Keeneland sale sets records for average, median prices

Keeneland’s 82nd November breeding-stock sale ended Tuesday with $237.45 million in through-the-ring sales plus another nearly $8.45 million in post sales reported to date for a total of $245.9 million. It was the highest-grossing November sale since 2007.

The 2007 November breeding-stock sale grossed $340,877,220 over 15 sessions and included horses in training. Keeneland created the November horses of racing age sale in 2022 as a stand-alone auction for this segment of the market.

For this year’s eight-day November breeding-stock sale from Nov. 4 to 11, Keeneland sold 1,891 horses through the ring for $237,456,400, an increase of 26.60% from last year’s nine-day auction, when 2,050 horses sold through the ring brought $187,557,400. With the addition of $8,935,500 in post sales for 109 horses, last year’s gross reached $196,492,900.

Records were set in average and median prices, both besting marks from last year. The average of $125,572 was 37.25% higher than $91,491 in 2024, and the median price of $60,000 was 50% above $40,000 last year.  

Eighteen horses sold for $1 million or more this year, the most since 2017, and included one seven-figure horse on day 2 for the first time since 2022.

“This year marked a watershed moment for Keeneland Sales,” Keeneland president and CEO Shannon Arvin said. “From a record-shattering September yearling sale that topped $500 million in gross sales to the continued momentum into an outstanding November breeding-stock sale, the confidence in this marketplace has never been stronger.”

Topping the 2025 November sale during book 1 on opening day at $3.7 million was Lush Lips, who won Keeneland’s Queen Elizabeth II Challenge Cup (G1) last month. Consigned by Taylor Made Sales Agency, agent, the 3-year-old filly sold to William and Donna Shively’s Dixiana Farm and is to remain in training with Brendan Walsh.

The next three highest-priced horses all sold as yearlings at the September sale and all returned to Keeneland to capture graded stakes. Grade 1 winner Vahva sold for $3.1 million to Killora/Linton, agent for Boyd Racing; Grade 1 winner Kilwin sold for $3 million to Rick Howard; and Grade 2 winner Buchu brought $3.3 million from Payson Stud/River Oak, agent. Vahva and Kilwin both were based at Keeneland, where each won a stakes.

The November sale showcased the dynamic weanling market with a record average of $109,745, including post sales reported to date, and by producing the three highest-priced foals of 2025 sold at public auction in North America this year: a $2.2 million colt by Gun Runner, a $1.25 million filly by Curlin and a $950,000 colt by Into Mischief. This marks the 15th time in the last 16 years that North America’s most expensive weanling has come from Keeneland’s November sale.

Yaupon was the leading sire of weanlings by gross with $7,449,000 in total sales, including post sales, for 46 sons and daughters and was followed by Gunite, Practical Joke, Forte, Taiba, Elite Power, Jackie’s Warrior, Life Is Good, Gun Runner and McKinzie. Gunite, Forte, Taiba and Elite Power were first-crop sires.