KEENELAND’S September Yearling Sale came to close last Friday with turnover of $352 million, the sixth-highest figure in the sale’s history, and with new record figures for both the average and median. The 11-day sale produced another important landmark with a clearance rate of over 80%.

The aggregate was a massive improvement, growing some 48%, on last year’s tally when the 12-day sale was impacted by the uncertainty of the Covid-19 pandemic.

This year’s gross was less than $7 million short of the turnover in 2019, while 2,672 yearlings sold through the ring this year compared to 2,346 a year ago.

The average of $132,045 surpasses the previous record of $129,331 set in 2018, while the median of $65,000 smashes the record of $57,000 set in 2017. Fifteen yearlings sold for $1 million or more, led by a colt from the first crop of City Of Light who brought $1.7 million.

Keeneland president and CEO Shannon Arvin said: “This September Sale felt completely different from any other in recent memory; lots of hustle and bustle. Our breeders and consignors delivered high-quality bloodstock, and the buyers responded fervently. We were thrilled to see lots of happy buyers and consignors.”

“This sale exceeded expectations in nearly every measure,” Keeneland vice president of sales, Tony Lacy, said. “The positive takeaways are very encouraging. The level of confidence across the spectrum of the industry is extremely high. The clearance rate has been very healthy, especially in the middle market.

“The strength of the young sires has been remarkable and shows excitement for the next generation. The diversity of buyers and the spread of equity among them are broad and deep. We’re seeing a lot of new faces and new money, and these people are excited about their participation.”

Record clearance

The strong demand for horses was borne out in the record clearance rate, the highest for the September Sale since 2012. Keeneland officials noted the clearance rate is higher than the published figure since a large number of horses sold privately after not meeting their reserves in the sale ring.

“It’s been a great sale – nobody can deny that. Every indicator tells us as much,” said Peter O’Callaghan of Woods Edge Farm who sold all but one horse in his consignment, and which was highlighted by a $1.05 million colt by City Of Light.

“This is the best it’s been in quite some time. I don’t think it’s an accident, either,” O’Callaghan added. “Horse racing did a great job going through Covid and got a lot of new eyes on the game. Prize money is exploding. People are recognizing that. They know it really makes sense to own a racehorse in this country. You can make money, you can pay your way. If you win a nice race at a prominent track, you can almost pay your training fees for the year. It’s great, and long may it continue.”

Optimistic outlook

The optimistic outlook for racing contributed to a strong buying bench, and the domestic purchasers were augmented by international buyers from 27 countries, including Ireland, England, France, Japan, China, Australia, Hong Kong, Peru, Argentina, United Arab Emirates, Russia and Singapore. The sale’s 15 seven-figure horses were bought by 13 distinct buyers.

“The domestic end-user activity was sensational,” Keeneland director of sales operations Cormac Breathnach said. “It’s been great to see them step up in such a big way. It’s encouraging that as an industry we’re able to maintain strong growth while we’re missing some historically significant players.” The latter fact led to an increased participation of partnerships and syndicates.

Partnerships comprising West Point Thoroughbreds, Woodford Racing and Talla Racing purchased the top three lots, a City Of Light colt from the family of Broken Vow for $1.7 million, a Quality Road colt who is a half-brother to Grade 1 winner Girvin for $1.6 million, and a Justify colt from the family of champion Wait A While for $1.55 million.

Leading buyer

Jacob West’s West Bloodstock, agent for Repole Stable and St. Elias, was the sale’s leading buyer, purchasing 43 yearlings for $16,045,000. They included a son of City Of Light for $1.05 million. Other leading buyers who represented partnerships were Donato Lanni, agent for SF Bloodstock, Starlight and Madaket, who spent $10,590,000 for 24 colts, and BSW/Crow Colts Group, a new entity that acquired 20 colts for $6,805,000.

Established sires American Pharoah, Curlin, Into Mischief, Quality Road, Street Sense, Tapit, Uncle Mo and War Front were represented by yearlings who brought seven figures.

Into Mischief was the leading sire by total sales with 62 colts and fillies grossing $25,967,000. American Pharoah sired the auction’s highest-priced filly, who sold for $1.4 million to Northshore Bloodstock, agent. She is a half-sister to the undefeated juvenile Echo Zulu who captured the Grade 1 Spinaway Stakes eight days prior to the sale.

Yearlings from the first crops of Triple Crown winner Justify and Grade 1 winner City Of Light fetched some of the sale’s top prices. Justify was represented by 61 yearlings who sold for $22,431,000, led by a colt for $1.55 million. City Of Light grossed $17,525,000 for 47 yearlings and sired the highest-priced horses in two sessions.

Strongest market

“The market is probably the strongest we’ve seen here in the last 15, 20 years in terms of depth of the buying bench and quality of the prices,” said Aidan O’Meara of Stonehaven Steadings, consignor of a $1.55 million Justify colt.

“We’ve never been as busy at the barns with the number and intensity of the buyers and the number of shows. The amount of back ring action in the past couple of days has been astonishing. We were very fortunate with a couple of big touches, but the market held all the way through until the last one we just sold.”

Keeneland made several adjustments to the sale format that were well received. Chief among them was that week one was structured so that Books 1 and 2, which consisted of two sessions each, were held on four consecutive days before the sale took a one-day hiatus. Keeneland once again offered online and telephone bidding to facilitate buying. Online bidding resulted in the sale of 135 horses for a total of $19,206,500.

Taylor Made Sales Agency was the leading consignor at the sale for the seventh consecutive year and the 23rd year overall since 1988. Taylor Made sold 304 yearlings for $37,306,500.