Keeneland September Rolls Into Book 3 With Robust Trade

It was another robust day of trade Sept. 15 as the Keeneland September Yearling Sale moved into Book 3, with an attractive son of Quality Road  leading the way at $510,000.

Consigned as Hip 1385 by Select Sales, agent for Machmer Hall Farm, the colt was purchased by China Horse Club and Maverick Racing—the racing arm of WinStar Farm. The colt was produced from the Unbridled's Song mare Spring Storm, who has also produced multiple grade 3 placed Stainless. His female family extends to Countess Diana, a Breeders' Cup Juvenile Fillies (G1) winner and champion 2-year-old filly.

Keeneland reported 256 horses were sold during the auction's sixth session for gross receipts of $30,025,000 million, an average price of $117,285, and an $85,000 median. The 110 yearlings that failed to find a buyer represented an RNA rate of 30.1%.

Session-to-session comparisons are difficult since this year's auction was reformatted, with fewer numbers cataloged for Books 1 and 2. Sale company officials have said the only accurate measure of this year's market with 2018 would come following the sale's conclusion Sept. 22. However, Keeneland reported the comparable session for 2018 would have been the seventh day in which 289 horses averaged $77,372 on total receipts of $22,360,500, with a $55,000 median.

Cumulatively, from 1,720 cataloged through Sunday,1,041 yearlings have sold for $288,073,000 at an average price of $276,727 and a median of $200,000.

A filly from the first crop of multiple grade 1 winner Frosted  was bought by trainer Kenny McPeek, agent for Walking L Thoroughbreds, for $500,000. Consigned by Runnymede Farm, agent, she is the first foal of the Scat Daddy mare Dream to Dream, a full sister to multiple group 2 winner Daddy Long Legs . The final price was the second-highest price on the day

While the seven-figure level was not achieved Sunday, it was a competitive marketplace and many buyers were still unable to purchase exactly what they wanted at the desired price level.

WinStar's Elliott Walden said the strong market reflected the current level of purses that can be earned at the track, spurring investment opportunities.

"For me, looking at the dynamics of everything in the industry, there is not a better time that I can remember to be an owner in the industry," Walden said. "They're running for $90,000 at Churchill Downs and $130,000 at Kentucky Downs, and $90,000 at Saratoga Race Course. The expenses had to go up because of the cost of hay, feed, labor, but now the purses are catching up. It's a good time to be in the horse business from an economic standpoint."

Unlike many recent auctions in which there was intense competition for those horses that "ticked all the boxes" with pedigree, looks, and no veterinary issues, the current sale has greater depth said Carrie Brogden of Select Sales.

"It looked to me that the horses that hit the target are selling, and the ones that didn't hit the target are also selling. There is more depth of buyers and my owners are being more realistic in selling the horses. We're adjusting reserves and people are wanting to trade. I think people are feeling good with the economy. And I think a lot of the publicity about racing is helping."