8, one day prior to the Fasig-Tipton November Sale and two days before the start of Keeneland November. The sales sheets bear out that the international buying bench contributed mightily to the overall sales performance at all price points.

On the heels of two landmark victories at the Breeders' Cup at Del Mar, Japanese interests were active at the top and middle levels of the market–as is their custom–with Masahiro Miki signing for three lots for $3,675,000, topped by the $2.3 million Pink Sands (Tapit) (hip 183). Katsumi Yoshida added New Jersey-bred Horologist (Gemologist) (hip 200) to his formidable broodmare band at Northern Farm, paying $800,000 for the MGSW and MGISP mare.

Keeneland November grad Gypsy Robin (Daaher, $750,000, 2013) became the dam of G1 A. J. Moir S. hero Wild Ruler (Aus) (Snitzel {Aus}) at Melbourne's Moonee Valley Racecourse late last month, the latest major success of American-sourced bloodstock Down Under. Looking for lightning to strike again–and hopefully again and again–that 4-year-old colt's part-owner Newgate Farm (Henry Field) teamed with SF Bloodstock on no fewer than five purchases, led by MGSW Tonalist's Shape (Tonalist) (hip 46). Australian horsemen Julian Blaxland, Will Johnson, Bruce Slade and Craig Rounsefell were prominent players, as were trainers Richard and Michael Freedman.

 

The sale's back books drew buyers from Central America, Russia, Saudi Arabia, South Korea and Turkey, a function of Keeneland's aggressive strategy to recruit buyers from these 'emerging' racing jurisdictions.

As with any sporting event, it's great to watch on TV and all, but nothing beats being there in person, said Keeneland Vice President of Sales Tony Lacy.

“The opening of the U.S. borders just two days before the sale really created an atmosphere and brought back a feeling of probably 10-15 years ago, when you had a really vibrant international market,” said Lacy. “The presence of the Australians was really welcomed, because American broodmares have been doing exceptionally well in their gene pool. It was great to see the Europeans coming back here and spending money again. The attraction of American pedigrees is starting to gain traction again. I think going forward there is real momentum and I think we've got a real good base to work off in the future.”

Added Keeneland Director of Sales Cormac Breathnach, “American bloodlines are so valuable around the world and are huge contributors to studbooks in various jurisdictions. We are privileged and fortunate to be able to present that market to the world here at Keeneland and with the support of all the breeders and consignors that send us such quality stock. The market has been very strong, the international participation is consistent and very valuable to us and it's exciting for us to be on this end of it.”

'Cool' Marketplace Fosters Confidence, Stability…

Another positive in Lacy's eyes is the re-emergence of buyers at the November Sale who had availed themselves of a break of as many as 15 years from the sales.

“I think what is really encouraging is that you're seeing some people that might have been inactive for a number of years [buying horses],” he offered. “I'll use Bill Casner as an example. Bill has been active, but at a slightly lower level. This year he came back and bought at a significant level. If you look at the results through Books 1 and 2, you see people who have purchased farms that were active and really doubling down, stocking up for their farms.”

And that helps to maintain a relatively even keel, according to Lacy.

“I think even if we have a correction in the market over the next few years, you won't have the same panic in the market because of the fact that this is real money that's being invested,” he said. “There's confidence. Prize money being up has really helped and the fact that we have partnerships that are buying racehorses has invigorated the yearling market. When you have a vibrant yearling market, the reaction is that people think 'alright, it's valuable to breed these horses' and to have a market to sustain it. That's extremely encouraging. I don't think the market is overheating in any way. If you look at the results from 2018-2019–eliminate the results from 2020–but look at 2021, you actually see a straight line. There's a very consistent line of growth. 2020 was a bit of anomaly, but last year was actually better than what we thought it might be. There was a demand for young stock and it's carried over here.”

Breathnach concurred.

“There's a lot of help in the industry, from the sporting end with high purses and handle has been very good and there is a lot of energy around the sport again,” he explained. “People made money in September and now they're reinvesting now with confidence, because like Tony said, it feels like a very fair, sound market and something that is sustainable, because there is a balance between supply and demand and there is a real appetite to buy and to fill orders and they're not getting them filled in many cases. They're getting pushed back in the books and now they're going to be back in January to try to fill their orders there.”

Following Through On A Vision…

In a TDN interview with Katie Petrunyak after being named to his new role earlier this year, Lacy said he was committed to enhancing the buying experience for the auction house's clientele, making it fun and exciting. With Keeneland's two biggest sales now in the rearview, it is clear Lacy very much intends on seeing that task through.

“We've been really focused on creating a little more energy, a little more excitement and a little more of an atmosphere around the grounds,” he said. “In September, we had to duct tape a lot of things together to make this work, starting in early summer. It's been well received. A lot of international and out-of-town customers have really enjoyed themselves and I think that's something we want to try to build on.

“It's a transactional business, but we also realize that there is a lot enjoyment in trying to source and buy quality stock,” he continued. “That's something we'll be focusing on more and more. We want make sure that people realize that when you invest here, it increases prize money, it allows us to do more development. We're also really excited about having the Breeders' Cup here next year. Next November is going to be a really exciting time and we're already planning for what we can do then.”

An ELiTE November Topper…

One might think that selling a horse for $3.1 million wouldn't necessarily elicit a significant reaction from ELiTE Sales' Brad Weisbord within the context of having consigned the likes of champions Monomoy Girl ($9.5 million) and Midnight Bisou ($5 million) and Uni (GB) ($4.1 million) on a single night a little more than a year ago. But Weisbord, who said has seen his baby daughter a grand total of 'one day in the last five weeks,' was still basking in the afterglow of the sale of Paris Lights nine days after she went through the ring at Keeneland November.

“It's been a great November,” said Weisbord. “It was a pleasant surprise to hear from Elliott Walden two weeks before the sale, saying that he was giving us Paris Lights to sell. We put our heads together and seeing all those headliners at Fasig-Tipton, we thought it was best to bring Paris Lights to Keeneland because she would have a chance to shine there. This was a case of being the last big fish in the sales ring and everybody lined up on her. To sell a $3-million mare, even in a healthy market, is a giant deal and we were very appreciative of the opportunity.”

Like so many others, Weisbord has been taken by the performance of the market over the last week and a half.

“This, for me, is the best market we've ever participated in,” he said. “I thought the same thing last year and this year is even better. The health of the worldwide economy is continuing to strengthen. We have probably never seen this strong a market at the upper end. We had five millionaires and there was very active bidding well above our reserves for all five of them.”

 

Taylor Made Tops Among Consignors…

There are a few constants in life: death, taxes and Taylor Made Sales topping the consignors' table at Keeneland November.

And so it was in 2021, as the agency sold 246 head for $23,873,200 to reign as king of that particular hill for the 25th time since 1990.

“We've got a great base of customers, many of whom have been with us for decades and continually give us good horses,” Taylor Made's Mark Taylor commented. “We've got a hell of a team. A lot of the people that work for us could run their own consignments, they know what they're doing. Us Taylors are just the conduits between the employees and the customer. We're very lucky. Thanksgiving is coming up, so we're very grateful.”

Given the strength of the year's previous auctions, Taylor said the overall results of the November sale were not totally unexpected, yet simultaneously a bit surprising.

“What was encouraging was that it was strong from start to finish and there was demand for horses at all levels. It was really good,” he said. “It exceeded my expectations in this way. I thought that our high six-figure and seven-figure horses, that we would be selling into a very healthy market. The middle market commercial breeders–what we have been seeing is signs of them shrinking down. Wherever they are in the market, they want to sell off and have higher quality. The cost of keeping them and raising them keeps going up and then also the veterinary scrutiny continues to get more intense.

“It's totally out of their control,” he added. “You're raising this animal that you're bringing to the market and there's so much intense vet scrutiny that a lot of the commercial breeders just can't stomach it. It's so hard to hit a home run, and even when you have a horse that's capable of it, sometimes it takes just one or two opinions and instead of hitting a home run, you're striking out. It's a hard business model because there is so much unpredictability in that way. I was pleasantly surprised that there was so much demand for those mares. I thought it was going to get really thin and really weak once we hit Book 3, but that was not the case. It's a testament to how much people love this game. That they're willing to reinvest and plow money back in.”

Ingordo: Buying Horses 'Was Not Easy'…

Noted bloodstock agent David Ingordo was one of many buyers who found the sledding to be pretty tough at the November sale. That being said, he wasn't complaining and also sees a bright future for the sport.

“On the heels of as good a September sale as I've ever seen and a yearling sales season that was phenomenal, quite frankly, it was expected that November would be a good market,” he said. “I'm usually a foal buyer, but I was not able to get anything bought in my price range and at my comfort level for what my needs were. We got outbid quite a bit, I thought the foal market was quite strong, and deservedly so. Pinhookers had a good year, end-users are buying more weanlings now than they ever have and there is just a lot of competition for good foals.

He continued, “On the mare side, again it goes back to good yearling sales. A lot of people are reinvesting in mares, making key acquisitions for broodmare bands, and that was difficult to do as well. On the value side of the broodmare market, there were a lot of people supporting their various sires and we saw a lot of mare competition and it was tough. We were able to buy horses that we wanted, but it was not an easy process.”

Ingordo signed 19 tickets to support new Lane's End stallion Code of Honor (Noble Mission {GB}) and another half-dozen in the name of Gage Hill II in partnership with Lane's End.

“Code of Honor is a very attractive horse and stands over a lot of ground,” he explained. “Physically we're thinking to add some strength and some body to the mares we breed to him. He won what is historically one of the best 2-year-old races at Saratoga and got beat a lip in the Champagne, so he has 2-year-old form. We're looking to try to make him a commercial horse and try to get some runners out there early. We bought some speedy types of physicals from sire lines we felt would bring additional precocity that he himself had. He's a wide-open horse to breed to pedigree-wise, so we were able to find a wide variety of mares that fit him. As is becoming our model, we are committed to supporting these horses with mares, we're going to buy yearlings and weanlings by him, we're going to buy 2-year-olds. And people that breed to him, we're going to support those that breed to the horse by buying horses off them as well.”

The sales are a means to an end and Ingordo is encouraged not only by the results of the past week-plus, but also by the state of the horse racing business.

“That winning post about a quarter-mile up from the pavilion and the winner's circle is what drives this,” he said, referring to the Keeneland finish line. “Racing is healthier than is sometimes reported, we seem to always focus on the negatives. I personally race horses and we make our racing stable work based on the prize money we can win. It covers the bills and hopefully we create a product that we can sell as a stallion or a broodmare or whatever. Purses are good and there is a demand I haven't seen for some time. It is quite refreshing to see just how many people want to race horses at whatever level they're able to do it. Even if you have a claiming horse, you can still make it make sense. That is something we need to focus on as a big positive and realize that is what is driving all this demand. Someone has to produce those horses, so the breeders are being rewarded for producing a nice horse, and whatever region they're in, people want to race.”

What They're Saying At The Sales…

“I think I'm like everyone else…OMG is the explanation for it. The strength of the market is mind-boggling, the strength of the stock market is mind-boggling. There's just so much money in the world right now and you combine that with the accelerated depreciation we're getting, purse money is up and overall gambling on racing continues to move forward. We've got as close to a perfect storm in the horse business probably since all that crazy money in the early 80s. It's as good as it's been since the turn of the century.

“The increase in the $10,000 to $60,000 horse, which was sometimes unsellable, there now seems to be a fervent market for those horses. I don't know where the money is coming from, but it's great for the industry.”

–Bradley Thoroughbreds' Peter Bradley

 

The post Something For Everyone As Keeneland November Wraps appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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Q&A: ‘An Impact On Every Facet Of Our Industry’; New Race Track Industry Program Chair Previews Global Symposium On Racing

Robert Hartman has gone full circle, from a student in the University of Arizona's Race Track Industry Program to chairing a nearly 50-year-old program that has helped place graduates into a wide variety of vocations and executive positions within racing. In between, Hartman held marketing and management positions at the New York Racing Association, Santa Anita and Golden Gate Fields. He also served as associate athletic director at the University of California-Berkeley and as CEO of the American Contract Bridge League.

Since accepting the University of Arizona position in June, Hartman is responsible for putting together a strong agenda for the annual Global Symposium on Racing, to be held at the Loews Ventana Canyon Resort in Tucson Dec. 6-8. For more information and to take advantage of the early registration discount (through Nov. 19), click here.

Hartman discussed the Race Track Industry Program and this year's Symposium in a Q&A with publisher Ray Paulick.

The RTIP and Symposium on Racing are separate but obviously intertwined. What were your short- and long-term goals for each when you became chair of the RTIP?

I see this as a rebuilding year for both the RTIP and the Global Symposium on Racing. The short-term goal for the RTIP is to increase student enrollment. The pandemic has a negative effect on college enrollment. Growing student enrollment begins with getting our message out to those who want an equine-related career.

If you were to look at the RTIP's past performances, the students who have come through the Program have made an impact in every facet of our industry.  We offer generous scholarship programs, summer internships, and the hands-on learning experience that prepare students to contribute to racing organizations on Day 1. Longer-term, we are looking to expand our curriculum to reflect changes in the industry. Students will need to understand gaming, sports wagering, and new technologies.

The Symposium lost a bit of its luster from its heyday when most industry organizations held meetings in conjunction with our event. When I was a student, all key industry stakeholders attended the conference, and the agenda focused on the key issues facing the industry. We provided a forum for meaningful debate and the students benefitted from listening to this exchange of ideas. Students and racing industry leaders also had the chance to interact, which benefited both groups. Our goal for this year's Symposium was to put together a powerful agenda with a strong lineup of speakers with the intent of reigniting that sense of debate and engagement and building anticipation for next year's Symposium. We also reached out to racing industry media to come back to cover the event. Our longer-term goal is to get the Symposium back on the map as the one key conference that industry stakeholders want to attend every year.

The agenda and speaker lineup for the Symposium is very impressive, with top executives of some of the biggest tracks participating. How did that come together and what do you see as the highlights?

I spent most of June and July reaching out to the industry. These listening sessions with stakeholders across different breeds and across different geographies served to inform me of the key issues that needed to be tackled at the Symposium. Everyone was very generous with their time, and they understand the positive impact the RTIP, and the Symposium can have on the future of the industry.

Once the topics were finalized, I went back to many of those same folks that I engaged in the listening sessions. Given their original input helped to shape the agenda, most agreed to speak without hesitation. Those who couldn't make it to Tucson used their network and found strong speakers to come aboard. Our industry has two or three “degrees of separation,” not the proverbial six degrees. So, if you use your network and the network of others, you can make a connection with anyone.

As far as highlights, I'm proud to say it's a strong program from top to bottom. The Horseracing Integrity and Safety Authority's panels will have the most important messaging for the industry given the impact their work will have on every aspect of racing. Having Shannon Arvin, Aidan Butler, David O'Rourke, and Josh Rubinstein on a panel together to talk about their vision for the industry is another panel that I'm excited about. This panel idea came directly from one of the listening sessions I had with Aidan at Gulfstream Park.

The first Symposium was in 1974. As you look back, as a former student, racing executive, and now the head of the program, how have the RTIP and symposium evolved over the nearly 50 years it's been around?

Industry consolidation has impacted the RTIP and Symposium more than anything else. There are simply fewer people working in the industry which can translate into fewer job opportunities and fewer Symposium attendees. Interestingly, the RTIP student enrollment has consolidated as well, so there are fewer students competing for jobs. There is no question that it is easier for an RTIP graduate to get a job in the industry today than when I attended the University of Arizona. One of our students who will be graduating this year already has five job offers to choose from. I was lucky to have one job offer upon graduation. The expansion of various forms of legalized wagering has also impacted us. While we are a racing program as our core, we need to be sure to stay relevant and provide students a basic understanding of gaming, including fixed odds and sports wagering. It's not an accident that we have panel sessions on these topics. In addition to our industry stakeholders learning more about these topics, these discussions will benefit our students as well.

What are some of the key things the RTIP offers to students? Why should someone consider enrolling?

The curriculum is designed to be hands-on. We hit on every aspect of the racing industry to help prepare students to be ready to contribute to an organization upon being hired. For example, each student in our racing department class is currently working on writing a condition book. We also have a thoroughbred herd at an 80-acre farm with weanlings, yearlings and broodmares. Students interested in bloodstock will help determine the matings for these mares. They will also follow the foals from birth to being raised and being prepared for auction. The hands-on learning was evident at the Breeders' Cup when a group of our students went to Del Mar to work with the Contender Cam project. Summer internships are yet another way to gain hands-on knowledge. Internships can be diverse — we had one student intern at Lane's End this past summer while another student interned at the Thoroughbred Racing and Protective Bureau (TRPB).  The Symposium also provides a one-of-a-kind experience for our students. In addition to interacting with industry leaders and listening to the panel sessions, we have a “Meet Your Mentor” lunch when students have one-on-one time with a member of the industry of their choosing. I've spoken with some of the mentors, and they truly enjoy the interaction with the student. Of course, making such a connection is invaluable to the student. Finally, thanks to generous donors, we offer a wide array of scholarships for RTIP students. Any prospective student can reach out to me directly for more information about applying – hartmanr@arizona.edu

How does the racing industry benefit from the program and what can tracks and other organizations do to support it?

Our industry is going to need the next generation of leaders and I believe our Program prepares students for that challenge. It would be hard to find any organization in racing that hasn't been impacted by an RTIP alum. Over the past five decades, the industry has been very generous with providing internships, sponsorships, and guests lecturers to speak to our students.

The post Q&A: ‘An Impact On Every Facet Of Our Industry’; New Race Track Industry Program Chair Previews Global Symposium On Racing appeared first on Horse Racing News | Paulick Report.

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