Keeneland November Sale Enters New Phase

The Keeneland November Breeding Stock Sale entered a different phase Nov. 7 with Book 2, and although the seven-figure level proved elusive, it was a competitive and vibrant market.

From 413 horses cataloged for the day, Keeneland reported figures on par with last year's second session, as 235 horses were sold for $36,205,000, an average price of $154,064 and $125,000 median. During last year's comparable session, 234 horses averaged $155,436 on total receipts of $36,372,000, and the median was the same. The 65 horses that went unsold Thursday represented 21.7% of the total through the ring.

Cumulatively, from 697 cataloged, 401 horses have been sold through the first two sessions for an aggregate $107,704,500, trending 9% ahead of last year's $97,955,500 paid for 368 horses. The cumulative average is almost identical—$268,590 this year versus $266,183 a year ago—and the median is up slightly from $180,000 to $185,000. The cumulative RNA rate is 22.3%.

Geoffrey Russell, Keeneland's director of sales operations, said young mares in foal to top established or first-year stallions were in demand, as were weanlings perceived to have the best potential for future success.

"The mares that were young and well covered (by stallions) sold exceptionally well, and the foals have strong criteria they have to follow through and those that made the criteria also sold exceptionally well," Russell said.

Russell said the strong weanling market was driven by more activity from end-users—owners buying for their own stables rather than buyers purchasing to resell as yearlings—and a buoyant yearling market this year.

"We've seen a trend of some end-users coming into the weanling market and that would be true, and over the last three years the yearling market has been exceptionally good, and that gives confidence to pinhookers to participate at a certain level," Russell said, adding that whether a weanling gets sold or not comes down to whether the veterinary radiographs and scopes are positive. "But they have to vet, and if they vet, the sky's the limit, and if they don't vet, they don't.

"I think the best statistic of the day was the not-sold rate," Russell said. "The clearance rate was very, very good, and I think that bodes well for the rest of the week."

The session topper was Conquest Eclipse (Hip 570), a mare in foal to Triple Crown winner Justify  bought by Fred and Nancy Mitchell's Clarkland Farm for $650,000. Consigned by Francis and Barbara Vanlangendonck's Summerfield, the 7-year-old Malibu Moon  mare placed second in the Chandelier Stakes (G1) and third in the Del Mar Debutante Stakes (G1).

Thursday's top-priced weanling was a colt by Quality Road  from the family of multiple grade 1 winner Zazu and grade 2 winner Flashback  that sold for $600,000 to China Horse Club and Maverick Racing. Out of the Birdstone mare Princess Aspen, the colt was consigned by St George Sales, agent.

Among the most active buyers Thursday was Florida horseman Nick de Meric, who bought seven weanlings during Book 1 and was hard at it again during the second session. His six foals purchased Thursday for total receipts of $915,000 were topped by Hip 297, a $200,000 American Pharoah  filly from the consignment of James Keogh's Grovendale. 

Although he was able to get a half-dozen foals during the second session, de Meric said it was hard to get what he wanted.

"We're chipping away at it," de Meric said, noting some of his purchases were bought to be resold and others were to be raced. "As usual, there is plenty of competition for the more desirable offerings. Nothing is easy, and we're getting outrun plenty of the time, but we're loading up a few nice foals and sending them back to Florida. Some of them will be going straight to the races, with some possible pinhooks in the group, too."

Like many participants at the Keeneland sale, de Meric was coming off a successful Breeders' Cup, with Spun to Run winning the Big Ass Fans Breeders' Cup Dirt Mile (G1). A 3-year-old son of Hard Spun , Spun to Run was sold by de Meric Sales for $64,000 at the 2018 Fasig-Tipton Midlantic 2-Year-Olds in Training Sale.

"It's tremendously exciting," de Meric said of the Breeders' Cup success. "We all live, eat, and breathe these big races, and when a horse you're connected to has a little success on a major race day, it is enormously gratifying for my whole team and everybody at home."

The sale continues through Nov. 17 with sessions beginning at 10 a.m.