$411,749,500: Keeneland rings up record September sale

Keeneland’s September yearling sale concluded its record-breaking run Saturday with total sales through the ring of $411,749,500 to be the highest-grossing Thoroughbred auction in the world.

The average of $150,548 was a September sale record, and the median of $70,000 equaled the record for a September sale.

Fueling the dynamic results was competitive trade among the world’s most prominent buyers, driving the sale of 36 seven-figure horses, including one sold privately, for the most since 2005. So did the purchase of a son of Curlin for $5 million, the highest price for a colt at the auction since 2006 and the most expensive horse sold at public auction this year in North America.

Ranking 128 sires late in Keeneland September sale.

The record gross for the 12-day auction, held Sept. 9 through Saturday, bested the previous record of $405,495,700 set during the 2022 September sale.

This year’s gross represents a 4.47 percent increase over $394,127,900 when 2,754 horses sold through the ring at last year’s 12-day sale. There were 2,735 horses sold this year.

The average price of $150,548 rose 5.20 percent over last year’s record $143,111. On day 2 of the 2024 sale, the average of $611,038 established a September-sale session record, besting the previous mark of $589,814 from the same session in 2006.

The median price for the entire sale of $70,000 increased 4.48 percent from last year’s $67,000 and equaled the record of $70,000 set in 2022.

Additionally, as of Sept. 21, 153 horses that did not meet their reserve price in the ring were sold privately for a total of $16,050,000 to push gross sales to $427,800,000. Total sales including yearlings sold privately exceeded the record of $418,353,700 set in 2022.

“The September sale truly is the world’s marketplace,” Keeneland president and CEO Shannon Arvin said. “We thank everyone who participated, especially the breeders and sellers who presented an exceptional group of yearlings and the buyers who responded enthusiastically to the quality.”

“The energy here was at times reminiscent of another era,” Keeneland vice president of sales Tony Lacy said. “When we were on inspections earlier this year, we saw quality and consistency among the crop, and it gave us a lot of excitement. And when the horses showed up at the sale, it verified our expectations. The market was very broad based. We saw new faces and welcomed back people we haven’t seen in years from all over the world who returned because of their confidence in the U.S. industry and Keeneland being a global marketplace.”

Among the contributing factors cited for the renewed confidence in the U.S. industry are rich purse levels across the country driving demand for racehorses, the success of American-bred horses racing around the world and stronger medication regulations at racetracks and auctions.

“Seeing new people coming into the sport and investing significant amounts of money these past two weeks is a great sign of an upward swing in the sport,” Lacy said.

In addition to the record results, key metrics evidenced the unprecedented strength of the September sale market and the depth of diversity among consignors and buyers.

There were 36 horses sold for $1 million or more, second only to the 40 sold in 2005.

The 36 seven-figure horses were purchased by a record 24 different buyers.

A total of 185 horses sold for $500,000 or more vs. 168 in 2023.

There were 48 different consignors who sold a horse for $500,000 or more.

Some 96 different buyers spent $1 million or more during the sale compared with 82 last year.

Buyers representing 31 countries bought horses.

“We are very pleased with the sale. Hats off to the breeders,” Keeneland senior director of sales operations Cormac Breathnach said. “The most gratifying thing for us is to see buyers from 31 countries who have bought from the September-sale catalog. Twenty-four different buyers bought the 36 seven-figure horses, which is a record in terms of the number of individual people who have participated at that level both international and domestic. That’s the market we try to provide the people who support us. There is a lot of effort by our team to pay back the people who send us these beautifully prepped and well-bred and well-raised athletes.”

For the fourth consecutive year, the format of the first four days of week 1 with books 1 and 2 remained consistent with more than 1,000 yearlings judged to be the sale’s finest individuals based on conformation and pedigree. This structure enabled major domestic and international buyers to inspect the largest number of exceptional horses possible before the dark day Friday, Sept. 13.

“The feedback from buyers about the format has been so positive, which is really encouraging,” Lacy said. “We put a lot of effort into stabilizing the format to create consistency and emphasize physical conformation and athleticism up front. We have a formula that works with our buyer base and that’s key to a successful sale. The momentum from week 1 then carries forward into week 2. There was some selectivity through the sale, but the median was up in every session, and it was great to see the stability of the market at all different levels.”

Demand at the top of the market during week 1 sparked gross sales of $253 million, up 7.78 percent from last year’s $234 million for the corresponding period. The average price of $394,575 rose 7.27 percent, and the median remained unchanged at $300,000.

Mandy Pope’s Whisper Hill Farm bought the session toppers on each day of the premier book 1 catalog. On Sept. 9 she paid $2.2 million for a colt by Gun Runner out of stakes winner Princesa Carolina who was consigned by Four Stars Sales, agent, and went to $5 million the following day for the Curlin colt, who is a full brother to multiple Grade 1 winner Clairière. He was consigned by Indian Creek, agent for Stonestreet bred and raised.

The $5 million for the Curlin colt was the highest paid for a colt at the September sale since Meydan City sold for $11.7 million in 2006.

Week 1 was “wonderful,” said Sarah Sutherland of Indian Creek, which sold 12 horses for $10,445,000 led by the $5 million sale topper and a colt by Nyquist for $1.2 million, during the four days. “The market is very, very strong for those top horses. A lot of people are saying, ‘I can’t get anything bought, it’s tough, like it’s so strong.’ ”

Leading buyers featured a mix of the world’s most prominent entities with domestic buyers flexing their spending muscle to take the top five spots, including Donato Lanni, agent for SF Racing, Starlight and Madaket; Belladonna Racing and Cherie DeVaux, agent; West Bloodstock, agent for Mike Repole Stable; Mandy Pope’s Whisper Hill Farm; and John Stewart’s Resolute Bloodstock.

“I thought it was probably one of the better groups of horses selected for Book 1,” said Lanni, who on behalf of SF Racing, Starlight and Madaket paid $11,330,000 for 18 horses to be the September sale leading buyer for the second consecutive year. Among their purchases were three seven-figure horses, including a Nyquist colt for $1.15 million, a colt by Not This Time for $1.15 million and a Tapit colt for $1.05 million.

“It was one of the strongest sales I’ve ever seen at Keeneland,” Lanni said. “It was great to see so many people here buying horses, and it was extremely competitive. If we wanted to buy a horse, it cost more. You had to be ready to give more than you expected. There were some people at this sale I hadn’t seen in long time, so (Keeneland) did a good job bringing them in as well.”

Belladonna Racing with DeVaux, agent, bought 20 yearlings for a total of $9,845,000 led by a colt by Not This Time for $1.3 million to be the sale’s second-highest buyer.

“Keeneland did a great job and put on a great show,” David Ingordo of Belladonna Racing said on day 10 of the sale. “And they haven’t taken their foot off the pedal just because we’re in book 5. I’m a big supporter of Keeneland because they put back into the industry. They take the money that is made at the sale, and they put it where my favorite spot is, and that is up there at the finish line. And they are doing it all year long, and then they take time for the community.”

“Book 1 (had) one of the strongest groups of physicals I’ve seen for a while,” said Nick deMeric, whose deMeric Sales bought eight yearlings for $1,095,000. “(Keeneland) did a very good job managing it. It wasn’t just reflected in the prices but also in the momentum the sale got from the word go. As we all know it carries over. It keeps the sale strong when you start off strong.

“When enough of us get shut out in the early parts of the sale, we’re just going to work harder later in the sale. We got one (Sept. 18) we paid $110,000 for, and we thought we would get it for $60,000. It definitely carried over. The better physicals were well-received and hard to buy as a result.”

Consignors reaped the rewards of the action-packed market. Through Lane’s End, agent, Blue Heaven Farm sold a Curlin colt for $1.4 million and a Gun Runner filly for $975,000 during book 1.

“We are a small family operation,” Blue Heaven co-owner Adam Corndorf said. “We have had a few good ones over the years, but this was the first year we had two high-end horses that got up in the stratosphere. It was a dream come true. There was a good broad base of lookers, including pin-hookers, international and domestic buyers. The top end of the market was what we expected, but we were pleasantly surprised with what our horses brought in that second tier, in book 3.”

Consignor Everett Dobson’s Candy Meadows Sales sold a Nyquist colt for $1.15 million and an Into Mischief colt for $1 million to celebrate its first seven-figure sales.

“It’s been an awesome sale,” said Tom Hinkle of Hinkle Farms, which sold all 20 horses in its consignment for $6,175,000 highlighted by a Curlin half-sister to champion and sire Nyquist for $1.2 million and a Constitution colt for $1.1 million. The former is the third million-dollar September-sale horse out of the mare Seeking Gabrielle.

“We budget every year for what we think our yearling crop is going to bring, and we’re fairly conservative, and it has considerably exceeded our expectations,” Hinkle said. “As far as I’m concerned, Keeneland has done a fabulous job. The way they put together books 1 and 2 has been really good and everybody has gotten used to it. They have done a heck of a job recruiting active buyers from all parts of the world. If you had the right horse and it met the criteria, you were greatly rewarded.”

The bullish market continued through week 2 of the sale as major week 1 buyers actively competed alongside new waves of international clientele.

“All the way through the sale there were quality horses distributed throughout the books,” trainer Eddie Kenneally said during session 10. “Obviously, there was more pedigree in book 1 and into book 2, but there were nice individuals all the way to (the end of the sale). There is a horse for everybody. There are buyers getting shuffled back every day, and they can’t get the number of horses they need to get. They’re having to spend more time here, because it is so competitive with the quality coming through. I think the strength of Kentucky racing right now is a big part of what’s driving it all.”

“The performance and the quality that is represented in the later books can be illustrated in the results. The far higher clearance rates in those later sessions show that the quality is consistently very high,” Lacy said. “We understand that the success of the September sale is a big factor in how their year goes for these breeders. They are farmers bringing their crops to market. That responsibility is critical to Keeneland. Breeders at all levels but especially those breeders in the middle market are at the core of why we exist.”

Taylor Made Sales Agency, agent, was the leading consignor at the September sale for the 25th year since 1988, selling 333 yearlings for $53,133,200 including private sales. The gross was the highest for a September sale consignor since Taylor Made grossed $57 million in 2007.

Taylor Made’s consignment was headlined by a filly by Gun Runner bought by Douglas Scharbauer for $1.05 million.

“It’s been crazy good,” Frank Taylor, Taylor Made’s director of new business development, said about the September sale. “This sale was really, really good. It was way better than I anticipated. It’s amazing how strong the market is with everything that’s going on in the world. Racing is good, and there is a lot of enthusiasm. People want to buy racehorses.”

Gainesway, Paramount Sales, Hill ‘n’ Dale at Xalapa and Lane’s End Farm were other leading consignors.

The leading sire by gross sales was Gun Runner, whose 62 yearlings sold for $32,665,000 includes private sales. They included seven horses sold for $1 million or more led by the aforementioned colt acquired for $2.2 million by Whisper Hill Farm.

Charlatan, dual Grade 1 winner in the Malibu and Arkansas Derby, was the leading first-crop sire. He was represented by 79 yearlings who sold for $20,120,000 includes private sales. Hill ’n’ Dale at Xalapa consigned the two most expensive, both colts, who sold to M.V. Magnier and White Birch Farm for $1.4 million and to Pin Oak Stud for $1 million.

During Saturday’s final session, 203 yearlings sold for $2,662,000, up 10.11 percent from last year’s gross of 2,417,600 for 175 horses. The average price of $13,113 dipped slightly from $13,815 in 2023, and the median increased 11.11 percent from $9,000 to $10,000.

Zap-Murphy for CA Racing Partners & Ciaglia paid $85,000 for a colt by Rock Your World to top the closing-day session. Consigned by Stoneriggs Farm, agent, the colt is out of the winning Alternation mare Plenty Quick.