'Very Good from the Get-Go'–Keeneland November Sale Concludes with Record Median

The Keeneland November Breeding Stock Sale concluded its nine-day run in Lexington Wednesday with vibrant trade from a diverse buying bench leading to across-the-board increases where were highlighted by a new sales record median.

“Overall, this was a very strong, fair market from start to finish,” Keeneland Vice President of Sales Tony Lacy said. “Book 1 gross jumped nearly 15% from last year with a much-improved clearance rate and that momentum powered the sale through the final days.”

For the nine days, 2,158 horses sold for $196,442,900. The average of $91,030 was up 7.03% from a year ago, while the median of $40,000 was up 25.00% and broke the auction's previous record of $37,000 set in 2021. The buy-back rate was 16.49%.

Those figures include 108 post-sale transactions which grossed $8,885,500 for an average of $82,273 and a median of $50,000.

“The market at this November sale has been very good from the get-go,” said Keeneland Senior Director of Sales Operations Cormac Breathnach. “Book 1 was very strong. We were up about $8 million [in gross] and our clearance rate was a lot higher. But more than that, it's just been very satisfying day by day with the level of trade and the number of horses changing hands in a productive manner.”

During last year's November sale, 2,221 horses sold for $188,891,000 for an average of $85,048 and a median of $32,000. Those figures include 93 post-sale transactions–led by the auction's $2.9-million top price–for a post-sale average of $132,473 and median of $55,000.

Twelve horses sold for seven figures last year, compared to nine this year, led by the $2.4-million Roses for Debra (Liam's Map), who was purchased by Whisper Hill Farm from the Candy Meadows Sales consignment.

“We're not the biggest consignment and to have a sale topper is very special for [Candy Meadows owner and Keeneland Trustee] Everett Dobson, with his involvement with Keeneland and the industry,” said Matt Lyons, Senior Vice President and COO of Candy Meadows Farm, which sold 11 horses for $3,068,000. “It was also very special for John O'Meara, who is our partner in Roses for Debra and who I've known for a long time. It was a great thrill.”

The November sale included dispersals from Ed Seltzer's Solera Farm, Stuart S. Janney, III, Siena Farm and the late John Hendrickson.

“It's always a bittersweet moment with dispersals, but it's equally encouraging to think another wave of people are coming through now who believe Thoroughbred racing and breeding are good, viable activities,” Lacy said. “As we look at results, we see new people buying farms, buying mares to stock their properties and reinvesting in the sport. That is really encouraging because that's Keeneland's mission statement: to support the industry and the market.”

Median, Buy-Back Rate Prove Strength of Market

The Keeneland November median was a sales-record $40,000, breaking the previous mark of $37,000 was set in 2021.

The record median, coupled with a buy-back rate of 16.49%, were proof of strength throughout the market, according to Breathnach.

“The median rose at most sessions compared to last year,” Breathnach said. “And the RNA rate is a point or two lower across the board. That really just shows that there is strength and that these horses are marketable and there is a buyer base to pick them up at a very high rate.”

While the median fell during the one-session Book 1 and was unchanged during the first session of Book 2, it increased for sessions three through nine and was up by double digits in sessions three, four, five, seven and nine.

“That's the barometer of the health of the market that we always come back to,” Breathnach said. “The averages, as I've said many times, are great for headlines, but year to year, when you are looking at how the sales compares, looking at the median and the RNA rate will give you a much more objective view point. So in that sense, we are very pleased.”

The buy-back rate fell six of the nine sessions and before concluding at 16.49%, compared to 18.5% a year ago.

“During about 45 minutes [Tuesday] we had one RNA,” Lacy said. “I think at the end of the day, our RNA rate was less than 12%. What is perceived as the lower end of the market, there is very strong demand.”

Todd Quast, Antony Beck, Mandy Pope, Brian Graves | Keeneland

Whisper Hill Secures Another Sales Topper

Mandy Pope's Whisper Hill Farm, which purchased the $5-million sales-topping colt by Curlin–Cavorting (Bernardini) at the Keeneland September Yearling Sale two months ago, returned to take the top-price at the Keeneland November sale with the $2.4-million Roses for Debra (Liam's Map). Whisper Hill teamed with Gainesway to take home the auction's co-second highest-priced mare, the $1.8-million Lady Tapit (Tapit).

Pope's operation was the auction's leading buyer, with 13 purchased for $6,635,000. The partnership of Whisper Hill and Gainesway was the fourth-leading buyer at the sale, with seven purchased for $2,700,000.

For the 27th time since 1987, Taylor Made Sales Agency was the November sale's leading consignor. Taylor Made sold 323 horses for $32,859,600.

“We're the only consignor that sells in every session in November. In every session of this sale, our gross has been higher than the year before,” Taylor Made President and CEO Mark Taylor said. “Book 1 was significantly higher. And our number of horses through the ring is on par with last year. The two dispersals kind of buoyed those numbers, but every session has been better than the corresponding session last year, so I think it just shows strength.”

Diverse Buying Bench

The top 12 highest-priced horses at the Keeneland November sale were purchased by 10 different interests. Japanese buyers were strong at the top of the market, but they were joined throughout the nine-day auction by Australian, European and Middle Eastern buyers.

“I am always pleased with the international recruiting that Keeneland does, especially for the second half of the sale” said Gray Lyster of Ashview Farm. “There was plenty of international presence. We have always had strong European presence, but the Australian presence was fantastic, and the Japanese have been coming for decades and seem to be stronger year after year. The globalization of the market has been great.”

John Sikura, whose Hill 'n' Dale at Xalapa sold 141 horses for $14,050,900, said, “We had a fantastic sale. It is a reinforcement of the market reality which is that elite mares with race records covered by the right sires are attributes highly coveted by international buyers and results were significant across the board.”

Buyers from emerging racing markets which primarily compete on dirt surfaces are attracted to the American product, according to Lacy.

“The fruits of our labor, going out and recruiting international buyers and buyers from other domestic regional areas has really started to pay off,” Lacy said. “We have been doing it for decades, but when we go out there and encourage people to come here and to spend, if you look at the results sheet, it's really encouraging to see developing breeding programs around the world that they are coming here to source their bloodstock.

“American pedigrees are highly sought after. We are the major sellers of dirt pedigrees in the world. That's what the American breed has been primarily focused on and a lot of the evolving jurisdictions are racing on dirt, whether primarily or as a secondary surface.”

$900,000 sale-topping weanling | Keeneland

First-Crop Sires Dominate Competitive Foal Market

An Into Mischief son of GIII Allaire du Pont Distaff Stakes winner Eres Tu (Malibu Moon) consigned by Taylor Made Sales Agency was the top-priced weanling at the Keeneland November sale, bringing a final bid of $900,000 from Glen Hill Farm. The youngster was one of 11 to sell for $400,000 or more.

Through nine sessions, 860 weanlings sold at the 2024 November sale for a gross of $63,110,200. The average of $73,384 increased 4.03% from a year ago, while the median rose 14.29% to $40,000.

During the 2023 November sale, 804 weanlings sold for an average of $70,539 and a median of $35,000. A colt by Gun Runner was the auction's top-priced weanling when selling for $750,000. That colt was one of 19 to sell for $400,000 or more.

“The weanling market has been really, really healthy the last couple years,” Lacy said. “The pinhookers who have been very successful over the last number of years, they were very strong this year. They were competing against each other in many cases. I think anybody who was on the selling side was very pleased. If they had a horse who passed the vet and had the athleticism they wanted, they were getting a premium for them. It was great to see the breeders getting the return on their investments.”

Breathnach added, “Some major weanling buyers said they struggled to buy yearlings, and so some of these top-priced weanlings went to end users too, which is a healthy sign.”

Thirteen of the top 20 selling weanlings were by first-crop sires. Leading the way by average was Flightline, who had four weanlings sell for an average of $412,500, followed by Life is Good with eight averaging $325,625 and Jackie's Warrior with 12 sold for an average of $175,833.

“The first-crop sires this year are particularly strong–they are always popular at the market–but there was great depth,” Breathnach said. “Thirteen of the top 20 weanlings were by first-crop sires and six first-crop sires were represented in that group. So there is a lot of promise in that class of stallions and it was reflected well here.”

Cherry Knoll Farm–a major player in the weanling-to-yearling pinhooking market–was the leading buyer of weanlings at the auction, with nine purchased for $1,760,000.

Tyson Leads Book 5 Finale

A pair of offerings sold for six figures during Wednesday's final session of the nine-day auction. Multiple graded stakes winner Tyson (Tapit) (hip 3398) brought a final bid of $175,000 from Ed Price, agent, in the sale's final minutes. The 5-year-old stallion prospect was a two-time graded winner over Woodbine's synthetic surface and was third in last year's GI Jockey Club Gold Cup at Saratoga. He was consigned by Hill 'n' Dale at Xalapa.

A colt from the first crop of Grade I winner Speaker's Corner (hip 3164) was the top-priced weanling of Wednesday's session. Consigned by Hunter Valley Farm, he was purchased for $135,000 by Hyde Park Racing.

During the two-session Book 5 section, 454 horses sold for $6,115,900, The average of $13,471 was up 20.98% from a year ago and the median of $9,000 was up 12.50%. Those figures include seven post-sale transactions for $19,000, an average of $2,714 and a median of $1,000.

During last year's Book 5 section, Keeneland sold 524 horses for a gross of $5,834,500 for an average of $11,135 and a median of $8,000. Those figures include 11 post sales for a gross of $123,500, an average of $11,227 and a median of $6,000.

'Something for Everybody:' Horses of Racing Age Sale Thursday

As the nine-day November Breeding Stock Sale concludes, the action at Keeneland will shift to horses of racing age with a single-session auction beginning at noon Thursday. The 237 catalogued lots include something for everyone, according to Lacy.

“It's what we internally refer to as a transfer portal, to put it in NCAA terms, where horses are able to move into the areas where they need to be for the winter program,” Lacy said. “The timing is perfect, between Oaklawn, Fair Grounds, Florida and California, as well as other racing areas. It's a great opportunity for people to restock and, whether it's a starter allowance level or up through allowance and stakes level, there is something for everybody in every price range.”

Racing programs set the table for the rest of the commercial market, Breathnach said.

“Obviously, the racing and the purses are what drives a lot of the economic benefits that we are seeing at the yearling and breeding stock sales,” he said. “There have been a lot of inquiries and a lot of international markets that are perusing the catalogue and asking a lot of questions. We will see how we get on [today].”