Robust Trade Kicks Off Keeneland November Sale

It was a robust start to the Keeneland November Breeding Stock Sale Nov. 6 as fervent demand for broodmares and foals of 2019 fueled a dynamic market that set the tone for the rest of the sale that continues through Nov. 17.

From 284 cataloged for the day's session, Keeneland reported 163 horses sold for gross receipts of $70,449,500, a 14.4% increase over the $61,583,500 aggregate paid for 134 horses during Day 1 a year ago.

The average price fell 6.0% to $432,206, and the median declined 14.3% to $300,000. The 53 horses that failed to sell represented an RNA rate of 24.5%, compared with 21% a year ago.

There were 14 seven-figure transactions, including two offered during the supplemental catalog. Last year, there were eight horses sold for seven figures.

(Effective with this sale, Keeneland has adopted the policy of many other sales companies to incorporate post-sale transactions of horse that were initially RNA'd that are sold privately while on the sale grounds. The numbers are also reconfigured for previous sales.)

The top-priced weanling of the day was Hip 167, a colt by Curlin  out of the grade 3-placed Macho Uno mare Banree. Bred in Kentucky by Pippa's Hurricane, the weanling was consigned by Eaton Sales, agent, and was purchased for $750,000 by Larry Best's OXO Equine. The colt's second dam, Grand Glory, produced Gloryzapper, who was sold to Summer Wind Farm for $1.5 million during the final minutes of Wednesday's sale. 

Not all the high-end product found a new home Wednesday, as Dame Dorothy, offered as Hip 213 by Stone Farm, went unsold on a final bid of $3.1 million. The grade 1-winning mare by Bernardini  is in foal to Uncle Mo .

"If you have a nice mare or you have a nice weanling, there are lots of folks that want to buy it," said Bob Elliston, vice president of racing and sales at Keeneland. "It's hard to get those bought. There are reserves (prices) that are getting blown away with people buying them. It's not every horse. We know there is a selective component to this market."

Elliston said the horses added to the sale in the supplemental catalog reflect the flexibility of Keeneland to attract horses closer to sale time.

"There are no time restraints on this or waiting," he said. "The last three hips in the supplements totaled about $3 million in sales, and that speaks volumes about what Keeneland can do to let the market know those horses are here. Our people work hard to recruit those horses, and our marketing team got that message out." 

Topping the day's action at $3.2 million was champion Take Charge Brandi, a daughter of Giant's Causeway in foal to Triple Crown winner Justify . She was purchased by John Sikura of Hill 'n' Dale Sales Agency, which was buying out partners as part of the Elevage Dispersal that Hill 'n' Dale handled.

For the most part, consignors felt good about the level of trade Wednesday, and buyers said it was tough to buy what they wanted.

"I thought the market was really good," said Duncan Taylor of Taylor Made Sales Agency. "Just walking around here, it didn't seem like as many people were here, but the horses were selling good, so I think it's a good, strong market. We didn't have that many buybacks today. We sort of have our consignments broke down into zones. The zone we were in, we had 19 horses, sold 17 of them."

"I think it's been fair," said Conrad Bandoroff of Denali Stud. "I wouldn't be doing backflips. You lead a quality offering over here, they sell well. It's sticky in a few spots. Mares that have had a few foals without any exposure, you're going to have to set a realistic reserve and get them moved. Breeding is a tough game, and I just hope we have enough people who want to breed."

Bandoroff said it was significant that Japanese buyers played such a major role in Book 1.

"I wish we had a stronger domestic buyer bench for some of these mares," he said. "The Japanese have been very active today. They've had great success with American horses, so they know they can take them home and have success with (them). They've had a tremendous impact on this market."

"You can't get too out of hand with your reserves," said Kerry Cauthen of Four Star Sales. "You see all the fireworks, and there have been a lot of fireworks, but you have to keep your expectations realistic."

Randy Hartley and Dean DeRenzo, Florida-based buyers seeking young horses to resell later as 2-year-olds, found the market particularly competitive. Fueling that competition was the strength of the North American yearling market this year and greater participation by stable owners buying horses at a younger age.

"We've not just been getting outbid, but we've been hammered," Hartley said. "It's good for the market. I'd much rather see it this way than the opposite. Pinhookers have hardly been getting any horses at all. I think end-users are trying to get an edge on the yearling market. They feel like they can save a little by buying them now. I have talked to several end-users, and they're buying weanlings to race. It seems like a long way down the road, but they're trying to get that edge. It's going to be tough for us, but I'd rather it be that. You want to buy in a good market."

The sale continues Thursday, with a session beginning at 10 a.m. ET.

Additional reporting by Christine Oser