Tag: tony lacy

Looking to Keep Momentum Going, Keeneland January Sale Starts Monday

The Keeneland January Horses of All Ages Sale opens its four-day run Monday in Lexington and Keeneland officials will be hoping to kick off 2023 the same way they ended 2022 following strong renewals of Keeneland's November and September auctions.

“I think we have to be pretty optimistic, coming off a strong November with a vibrant market,” Keeneland's Vice President of Sales Tony Lacy said of expectations for the sale. “I think there is still an appetite for quality young stock and horses with perceived value.”

There was strong demand for weanlings at the November sale, with 881 selling for $62,154,100 and an average of $70,549. At the 2021 November sale, 860 weanlings sold for $59,195,700 for an average of $68,832. That demand from two months ago will likely continue for short yearlings this week in Lexington.

“A lot of pinhookers didn't get the number of weanlings that they were hoping to get in November,” Lacy said. “They found the market very  competitive and they will be coming in with money to spend.”

And Lacy expects to see a competitive market for broodmares, as well.

“The demand for quality breeding stock is probably as good as it's been in the last number of years,” he said. “I think there is a lot of optimism and a lot of people reinvesting in the industry right now with purses stronger. There is a lot of blue sky that we are looking at right now. Anybody who has that perceived quality, I think they will be rewarded.”

The January auction initially included a catalogue of 1,509 head, but with supplemental entries being added up to just a few days before sale time, the final catalogue included 1,601 offerings.

“It's a catalogue that is very similar to last year in terms of numbers,” said Keeneland's Director of Sales Operations Cormac Breathnach. “We had a little over 1,500 initial entries and we've added about 109 supplements. It's a pretty dynamic catalogue.”

Of the late additions to the catalogue, which include such current offerings as Ack Naughty (Afleet Alex), whose son Practical Move (Practical Joke) won the Dec. 17 GII Los Alamitos Futurity, Breathnach said, “We are really happy with the support that we've received. The ability to take supplements up to late in the day allows us to keep the catalogue fresh and current.”

The strength of the sales market in 2022 has led many people to increase their investment in the industry in 2023, according to Lacy.

“There is a reinvestment from a lot of buyers that, in many cases, have been on the sidelines for a number of years and are now re-upping their programs,” he said. “When you've got a market for the product in September [at the yearling sale], I think it creates a viability for the breeders. It's a great activity for many people to invest in and get involved in. There is a renewed interest in participating in breeding and reselling as pinhookers. I think that sense of optimism is driving a lot of this. The increase of purses, we had a great Breeders' Cup, racing is sort of elevating year over year in its quality and its safety and in many other ways. There are a lot of syndicates and partnerships driving a lot of this as well.”

Breathnach sees the addition of several high-profile stallions to Kentucky's sire ranks helping to create demand for broodmares.

“One of the things that is driving the domestic market is the stallion power,” Breathnach said. “There is a lot of excitement around some of the stallions, obviously Gun Runner is a shining light, but there are a lot of exciting young stallions, especially the crop just going to stud for this coming spring. That helped fuel the broodmare demand in November. There are people going around with seasons to some of these better stallions that don't have the mares to breed on those seasons yet. So we are hearing that from some of the buying base here domestically and hopefully they can fill those orders with us. That's really what propels the sale forward for everybody else.”

A total of 1,048 horses sold during last year's Keeneland January sale for a gross of $47,630,600. The average was $45,449 and the median was $20,000. The newly turned 3-year-old filly Princesse Lele (Quality Road) brought the auction's top price of $750,000 when selling to Three Chimneys Farm to dissolve the partnership of Three Chimneys and Hill 'n' Dale.

Lacy is hoping the January sale continues the trend of a sustainable, solid marketplace.

“Overall, I think we are in a good place right now and we are just looking to maintain a steady, healthy growth,” Lacy said. “We want to make sure that we can maintain that, not just for one sale, but for a number of seasons–and making sure it's stable. I think the worst thing that can happen is to get a market that is overheated that then has a crash. And I think we've sustained a very healthy marketplace in a volatile economic environment. So again, it's encouraging what we've seen so far and I think for the immediate future I don't see much change. But again, we are looking medium-to-long term as well and maintaining a good healthy, steady growth is critically important, not just for us, but for the industry as a whole.”

Bidding for each session of the Keeneland January sale begins at 10 a.m.Look

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Late Fireworks for Unraced $1-Million Into Mischief Colt at Keeneland

An unraced 2-year-old colt by record-setting sire Into Mischief brought $1 million from Mick Wallace, agent, on behalf of Gandharvi Racing, to dissolve a partnership very late in the day to top Keeneland's single-session November Horses of Racing Age Sale Thursday.

Produced by Gaudete (Distorted Humor)–an unraced half-sister to leading young sire Munnings (Speightstown)–Hip 5352 was consigned by Highgate Sales, Agent XXXV.

The topper previously brought $350,000 from China Horse Club/Gandharvi Racing at last year's Keeneland September Sale. His yearling half-brother by Violence brought $300,000 from Repole Stable and St. Elias Stables at Keeneland September.

Either alone or in partnership, Gandharvi Racing purchased 18 yearlings earlier this year at Keeneland September for $7.605 million ($422,500).

China Horse Club brought home the next two toppers, also consigned by Highgate Sales to dissolve that same partnership, going to $560,000 for an unraced 2-year-old filly by Practical Joke–Competition, by Dixie Union (Hip 5344) and $450,000 for an unraced 2-year-old colt by Street Sense–Sweeter Than Ever, by Exchange Rate (Hip 5346).

The Practical Joke filly, from the family of Grade I winners Sailor's Valentine and Coup de Fusil, previously brought $420,000 from China Horse Club/Gandharvi at Fasig-Tipton Saratoga. The Street Sense colt, from the family of Grade III winner Bibury Court, brought $350,000 from China Horse Club/Gandharvi at Fasig-Tipton Saratoga.

CHC Inc. purchased four horses for $1.385 million to lead all buyers Thursday.

“We got approached by some parties that were dissolving a partnership,” Highgate Sales's Jacob West said. “We just offered a service of putting them through the ring for them. It all came together in the last minute. They handled everything at the barn–signage, marketing–it was a total team effort from everybody. We did not see this coming. China Horse Club was one of our supporters early. They were responsible for our first $1-million horse. Now they are responsible for our second.”

Highgate Sales led all consignors for the auction, selling 15 head for $3.383 million, good for an average of $225,533.

West continued, “I think this comes from us pounding the drum on how we are no-nonsense, straightforward, straight-shooting people and offer this service to our clients to represent them the best we can at the sales. The horses came to us in great shape. They had been in kind of a holding pattern for a little bit and ready to go on and do their next thing. It is a unique situation when you can tell people it's to dissolve a partnership. There was a horse there for everybody that was shopping. There was a horse that brought $1 million and a horse that brought $6,000.”

This year, Keeneland created the stand-alone auction for horses of racing age, which in previous years was incorporated as part of the November Breeding Stock Sale. A total of 161 horses sold during the session for $11,029,500, for an average of $68,506 and a median of $35,000.

“It was a very healthy day of trade,” Keeneland Vice President of Sales Tony Lacy said. “There was plenty of action in the barns, in the back rings and a lot of action in the Repository. We know this is a really good time of year for people who are trying to reorganize their barn to transition horses in or out of their programs. They are looking for horses to run at Oaklawn or Fair Grounds or other winter tracks, and here they are able to do their homework and be well educated on the horses that are in front of them. It's very welcome for both buyers and sellers.”

“This segment is its own sale now, and we think it's off to a really good start,” Keeneland Director of Sales Operations Cormac Breathnach said. “It's contiguous with the Breeding Stock Sale, but it's a different market with a later entry deadline and more flexibility with supplements. There's now a concentration of racehorses before trainers rather than before when the racehorses were spread out over days with breeding stock. We did a little over $6 million in gross last year when we put the racehorses at the end of the Breeding Stock Sale, and this year we did just over $11 million. That's significant. We've set a baseline for what the November Horses of Racing Age Sale can be, and we'll try to grow it from here.”

Other highlights during the sale included:

• Hip 5206: Sifting Sands (GB) (c, 4, Dubawi {Ire}–Yummy Mummy {GB}, by Montjeu {Ire}). *Winner of the 2021 Better Talk Now S. and close second in the 2022 Fasig-Tipton Lure S., both at Saratoga. **1/2 brother to MG1SW Legatissimo (Ire) (Danehill Dancer {Ire}). ***Consigned by ELiTE, agent; $200,000 purchase by RRR Racing. ****”I bought him for RRR Racing and he is going to Dubai,” Corbin Blumberg said. “He's obviously a pretty high-class horse. He's rated at 106 over there, so he can go right into the [Dubai World Cup] Carnival. They love the sire Dubawi over there and are pretty familiar with him.”

• Hip 5297: Ethereal Road (c, 3, Quality Road–Sustained, by War Front). *Winner of the 2022 Sir Barton S. and runner-up in the GII Rebel S. **1/2 brother to GSW Turned Aside (American Pharoah). ***Consigned by Paramount Sales, Agent LXX; $200,000 purchase by Steven W. Young, agent. ****”He's a horse I've watched all year,” Young said. “He's a super nice horse I bought for really good people. I think the horse will be going to Oaklawn Park. He broke his maiden there and he should have won the Rebel there. We're excited for them. I think this sale has a ceiling to it. I figured that is about what he would bring.”

Hip 5305: Lovemesomeme (f, 4, Paynter–Eagle Putt, by Pioneering). *Third behind GISW Bell's the One (Majesticperfection) with a career-high 85 Beyer Speed Figure in Churchill's Lady Tak S. **Full-sister to GSP Scarto. ***Consigned by Mill Ridge Sales, agent; $350,000 purchase by L & L Racing. ****”She's for a client to go to Brad Cox,” Clay Scherer said. “She ran very consistent numbers at Churchill Downs and she will fit in very well at Oaklawn Park. She has been fast and consistent and Tommy Drury has done a great job with her. It's nice to go into a big-time winter meet at Hot Springs with a nice, fresh horse. The market has been very strong for good racehorses and it continued into today.”

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Keeneland November Closes With Gains in Gross and Average

With the Breeders' Cup returning to Lexington for the third time, headlined by the mighty Flightline (Tapit), the buzz in Lexington was electric from late October all the way through the nearly two weeks of breeding stock sales that followed the World Championships. Combine that with a deep and diverse buying bench and high demand and the result was gains in both gross and average for the 10-day Keeneland November Breeding Stock Sale, which ran from Nov. 7-16.

“With the close of the November Breeding Stock Sale, Keeneland is nearing the end of a remarkable fall season, and we send a sincere thank you to everyone who supported our September and November Sales, Fall Meet and Breeders' Cup,” Keeneland President and CEO Shannon Arvin said. “Since September, we have been hard at work to showcase the best in Thoroughbred racing and sales, and we are privileged to have had the opportunity to share Keeneland with a global audience. Our November Sale benefitted from the excitement of the Breeders' Cup, the sale of the Flightline interest and the fireworks of Book 1, creating positive experiences from start to finish.”

With the Horses of Racing Age Sale being separated into its own one-day auction, to be held Nov. 17, this year, 2,245 horses went through the ring over the last 10 days for gross receipts of $210,027,700. The 2022 November sale eclipsed the gross 2,470 horses achieved during 2021 of $203,585,500 on its eighth day. The cumulative average of $93,554 was up 13.5% from last year's average of $82,423, but the median was down a tick (5.41%) from $37,000 to $35,000. The RNA percentage also rose from 17.36% last year to 21.75% for 2022.

The November Sale was topped by champion Midnight Bisou (Midnight Lute), who summoned $5.5 million from Northern Farm's Katsumi Yoshida carrying her second foal by Tapit. She led a total of 12 seven-figure sellers, compared to seven in 2021, including three in Book 2, which previously had not seen a million-dollar horse since 2017.

“We really put an effort into building up the front end of the catalogue to make sure we have quality forward and the buyers were presented with the horses they expected to see and are here for,” said Keeneland Vice President of Sales Tony Lacy. “I think everybody responded to that. We appreciate our consignors and breeders for supporting us in that endeavor. I think the buyers really responded. It allows us more confidence to do the things we feel are important to do and develop. We are only getting started. Without making major changes at any point, we want to make sure the tweaks we do make work. I think overall we are on the right track. We have a responsibility to the industry.”

 

 

 

Flying Into the Future

Keeneland kicked off the November Sale with a first-of-its-kind offering, a 2.5% interest in unbeaten superstar Flightline, who scored a breathtaking victory in the GI Longines Breeders' Cup Classic two days before the auction and was retired to the Lane's End stallion barn about 16 hours later. Keeneland and Lane's End employed virtual reality and the metaverse for this unique offering and buyers responded enthusiastically. Auctioned 30 minutes prior to the start of Book 1 in a jam-packed pavilion, the Flightline share summoned $4.6 million from Brookdale's Freddy Seitz, acting on behalf of “an undisclosed Seattle-based owner and client with interests in the coffee business,” Sid Fernando reported in his Taking Stock column Nov. 9. Coolmore was the immediate underbidder.

“We are trying to push boundaries all of the time,” Lacy said. “This is a situation where the stars aligned. Bill Farish mentioned that it might be a possibility and we were looking at virtual reality and the metaverse to bring a new customer base or at least a new fan base in. When Flightline won the Pacific Classic, things got real. Coming into the Breeders' Cup, the whole industry was absolutely in awe of what he was and what his future would be as a stallion. To be able to pull something together like that was a mammoth effort on the legal side, as well as the logistics side. It was exciting for us all to be involved in.”

Lane's End's Allaire Ryan expressed similar sentiments, “It was a really unique way to start out the sale and the energy that it brought to the pavilion that afternoon was really fantastic. It had a domino effect on the subsequent purchases made in the sale, when you factor in the number of mares that were purchased specifically to be bred to Flightline. There were a few out of our consignment alone, like Shamrock Rose, Edgeway, Bayerness. Even though he is retired from racing, he is already impacting the industry from a commercial breeder standpoint. That has been an exciting wave to ride for sure.”

As Ryan stated, the retirement of Flightline made quite the impact on the November market. The partners on the no-doubt Horse of the Year were busy scooping up mares to breed to their once-in-a-lifetime horse, as were several other breeders. For example, Flightline's breeder and part-owner Jane Lyon of Summer Wind Farm was third-leading buyer for the sale, acquiring four mares for her new stallion for $4.625 million with an average of $1,156,250. Her purchases were topped by the aforementioned MGSW and GI Breeders' Cup Filly & Mare Sprint runner-up Edgeway (Competitive Edge) for $1.7 million.

Flightline wasn't the only new stallion impacting the November market, however. The partners on MGISW 'Rising Star' Life Is Good (Into Mischief), who gave Flightline all he had through swift fractions for the first mile of the Classic, were also actively acquiring mares for WinStar's new addition. For instance, the China Horse Club bought five mares for a total of $1.75 million for an average of $350,000.

Lane's End Leads All Consignors

Even without the $4.6-million boost provided by Flightline, Lane's End took the title of leading consignor for this year's November Sale. The Farish family's operation sold a total of 129 head, including Flightline's fractional interest, for $23,460,400 with an average of $181,864. Even excepting the share, Lane's End was still the November Sale's top seller. Their top-selling mare was champion female sprinter Shamrock Rose (First Dude), who brought $3 million from Japan's KI Farm carrying a foal by Curlin and is set to meet Flightline next year.

 

 

“It is super gratifying for us to be leading consignor even without the big sale of the Flightline share, which was a really fun way to start out the sale,” Ryan said. “We had some really quality offerings in Book 1 and Book 2, which set us out on the right foot. Where there is quality, there is plenty of depth in the market. People that did bring good horses were rewarded for it, which was great to see. We had some nice broodmare prospects. We had some lovely in-foal mare and a couple of standout weanlings. It had a trickle down effect from there.”

Bisou On Top Again

An Eclipse winner in 2019 and Fasig-Tipton November topper in 2020, MGISW Midnight Bisou was at the head of the class again at this year's Keeneland November Sale. Purchased by Chuck and Lori Allen for $5 million at the aforementioned Fasig sale, she is headed to Japan after bringing $5.5 million from Katsumi Yoshida with a Tapit filly in utero. Midnight Bisou was offered by John Sikura's Hill 'n' Dale at Xalapa, which also sold the $7-million Fasig-Tipton November topper, champion Gamine (Into Mischief), who went to Coolmore's M.V. Magnier in foal to Quality Road.

“It was a great thrill,” said Sikura. “We topped both the Fasig-Tipton and Keeneland sales. All the credit to our team and the people who supplied us with a great draft of horses. It is all about quality and we were fortunate enough to have had a fantastic sale at both sales companies. This is the second consecutive year we topped Fasig-Tipton and it was nice to do it at Keeneland as well. Credit to the horses. We had a good strong market. People can't get enough of quality.”

He continued, “Everyone is very specific about what they like. There are different categories of mares, but if you are going to sell a $100,000 mare, you want it to be an early cover and in foal to the right horse. If you want to sell sale toppers, you need to have pedigree and good race records with those early covers and the right sire. I thought everybody who brought quality was well rewarded. This trend has continued for the last many years and it looks like it is here to stay. ”

Weanlings In High Demand

John Sikura | Keeneland

After a record-setting Keeneland September Yearling Sale, the weanling market was very strong and competitive at the November Sale, producing North America's top-priced weanling for the fourth consecutive year. That youngster was a Medaglia d'Oro filly out of SW Serena's Cat (Storm Cat), dam of champion Honor Code (A.P. Indy), who was purchased for $1.5 million by Magnier.

“In Book 1, we grossed 45% more for weanlings than we did last year,” said Keeneland's Directory of Sales Operations Cormac Breathnach. “We really appreciate the support of the breeders and consignors. We depend on them heavily. Your sale is only as good as the catalogue. It's been a terrific collaboration. The market has been bullish. We are enjoying a good time in the industry.”

That trickled down into the later books, creating a stronger middle market for weanlings with varying pedigrees.

“It is quite hard to sell a mare that is 12-15 even if they had a stakes-placed horse and a few winners,” Sikura said. “If they are good foal, it doesn't matter who they are by, how old the mare is or what their up-close pedigree is. Obviously, the more you have of all of that criteria, the more they make of it. I've seen foals walk through and bring $180,000 and you look at the sire and think, who is this? The pendulum has swung now so much toward the physical horse. I think that is the determining factor at the yearling sales and also at the foal sales. They have to vet. They have to have the smooth physical and great walk. Those kinds, they chase them hard.”

“Where you have quality, you had plenty of people interested,” said Ryan. “If for some reason a mare or weanling didn't tick all the boxes, it felt thinner. It didn't take long for that feeling to set in. I think there was still plenty of good competition in the weanling market, especially for good physicals. People were rewarded at the yearling sales this year and they were looking to reinvest, but they weren't willing to take a lot of risk if it didn't have a top physical or had some vet issues.”

The leading sire of weanlings for the 10-day auction was MGISW 'TDN Rising Star' and new Gainesway sire McKinzie (Street Sense) with 23 members of his first crop bringing $3.162 million with an average of $137,478.

Tapit, Into Mischief Rule Keeneland

Buoyed by the sale of the 2.5% fractional interest in his star son Flightline, Tapit led all sires with a gross of $9,507,000 and average of $365,654. Taking the Flightline share out of the equation puts super sire Into Mischief on top with 31 head bringing $6,961,500 with an average of $224,565.

Hill 'n' Dale's new addition, MGISW 'Rising Star' Charlatan (Speightstown), was the sale's leading covering sire by gross with 27 mares carrying his first foals bringing $8.472 million and averaging $313,778. Lane's End stalwart Quality Road was second with 11 mares carrying his offspring summoning $7.675 million with an average of $697,727, easily tops among sires with five or more in-foal mares sold. Curlin and Tapit each averaged seven figures for their limited in-foal mares.

“Charlatan covered a great book of mares,” Sikura said. “The most elite mares did not go to public auction. I think the momentum is building and we are looking forward to his first foals. He bred outstanding mares.”

 

 

 

Foreign Buyers Boost November Market

A treasure trove of foreign buyers, led by Japan, gave the November market a significant boost, creating even more depth and diversity in the buying bench. Japan's Katsumi Yoshida led all buyers by gross at $9.7 million and average at $3,233,333. Each of the three mares purchased by his bloodstock agent Shingo Hashimoto fetched seven figures, highlighted by sale-topping Midnight Bisou.

“The international market was a critical part of the outcome of this sale,” Lacy said. “Japanese buyers were extremely active, especially at the top, despite the swing in the exchange rate, which is not in their favor. That was extremely gratifying to see. We had buyers from 29 countries participate at the sale. That is on the high end of what we would expect. With the dollar being so strong, it is great to get that international support. It's a global marketplace and we work on that very heavily. We've seen 60 or 70 Australians here, which we haven't seen in years. We've seen Europeans here that have not been in here in six or seven years and they were back and were active. They are energized by what they see. That is very encouraging for us.”

The top 20 horses, including the Flightline share, were purchased by 15 individual buyers, three of which were from Japan.

Domestic buyers also remained active at the November Sale. In addition to the aforementioned Coolmore and Summer Wind Farm, one of the most active American buyers was Pin Oak Stud, recently purchased by Jim and Dana Bernhard. They scooped up 15 mares for their new farm for a total of $4.354 million. Bloodstock agent Chad Schumer bought the most horses during the 10-day auction, taking home 51 head for $3,385,500 with an average of $66,382.

 

 

 

Final Session Stats

Wednesday's 10th and final session of the Keeneland November Sale, which was the third session of Book 5, was topped by a pair of $45,000 weanlings. Upper Mill Stable took home a filly from the first crop of Honor A.P. (Hip 3514) and J. T. Vill purchased a colt by Kantharos (Hip 3545).

A total of 154 horses sold Wednesday for $1,148,600 with an average of $7,458 and median of $3,600. Thirty-three horses failed to meet their reserves for an RNA rate of 17.65%.

Racehorses Moved To A Separate Sale

Horses of racing age have been a traditional part of the Keeneland November Sale, typically being sold in the middle of auction, except for last year when it they were offered during the final session. This year, Keeneland separated that popular section out and made it its own single-day sale to be held Thursday after the conclusion of Breeding Stock Sale.

“For the first year it is its own sale, for several reasons,” Breathnach said. “One is the later entry deadline. It is a more dynamic catalogue. We can give it a greater online presence with more Form, figures and data associated with each offering. That is something that is a little difficult to do when you have an Aug. 1 deadline like we do with the breeding stock sale. We are also confined by the number of horses in each session. Those horses were catalogued in the second half during Book 3 or Book 4, which took up spots breeders wanted their mares or foals to be in.”

He continued, “It is its own sale so it can have its own identity and own dynamic and build a stronger catalogue. It allows it to go forward. The horses in training market is very strong. Our position in the calendar year is when people are transitioning to new locations for the winter, so they got a chance to buy or sell stock that will fit where they are going or be better off elsewhere.”

The HORA sale, which begins at noon, has a catalogue of 356 racehorses of varying ages, including several promising juveniles and an array of black-type competitors. Last year's HORA portion, which was part of a mixed final of 10 sessions, was topped by the 2-year-old colt Strava (Into Mischief), who brought $825,000.

 

 

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Record-Setting Keeneland September Sale Strong to the Finish

The Keeneland September Yearling Sale, which surpassed $400-million in gross sales for the first time in its history, concluded Saturday with new records, not just for turnover, but also for average and median and with 30 seven-figure yearlings doubling the number from the 2021 auction.

Keeneland sold a total of 2,847 yearlings through the ring for $405,495,700 during the 12-day auction, surpassing the previous record of $399,791,800 set during the 2006 September sale. The cumulative average and median prices surpassed September sale records set last year, with the average price of $142,429 up 7.83% from 2021 and the median up 7.69% from $65,000 to $70,000.

“This sale went beyond our expectations and reflects the energy and excitement in racing right now,” said Keeneland President and CEO Shannon Arvin. “We are grateful to our consignors, sellers and buyers for their support of Keeneland and the September sale. And a special thanks to the breeders. We appreciate how much hard work goes into breeding and raising quality horses, and we are very happy they were rewarded for their efforts through the ring.”

The Keeneland sales team was focused on starting off the September sale with a power-packed Book 1 and the elite section delivered right from the first hip through the ring.

“The very first hip bringing $850,000 set the tone,” Keeneland Vice President of Sales Tony Lacy said. “That first day was incredible. We really leaned into getting Book 1 solidified by listening to our buyers and our clients. This was something we needed to reestablish to make sure we had the quality forward. It really worked. The buyers appreciated it. There was almost a sense of euphoria around the grounds for a number of days and it carried all the way through the sale.”

The two-day Book 1 section produced gross sales of $113,660,000–a 25.42% increase over 2021–and included 96 horses who sold for $500,000 or more, up from 43 last year. The two-day Book 1 clearance rate jumped from 65% in 2021 to 78% this year.

Keeneland Director of Sales Operations' Cormac Breathnach credited the sales strong results to a quality group of horses and a diverse buying bench.

“The catalogue is only as good as the support the breeders give you,” Breathnach said. “And there was a very good crop of yearlings that has been bred here and nationally and that's a credit to the breeders and to the sellers who have presented them so well. We were really well supported. And also by the buying base, domestically and internationally, all the way through the book. If you look at the activity of the likes of St. Elias and several of our leading trainers in the last few days, it just shows the hunger for racehorses is there and we are proud of what we were able to present and very pleased with the results and happy for all of our clients.”

The 12-day September sale attracted a deep buying bench dominated largely by domestic buyers and, by the close of business Saturday, 88 different buyers had spent $1 million or more. The 30 million-dollar yearlings were purchased by nineteen different buying entities.

“If you look at the number of people who bought at that [million-dollar] level, the numbers are spread across quite a large number of buyers,” said Lacy. “In the past, we were very reliant on some of the bigger entities to support those million-dollar plus purchases. I think what you saw this year, and somewhat last year, was a broad buyer base that supported that level of the market. For us, that was extremely encouraging. There were some newer players, some very established people. But the diversity of the market was very encouraging.”

For the second year in a row, the partnership of Talla Racing, Woodford Racing and West Point Thoroughbreds made the biggest purchase of the September sale. The group, which purchased a $1.7-million son of City of Light to top the 2021 auction, was forced to $2.5 million to acquire a colt by that stallion's sire, Quality Road, to top the 2022 sale.

The sale-topper was consigned by Stonehaven Steadings, which sold 19 horses for $8,283,000.

“It's been a tremendous market,” Stonehaven Steading's Aidan O'Meara said. “We had a phenomenal run ourselves, but everybody across the board has had some seriously nice trading. It's a huge turnaround from a couple of years ago at the height of COVID and we were all fretting about what was going to unfold in that scenario. To see the turnaround in such a short period of time has been phenomenal.”

Repole, Viola Repeat as Leading Buyers

The partnership of Mike Repole's Repole Stable and Vinnie Viola's St. Elias Stable repeated as the September sale's leading buyer, with 31 yearlings purchased for $12,840,000, while Repole, who was seated in the pavilion for much of the first half of the sale, was, individually, the auction's fourth highest buyer, acquiring 27 yearlings for $7,940,000.

“With Mike Repole and Vinnie Viola, we bought a lot of horses and that was their game plan coming in,” said bloodstock agent Jacob West, who was active for the leading partnership as well as several other clients. “The plan was to really go after what we deemed quality and give ourselves a chance to win the big Saturday races. All in all, you sound like a broken record, but good horses always sell well. And that's what I saw in the market.”

Won't You Be My Partner?

Partnerships continued to play a major part in the marketplace, with the stallion-making team of SF Racing, Starlight Racing and Madaket Stables purchasing 21 yearlings for $12,825,000 to be the second leading buyers for the second straight year. Also in the market for potential future stallions, the BSW/Crow Colts Group teamed with Spendthrift and Gandharvi to buy 10 colts for $4,290,000.

“It's massive,” Lacy said of the impact partnerships have had on the market. “It's obviously a huge investment for anybody and any individual, so to spread that investment over a  number of horses increases your opportunity to gain and be part of a good individual or a good program. We all enjoy sharing success and I think that's where people are starting to realize this is something that is actually fun. I think coming out of the pandemic, you see a lot more people who have an appreciation of the sport and want to be involved in it. It's a great way to let people in without the high-risk investment if they were doing it alone or in a small partnership. I think this is here to stay for quite a while. I am excited about what it can do for our industry in general over the next 10-20 years.”

Other major players to team up for the top 30 lots included Winchell Thoroughbreds and Three Chimneys; Whisper Hill Farm and Three Chimneys; John Oxley, M.V. Magnier and Breeze Easy; Repole, St. Elias and West Point; and M.V. Magnier and Mike Repole.

“When you can diversify your portfolio and invest your money into multiple horses, you just give yourself a better chance to buy more quality products,” West said. “You give yourself a better chance of hitting a home run. People have realized the inherent risk that goes along with this game is very high. It's high risk, high reward, so if you can get involved in a partnership and diversify and lower your exposure, it makes all the more sense for people.”

Japanese Buyers Fight Exchange Rate

While facing a less favorable exchange rate than in previous years, Japanese buyers were still active at the Keeneland sale.

“There were 10 groups from Japan here for the sale,” Lacy said. “That's the busiest they've been at a September Sale in a long, long time.”

Hideyuki Mori led the way among Japanese buyers, joining the seven-figure parade with the $1.2-million purchase of a half-brother to Triple Crown winner Justify. Mori purchased five yearlings for a total of $2,545,000.

“We are very aware of the factors that are at play, with the currency exchanges being a major part of that,” Lacy said. “That was what was so encouraging that, even with the yen at a 35-year low against the dollar, Japanese buyers were very active. They probably couldn't swing as hard as they could have in a more favorable market for them, but they did see the value in what they were buying. And I think that's incredibly important. Our breeders here breed a high-quality horse that is very appealing to the international market. It just goes to show, when the currency exchanges start swinging back in their favor, I think the international markets will be even more prevalent.”

West Buying And Selling

West, along with Jill Gordon, had the first September consignment of his Highgate this year, allowing the prolific buyer to appreciate the other side of the auction ledger

“With Highgate now, I can see both sides of it,” West said. “And if I am being honest, there were some surprises, both good and bad. Some horses exceeded our expectations and then some horses didn't meet our expectations, but it seemed like the ones that exceeded our expectations really over-exceeded our expectations. So it seemed like, if you were deemed by the public as having a quality product, you got rewarded. Which is always good for the breeders.”

West said the September results reflect an overall positive attitude in the industry.

“I think, quite frankly, there is confidence in our business and in our industry,” West said. “Whether you want to say that's from the purse structures that we have or even what some of these stallion prospects have been selling for once they retire, or the money some of the top horses are making, or a little bit of it may be that people have some belief that we are playing on a more level playing field with HISA coming into play.”

West continued, “The other thing, too, that I don't think a lot of people give credit for, whether FOX Sports or TVG, I think we've done an incredible job of promoting our business. During COVID, we were the only show in town and I thought a lot of people were very interested. Every year it seems the handle keeps growing. There are still some bumps in the road, but overall, I think we have a quality product that appeals to a lot of people. There are new partnerships forming–it seems like whether it's West Point or Eclipse Thoroughbred or whatever syndicate group–they always seem stronger buying at the top end because they have more people investing with them. And I think a lot of that has to do with the marketing that TVG, and especially FOX Sports, have done with NYRA and Churchill and those type of tracks that they are covering.”

Demand Continues into Week Two

Demand continued into the second week of the 12-day auction, with leading buyers like St. Elias Stable, which purchased the top lots during the sale's 10th and 11th sessions, joined by international buyers from Argentina, Azerbaijan, Chile, China, Ireland, Kazakhstan, Korea, Mexico, Panama and Saudi Arabia.

“It's an incredible market. The rate of sales is amazing,” said Pat Costello of Paramount Sales, which sold 136 horses for $20,448,500. “There is depth to the market. The top-end guys kept buying back into other books [beyond Books 1 and 2] and that has driven people back into these books [5 and 6]. One of the things driving the market is the shortage of horses.”

In Books 4-6, the clearance rate never fell below 82%. During the ninth session Wednesday, a Keeneland record 329 horses sold through the ring in a single session.

“It's been a strong sale across the board, and it's amazing it has held up so well and above last year,” said Marc McLean of Crestwood Farm, which sold seven-figure horses for the first time, a Gun Runner colt and a Quality Road colt, each for $1.05 million. “There has been a good floor, which is nice for the horses that aren't the stars. It had great depth. That's a healthy market to me. We had quite a few standouts in each session. It's nice to have horses that are the more elite of the day. It's such a great feeling for us and the owners and breeders and the whole farm staff to have something that you feel will stand out. We're in Book 6, and we're busier than we ever dreamed we'd be.”

Taylor Made on Top Again

Taylor Made Sales Agency led all consignors at the September sale for the eighth consecutive year and the 24th year since 1988. Taylor Made sold 273 yearlings for $38,969,000, including three seven-figure colts by Constitution ($1.8 million), Quality Road ($1.15 million) and Into Mischief ($1 million).

Gainesway was second in total sales, followed by Paramount Sales, Lane's End Farm, Denali Stud, Eaton Sales, Woods Edge Farm, Hill 'n' Dale Sales Agency and Machmer Hall Thoroughbreds.

Lane's End Farm's Quality Road was responsible for seven of the 30 seven-figure yearlings and he was bettered in that category only by Spendthrift Farm's Into Mischief, who had eight. Three Chimneys' Gun Runner had five million-dollar yearlings, while Curlin had three. Justify, Constitution and City of Light each had two, while Tapit had one.

For the third straight year, Into Mischief was the leading sire by gross, with 58 yearlings selling for $30,495,000. Omaha Beach was the leading first-crop sire with 59 yearlings grossing $12,667,000 for an average of $214,695. He was followed in that category by Audible, who had 66 yearlings sell for $10,609,000 for an average of $160,742.

English Channel Filly Tops Keeneland Finale

A filly by English Channel (hip 4108) brought a final bid of $115,000 from Tracy Farmer to top the final session of the September sale Saturday. Bred by Calumet Farm and consigned by Buckland Sales, the yearling is out of In Dy Ritz (A.P. Indy) and is a full-sister to stakes winner and multiple graded placed Ritzy A. P.

In all, 184 yearlings sold Saturday for a gross of $2,518,000. The session average was $13,685 and the median was $8,000.

There was no corresponding session a year ago.

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