Keeneland September concludes with increases in gross,
average
Keeneland’s September Yearling Sale closed Saturday following nearly two
weeks of robust trade that generated solid gains led by a record-equaling median
price and the sale of 11 seven-figure yearlings. Results reflect a continued
trend toward stability in the Thoroughbred market.
Gross receipts for the 12-day sale, held September 14-26, totaled
$281,496,100, surpassing total sales of $279,960,500 recorded during last year’s
13-day auction. Keeneland sold 2,745 yearlings this year compared to 2,819 in
2014.
The cumulative average increased 3.26 percent, from $99,312 to $102,549. The
median, a key gauge of a healthy market, remained unchanged from the record
$50,000 posted in 2013 and 2014.
“Brisk trade was seen at every level of the market,” Keeneland President and
CEO Bill Thomason said. “There is an underlying current of optimism, and buyer
enthusiasm was not dampened by the economic volatility of this past summer. As
we’ve seen in recent years, buyers are willing to stretch their budgets to get
the exceptional horses. Consignors who brought a top horse were very well
rewarded.”
Keeneland adjusted the format for Book 1 this year, shortening opening week
from four days to three, and cataloging more horses each day.
“The format adjustment fulfilled our goal to generate momentum from Book 1
that carried over into Book 2, Book 3 and beyond,” Keeneland Director of Sales
Geoffrey Russell said. “The change gave more Week 1 buyers the opportunity to
see horses in Book 3, which they likely weren’t able to do in the past.”
Michael Hernon, director of sales for Gainesway, agreed.
“In essence, (the change) raised the market for Books 2 and 3,” Hernon said.
“By tightening (Book 1) up from four to three days, Keeneland was able to offer
more horses in those three sessions. The number change allowed for more synergy
in the market. The dark day was moved up, thereby allowing the usual suspects
who wanted to fly out of town exposure to Book 2 horses and a few of them got
exposure to some Book 3 horses.”
Buyers continued to be selective in their purchases, as evidenced by the
strength at the top of the market. Eleven yearlings commanded $1 million or more
compared to 13 last year. A colt by leading North American sire Tapit brought
the sale-topping price of $2.1 million. For the second consecutive year,
Keeneland has sold the highest-priced horse offered at public auction in North
America.
Those 11 seven-figure yearlings were bought by 10 different entities, a
positive indication that the money was spread among a number of buyers. Overall
in the sale, 75 percent of the buyers who spent a total of $1 million or more
for yearlings this year increased their spending from the 2014 September Sale.
The upper middle market remained strong as 123 horses sold for $400,000 or
more and spanned Books 1-4 versus 121 horses in the same range sold in Books 1-2
in 2014. Further evidence of the sale’s strong performance was the fact that in
10 of the 12 sessions, the highest-priced yearling exceeded the top price of the
corresponding session last year.
“Everybody finds the nice horse; they vet, (they) look the part, (they are)
by the right sire. It was tough to buy them this year,” said Ben Glass, racing
manager and bloodstock adviser to Gary and Mary West. “We try to buy
athletic-looking horses. We don’t try to spend over $500,000 on them, so I get
outbid on some that I really like that people go crazy on.”
Glass bought 26 yearlings for $5,550,000 to lead all buyers in number of
horses purchased.
The keen competition among buyers for the top individuals resulted in several
breakout horses sold in Books 3 and 4 during the second week of the sale. A
Curlin filly sold for $975,000 to racing newcomer Vern Dickman during the second
day of Book 3 on Monday. The figure marks the highest price recorded in Book 3
since the sale of a Johannesburg colt for $1 million in 2007. On opening day of
Book 3, a Quality Road colt sold for $710,000 to Walnut Green. Book 4 was
headlined by a colt by Astrology sold to Stonestreet Stables and George Bolton
for $425,000 and a half-sister to Grade 1 stakes winner Nyquist (Uncle Mo)
bought for $330,000 by Bridlewood Farm.
“The September Sale is an expansive market, representative of horses and
buyers at all levels,” Russell said. “It is unmatched in terms of the assemblage
of exceptional individuals and the tremendous diversity and depth of our buying
bench.”
A good mix of the world’s leading foreign and U.S. horsemen — among them
major owners, trainers and pinhookers — actively participated, several as both
consignors and buyers. The strength of the American dollar worldwide, however,
resulted in limited participation from certain international interests.
Domestic buyers flexed their buying power. Joining Ben Glass were such other
prominent buyers as Mandy Pope’s Whisper Hill Farm; J. J. Crupi’s New Castle
Farm; Roy and Gretchen Jackson’s Lael Stable; Goncalo Torrealba of Three
Chimneys Farm; Justin Zayat, representing his family’s Zayat Stables; B. Wayne
Hughes’s Spendthrift Farm; Antony Beck’s Gainesway Farm; Ernie Semersky and Dory
Newell’s Conquest Stable and Brad Kelley’s Calumet Farm.
Major foreign interests were among the leading buyers in the cumulative
rankings. John Ferguson, bloodstock adviser to Sheikh Mohammed bin Rashid Al
Maktoum, purchased 24 yearlings for $8,235,000 to top all buyers. Sheikh Hamdan
bin Rashid Al Maktoum’s Shadwell Estate Company Ltd. spent $4,755,000 on nine
yearlings. M. V. Magnier, representing Coolmore, bought six yearlings for
$3,525,000. Japanese interests also played a prominent role: Teruya Yoshida’s
Shadai Farm acquired four yearlings for $2,050,000 and Teruo Ono purchased four
horses for $1,950,000.
“The buyers came in waves, literally and figuratively,” Hernon said. “Keeneland
has done a great job of attracting the South American buying contingent, and
they’re still present (in the final days of the sale).”
Leading North American sire Tapit reigned as top sire by gross at the
September Sale for the second consecutive year, represented by 32 yearlings that
totaled $16,860,000. Yearlings by Tapit fetched the two highest prices of the
sale: One from the family of 1988 Kentucky Derby (G1) winner Winning Colors sold
to Mandy Pope for $2.1 million, and a second out of multiple Grade 1 winner Pure
Clan went for $1.65 million to Lael Stable.
A full sister to Grade 1 stakes winners To Honor and Serve and Angela Renee
commanded $1.5 million from Justin Zayat to be the sale’s highest-priced filly.
All three yearlings were consigned by Gainesway, which stands Tapit, and all
sold on the third day of Book 1.
A hallmark of the September Sale is the depth and breadth of its stallion
roster. In addition to Tapit, such established sires as War Front, Medaglia
d’Oro, Distorted Humor and Bernardini, as well as the promising first-crop
stallions Bodemeister and The Factor, ranked among the top by gross sales.
This year’s catalog also offered international appeal with yearlings
representing such important foreign-based sires as Fastnet Rock, Frankel,
Galileo, Invincible Spirit, Excelebration and Nathaniel, which were promoted in
advance of the sale and well-received.
Taylor Made Sales Agency was the sale’s leading consignor, selling 256
yearlings for $32,822,200. Since 1988, Taylor Made has topped the September Sale
consignor list 17 times.
During Saturday’s final session, 170 horses sold for $1,518,800, for an
average of $8,934 and a median of $7,000. BLUESKY BANKER BOB, a filly by Stormy
Atlantic, brought the highest price of the final session, selling for $65,000 to
Sparks View Farm. Consigned by Taylor Made Sales Agency, agent, the filly is out
of the winning Elusive Quality mare Pleasant Quality.
The September Sale kicks off an historic fall at Keeneland. On Friday,
Keeneland opens its 17-day Fall Meet, followed by Prelude to the Cup on October
29 and the Breeders’ Cup World Championships on October 30-31. Keeneland’s next
auction will be the November Breeding Stock Sale, to be held November 2-13.