Tag: tony lacy

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

 

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‘Healthy Median And Low Buy-Back Rate’: Market Remains Strong During Keeneland’s Third Session

The bullish market continued into the third day of selling at Keeneland's November Breeding Stock Sale, which recorded strong trade throughout the session evidenced by double-digit increases in gross, average and median prices and a buy-back rate of less than 19 percent. Breeze Easy purchased both the session's $725,000 top-priced broodmare – the Grade 3-producing Unbridled's Song mare J. Quirk, in foal to Game Winner – and the $375,000 top-priced weanling – J. Quirk's filly by Gun Runner, who was next in the sale ring. Both horses were consigned by Denali Stud, agent.

On Friday, 242 horses sold for $38,134,000, an increase of 52.15 percent over the corresponding session of the 2020 November Sale when 196 horses grossed $25,063,000. The average of $157,579 rose 23.23 percent from last year's $127,872. The median of $140,000 was up 30.23 percent over  $107,500.

Cumulatively at this year's November Sale, Keeneland has sold 586 horses for $126,634,000, for an average of $216,099 and a median of $160,000. Through the first three sessions of last year's auction, 521 horses sold for $102,528,000, for an average of $196,791 and a median of $125,000.

“Today was pretty spectacular from start to finish,” Keeneland Director of Sales Operations Cormac Breathnach said. “The median, which is more representative of the bulk of the market, was $140,000. That's about $40,000 more than last year and $30,000 more than 2019, which was a banner year, so we are really beginning to push on from those levels. The buy-back rate was under 19 percent. A healthy median and a low buy-back rate really indicate an active market. It was a brilliant day but not just at the top. It was a very strong day all the way through.”

“There is depth of competition for the mares, and that is really encouraging as we step forward,” Keeneland Vice President of Sales Tony Lacy said. “As foal crops get a little lighter, we are seeing energized breeders. These are not people who are fleeting. These are professional, established breeders who are investing and being very determined for the future. I find that encouraging.”

J. Quirk, a 10-year-old mare from the family of Horse of the Year Tiznow, produced Lady Mystify, who scored an 18-length maiden victory at Santa Anita and in September captured the Remington Park Oaks (G3). Out of You're Beautiful, by Storm Cat, J. Quirk also is from the family of Grade 2 winners Budroyale and Tizdubai.

“We are going to race the filly,” Breeze Easy Managing Director Mike Hall said. “The mare has produced a lot of good physical horses that have also done well. We came for the mare and at the last minute decided to get the weanling. I was a little shocked on the price. I stopped several times.”

Bill Casner paid $460,000 for Summer Vacation, a 9-year-old half-sister to Grade 1 winners Creative Cause and Vexatious and Grade 2 winner Destin in foal to Twirling Candy. She is the dam of Grade 2-placed Ten for Ten. By Eskendereya out of Grade 1 winner Dream of Summer, by Siberian Summer, Summer Vacation was consigned by Hill 'n' Dale Sales Agency, agent.

“I've got a 3-year-old from the same family by Not This Time that was a good racehorse,” Casner said. “I love that page (for Summer Vacation), and this mare has had good production. In this market I would've liked to have gotten her for a little less, but the market will tell you what these horses are worth so I think it was fair enough on her.”

Grade 3 winner Orglandes (FR), who captured the Nov. 7 Zagora Stakes at Belmont Park, sold for $440,000 to Polo Green Stable, agent for Shimokobe Farm. Consigned as a racing or broodmare prospect by ELiTE, agent, the 5-year-old daughter of Le Havre in October was second in the Waya (G3) at Belmont. Orglandes, who is expected to remain in training, is out of the Dansili (GB) mare Influence and from the family of Group 2 winner Moiava (FR).

Andrew N. Warren went to $430,000 for Gale, a 4-year-old stakes-winning daughter of Tonalist carrying her first foal by Not This Time. Consigned by Gainesway, agent, she is out of stakes winner Windy Forecast, by Stormy Atlantic, and from the family of Grade 3 winners Thatlookonyerface and Lou Brissie.

Warren acquired four horses for $1.2 million to lead buyers during the session.

Gainesway, agent, was the leading consignor with sales of $5.31 million for 26 horses.

Curuzu, a 6-year-old winning daughter of Giant's Causeway in foal to Nyquist, was purchased by Benson Farm for $425,000. Indian Creek, agent, consigned the mare, a full sister to Grade 2 winner Chief Havoc whose dam is Grade 3 winner La Reina, by A.P. Indy. Curuzu also is from the family of champion Queena and Grade 1 winner Chic Shirine.

“She's one of the best (mares) I've seen today,” Benson Farm Manager David Shone said, “and she can obviously throw a good foal. Hopefully, she'll throw me a Nyquist that looks like that (Curuzu's weanling colt by Twirling Candy, who was the previous horse in the ring and sold for $200,000).”

Slimey, a 5-year-old stakes-placed daughter of Quality Road in foal to Uncle Mo, sold for $410,000 to Gage Hill II and Lane's End Farm. Consigned by Paramount Sales, agent, she is out of Argue, by Storm Cat, and is a full sister to stakes winner Quality Response. Slimey is from the family of European champion Rainbow View, Grade 1 winner No Matter What and Grade 2 winners Utley and E Dubai.

ELiTE, agent, also sold three mares for $400,000 apiece.

Magna Carta Bloodstock paid the amount for the 4-year-old Constitution mare Sevnteeneightysevn, a half-sister to Grade 1 winner and sire Great Hunter carrying her first foal by Kentucky Derby (G1) Presented by Woodford Reserve winner and Horse of the Year Authentic. Out of Grade 3 winner Zenith, by Roy, she also is from the family of Grade 3 winners Owendale and Promise Keeper.

Counterparty Risk (IRE), a 4-year-old daughter of Australia who won this year's Lambholm South Endeavour (G3), sold for $400,000 to David Lanigan, agent for Heider Family Racing. From the family of Group 2 winner Sarah Lynx (IRE) and Group 3 winners Steel Princess and Steel Prince, the daughter of the Acclamation mare Anklet was cataloged as a racing or broodmare prospect.

“We'll get her back into training and then make a decision on where she goes,” Lanigan said. “The plan is to run her next year. Depending on how that goes, a decision will be made (about whether she will join the broodmare band).”

The third mare consigned by ELiTE, agent, and sold for $400,000 was stakes winner New York Groove, a 4-year-old daughter of Verrazano carrying her first foal by Authentic. Woodford Thoroughbreds purchased New York Groove, who is from the family of Grade 3 winner Melhor Ainda. Her dam is Back Up Preacher, by Pulpit.

Woodford Thoroughbreds also acquired the fourth horse sold for $400,000, another mare carrying her first foal by Authentic. She was Mucho Amor, a stakes-winning 5-year-old daughter of Mucho Macho Man consigned by Paramount Sales, agent. The daughter of the Rock Hard Ten mare Raucous Lady is from the family of stakes winners John the Magician, Charming Ruckus and Smarter By the Day.

The November Sale continues Saturday with the first session of the two-day Book 3. The auction runs through Friday, Nov. 19 with all sessions beginning at 10 a.m. ET.

The final session on Nov. 19 will conclude with a single dedicated portion of horses of racing age following the conclusion of breeding stock. A total of 285 horses of racing age have been cataloged to the closing day and will follow the total of 148 head of breeding stock in the catalog.

Keeneland will accept supplements to the horses of racing age section through mid-November.

Click here for the online catalog for the horses of racing age in Session 10 of the November Sale. The entire auction is streamed live on Keeneland.com.

The post ‘Healthy Median And Low Buy-Back Rate’: Market Remains Strong During Keeneland’s Third Session appeared first on Horse Racing News | Paulick Report.

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Demand Remains High as Book 2 Concludes

by Jessica Martini & Christie DeBernardis

LEXINGTON, KY – Demand for horses remained high across the board as the Book 2 section of the Keeneland November Breeding Stock Sale concluded Friday in Lexington.

“Today was pretty spectacular from start to finish,” Keeneland's Director of Sales Operations Cormac Breathnach said Friday evening. “It was a very strong day all the way through. We sense some frustration on the part of buyers with the momentum from September carrying through to November.”

A total of 475 head sold during the two Book 2 sessions for a gross of $76,528,000. The average of $161,112 was up 24.5% from the 2020 Book 2, while the median rose 39.2% to $135,000.

During last year's two-session Book 2, 425 head sold for $55,003,000 for an average of $129,419 and a median of $97,000.

The buy-back rate for Friday's session was 18.52%. Through three sessions, the cumulative buy-back rate stands at 22.18%. It was 28.53% a year ago.

Breeze Easy secured the section's top-priced offering when Chris Baccari made a final bid of $725,000 to secure the broodmare J. Quirk (Unbridled's Song) Friday. The operation came right back to acquire the mare's weanling filly by Gun Runner–the day's highest-priced foal–for $375,000.

Six lots topped the $500,000 mark during the section, matching the 2020 figure.

Friday's action featured a diverse buying bench, with the day's top 10 lots selling to nine different entities.

“It is great to see the depth of the competition for the mares,” said Keeneland's Vice President of Sales Tony Lacy. “I think that is very encouraging as we step forward. With the foal crops getting lighter, you see energized breeders. These are professional, established breeders, who are really investing and getting determined for the future.”

Bloodstock agent Lincoln Collins purchased two mares Friday for matching $400,000 bids on behalf of Woodford Thoroughbreds.

“It got very strong today,” Collins said. “It was strong enough yesterday, but we found it much harder to buy today than we did yesterday.”

Gainesway was Friday's leading consignor with 26 sold for $5,310,000.

“It's impossible to buy and it's really fun to sell,” admitted Gainesway's Brian Graves.

Consignor Neal Clarke of Bedouin Bloodstock expects the high demand to continue throughout the final week of the November sale.

“I think it is just going to get stronger,” Clarke said. “There is a lot of enthusiasm and a big appetite for horses right now. I wish we had 50 more horses to sell.”

The Keeneland November sale continues through Friday with sessions beginning daily at 10 a.m.

Breeze Easy Gets Quirky

While Chris Baccari was signing Friday's session-topping ticket to acquire J. Quirk (Unbridled's Song) (hip 915) for $725,000 to join the Breeze Easy broodmare band, the operation's Mike Hall was calling an audible to go right back in and acquire the mare's weanling daughter by Gun Runner (hip 916) for $375,000.

“We are just trying to collect some really good mares,” Baccari explained of the first purchase. “And she's a proven producer and by Unbridled's Song.”

Hall added, “We liked the mare a lot. She has thrown a lot of good physical horses who have all sold well and done well.”

The 10-year-old J. Quirk, who sold in foal to Game Winner, is from the family of Tiznow. Her 3-year-old daughter Lady Mystify (Bernardini) sold for $325,000 at last year's OBS April sale and won this year's GIII Remington Park Oaks.

Hall was on the phone and giving Baccari instructions as bidding on the weanling progressed.

“We are going to race the filly,” Hall said of the day's highest-price foal. “We were here for the mare and at the last minute decided to get the weanling.”

Hall admitted, “I was a little shocked on the price. I stopped several times.”

Mare and foal were consigned by Denali Stud on behalf of Scott and Evan Dilworth. The Dilworths purchased J. Quirk for $260,000 at the 2016 Keeneland November sale.

Scott Dilworth, buying Hall and Baccari a congratulatory drink after the mare and foal sold, said the strong market had led him to offer the duo Friday at Keeneland.

“When it's raining, you sell umbrellas,” Dilworth said. “The market was so strong and I thought the mare and baby would complement each other if I sold them together. That's why I put the package together. Unbridled's Song is one of the top broodmare sires right now and there is a lot of blue skies for these guys with the Bernardini filly who is running right now. So I thought it was a great time to sell.”

Asked about the strength of the market, Dilworth shook his head and said, “It's unbelievable. I've been chasing weanlings all week. They are just running away. It's crazy. But it's a beautiful thing.”

Casner Dreams of Summer

Longtime owner/breeder Bill Casner went to $460,000 in the early part of Friday's session to secure the unraced Summer Vacation (Eskendereya) (Hip 680), a daughter of blue hen Dream of Summer (Siberian Summer).

“I've got a 3-year-old [filly] from the same family by Not This Time [Hippie Cowgirl] that was a good racehorse,” Casner said. “Unfortunately, she hurt herself after she broke her maiden, but I love that page and this mare has had good production.”

Grade I-winning millionaire Dream of Summer produced a trio of black-type winners by the late, great Giant's Causeway in Grade I-winning millionaire and sire Creative Cause; GISW mare Vexatious; and MGSW New York stallion Destin.

Consigned by Hill 'n' Dale, the 9-year-old mare sold in foal to Twirling Candy. She has already produced four foals, including MGSP Ten for Ten (Frosted).

“I think that is a good fit [her mating to Twirling Candy],” Casner said. “I think it's a good cross and that is certainly one of the things you take into consideration. You hope you can have a good baby and hope you can pay for part of the mare when that baby goes to the sales.” —@CDeBernardisTDN

Orglandes to Japan…Eventually

Orglandes (Fr) (Le Havre {Ire}) (hip 984) will be heading to Japan after selling to bloodstock agent Nobutaka Araki, bidding on behalf of Shimokobe Farm, for $440,000 late in Friday's session of the Keeneland November sale. But the mare will likely remain in the U.S. to be bred next spring and she may return to the barn of trainer Chad Brown to race again.

“Originally, we were going to buy her as a broodmare prospect and then send her to Japan next year,” Araki said. “But thanks to Elite consignment, they gave me a list of possible races for her. So she could start in this stakes Nov. 27 [GIII Long Island S.]. So I was getting Chad Brown's number from Liz and I will call Chad and say we might send her back. If she hits, we'll get some money back.”

Racing for the partnership of Michael Dubb, Madaket Stables, Wonder Stables and Michael Caruso, Orglandes won last year's GIII Red Carpet H. and she entered the Keeneland sale off a win in last weekend's Zagora S. at Belmont Park.

“She is a lovely mare–with size and a beautiful head. So we are very happy to get her,” Araki said. “Hopefully, her foals will come back for the Breeders' Cup.”

Orglandes was the second mare Araki purchased on behalf of Shimokobe Farm this week. He acquired Jolie Olimpica (Brz) (Drosselmeyer) (hip 193) for $675,000 at the Fasig-Tipton November sale Tuesday.

Curuzu to Benson Farm

Curuzu (Giant's Causeway) (hip 816) will be joining the broodmare band at Gayle Benson's Benson Farm after farm manager David Shone signed the ticket at $425,000 to acquire the 6-year-old from the Indian Creek consignment Friday at Keeneland. The mare, who is in foal to Nyquist, was proceeded in the ring by her weanling colt by Twirling Candy who sold for $200,000 to Tommy Wente's St. Simon Place.

“She is a gorgeous mare by Giant's Causeway and she's in foal to Nyquist,” Shone said of Curuzu's appeal. “But really the foal that went before her was one of the best foals I've seen today. She can obviously throw a good foal, so hopefully she can throw me a Nyquist that looks like that.”

Curuzu is a daughter of graded stakes winner La Reina (A.P. Indy) and she is a full-sister to graded winner Chief Havoc and a half to graded placed Aurelius Maximus (Pioneerof the Nile). Bred and campaigned by Emory Hamilton, she sold in foal to Twirling Candy for $140,000 to Keats Grove Farm. Her Twirling Candy weanling was bred by Idlewood Farm.

Benson Farm currently has a broodmare band of some 10 mares and most of the operation's foals will be offered at auction.

“We will see what we get and go from there, but typically we offer everything at sale and see what they make,” Shone said of plans for the farm's foals. “If they don't make enough, we'll race them.”

Also Friday, Shone purchased Something New (Medaglia d'Oro) (hip 660), in foal to Munnings, for $250,000.

Gayle Benson's G M B Racing campaigned Grade I winner Tom's d'Etat (Smart Strike) and Shone said the breeding operation will support the young WinStar stallion.

“We have some stallions now to support,” Shone said. “We have Tom's d'Etat at WinStar and a couple of stallions in Louisiana. So we have some mares we will breed to those stallions as well. We will expand a little bit so we have enough mares to breed to those stallions and some commercial mares for the farm as well.” @JessMartiniTDN

Counterparty Risk Set to Return to the Track

GSW Counterparty Risk (Ire) (Australia {GB}) (Hip 808) proved popular at Keeneland Friday, hammering for $400,000 to David Lanigan, acting on behalf of Scott Heider. She was consigned by Elite as a racing or broodmare prospect.

“She's a nice filly,” Lanigan said. “We are going to give her a little bit of a holiday and get her back in training around January or February. During that time, we will make a decision about where she will go, but the plan is to run on next year. We are happy to get her.”

Klaravich Stables purchased Counterparty Risk for 325,000gns at the 2018 TATOCT sale and shipped her stateside to Chad Brown. She captured the GIII Lambholm South Endeavour S. in February and was third in the GIII Eatontown S. in June. The 4-year-old was most recently third in Monmouth's Violet S. Sept. 25 and her record currently stands at 10-2-2-3.

Counterparty Risk hails from the family of GISW Sarah Lynx (Ire) (Montjeu) and GSWs Steel Prince (Nathaniel) and Sugar Boy (Authorized). —@CDeBernardisTDN

Woodford Continues Buying Spree

John and Susan Sykes's Woodford Thoroughbreds has been quite active all week and they struck late in Friday's session for a pair of $400,000 mares in foal to Horse of the Year Authentic (Into Mischief).

“We bought quite a few mares in the last few days, just trying to get the numbers up and have a go at having some good yearling sales,” said bloodstock agent Lincoln Collins, who signed the tickets while seated between John and Susan Sykes.

When asked if the shared covering sire was a factor in their purchases, Collins said, “Absolutely. We love Authentic. We think he is going to be a good stallion and we hope we are going to get good-looking ones out of the mares we bought in foal to him. We bought a mare out of Mrs. Abercrombie's [Pin Oak] dispersal in foal to Authentic, so now, I believe, we have four mares in foal to Authentic.”

The Woodford team's first purchase Friday was Mucho Amor (Mucho Macho Man) (Hip 967) from the Paramount Sales draft. The 5-year-old won four of her 19 starts, including the Seattle S. Bloodstock agent Christina Jelm purchased Mucho Amor for $100,000 at this year's Keeneland January Sale, just days after she finished third in the New Orleans S. Returned to the races under the name of new owner Michael Pegram, the dark bay was unplaced in her next three starts and was sent to Authentic just 18 days after her final race at Oaklawn Apr. 10.

Woodford's next acquisition came just seven hips later in the Elite-consigned New York Groove (Verrazano) (Hip 974). The bay was a perfect four-for-four as a juvenile, including wins in the Presque Isle Debutante S. and Woodbine's Glorious Song S. Campaigned by Commonwealth New Era Racing, Madaket Stables and Wonder Stables, she made her final start in January of this year and retired with four wins from nine starts. Her second dam Potrinner (Arg) (Potrillazo) was a Group 1 winner in Argentina, who produced GSW & MGISP Melhor Ainda (Pulpit).

“In the case of both mares, they are both stakes winners,” Collins said. “The Verrazano mare is a very useful 2-year-old, which I think is quite important. The other mare was a stakes winner and they were very, very good-looking. Looks are everything in the yearling game now. There is nothing that says that good-looking mares will get good-looking foals, but it is all about trying to increase your probability of getting a good-looking one.”

Woodford has purchased 10 mares so far at Keeneland November for a total of $2.92 million. —@CDeBernardisTDN

Baccari Strikes for Uncle Mo Colt

A weanling colt by Uncle Mo (hip 681) is destined for resale in the yearling market after selling for $360,000 to Chris Baccari early in Friday's session of the Keeneland November sale. The weanling is out of the unraced Sunshiny Day (Bernardini), a daughter of champion Storm Song (Summer Squall). He was bred by Aaron Sones and consigned by Eaton Sales.

“I knew he was going to cost a lot of money,” Baccari said. “In my opinion, he has a unique look for his sire, and I like his sire a lot. He is out of a Bernardini mare and moves like a cat.

[Uncle Mo] has sons that are reproducing now, so anytime you can, you need to get involved in something like that. He is a straightforward, good-moving horse. He looks like a straight racehorse.”

Of paying that much for a pinhooking prospect, Baccari explained, “I'm trying to acquire horses I can sell to my customers that will be racehorses. Sometimes I have to give a lot for some of them. Making money is good, but I want to make sure when I bring my product to town, my clients do well.

It is important to me to sell the very best I can get.”

The weanling had attracted a varied group of shoppers, according to Eaton's Reiley McDonald.

“He's a beautiful, beautiful horse,” McDonald said. “Physically, he is as good as it gets and he is out of a Bernardini mare with pedigree, so [the price] was not a surprise. We had end-users, pinhookers, a lot of people on him. He is a different class of individual.”

Well-Related Speightstown Set to Return to Auction

Those interested in Hip 817, a well-bred son of Speightstown, will get another shot to buy him next year as he was purchased by Brian Graves for one of his pinhooking partnerships. Graves signed the ticket as CeCe Stables.

“He will go in Saratoga or maybe Book 1 or Book 2 [at KEESEP], who knows,” said Graves after signing the ticket out back. “He is a select colt by a really good stallion and we are just excited to get him.”

He continued, “He was just an outstanding physical, just what you want to see from a Speightstown. He's got that speed look with a big hip and beautiful shoulder. He looks like he will be really fast.”

SF Bloodstock acquired Hip 817's MSW & MGSP dam Czechers (Indian Charlie) for $275,000 at the 2018 renewal of this auction carrying a foal from the first crop of Connect. That was the same year her son Switzerland (Speightstown) won a pair of Grade III events.

The full-brother to this weanling took quite some time to come into his own, but found his best form in 2018, winning the GIII Maryland Sprint S. and GIII Frank J. De Francis Memorial Dash. Switzerland is now racing in Dubai and won the G3 Dubawi S. at Meydan in January.

“We have loved him from day one,” said consignor Bedouin Bloodstock's Neal Clarke. “He has been a great colt and is very well related. He came in here and did everything very professionally. We are thrilled with the price.”

Bedouin and SF Bloodstock have been having a very successful Keeneland November Sale, teaming up to sell the $800,000 Exotic Notion (Lemon Drop Kid) and her $600,000 Quality Road colt; the $600,000 Stormy Embrace (Circular Quay); a $350,000 Into Mischief colt; a $250,000 son of Uncle Mo; a $200,000 Justify colt; and the $65,000 mare Surreptitious (Speightstown). —@CDeBernardisTDN

The post Demand Remains High as Book 2 Concludes appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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