From Breeders' Cup to Breeding Stock Sale for Keeneland

As bright sunshine broke through the Central Kentucky horizon the morning of Nov. 8, there was a bevy of activity at Keeneland.

While crews were busily taking down the trappings of the Breeders' Cup World Championships that had been held at the racetrack Nov. 6-7, buyers went about their business inspecting horses being offered during the November Breeding Stock Sale that begins Nov. 9, with a session that begins at noon.

A total of 3,803 horses have been cataloged to the auction that consists of 10 sessions through Wednesday, Nov. 18. Each day following Monday begins at 10 a.m.

The offerings include in-foal broodmares, weanlings, and racing and broodmare prospects, including a group that was scheduled to participate in the Breeders' Cup. Stallions represented by their first crop of weanlings include undefeated 2018 Triple Crown winner Justify .

"The November sale is a globally important source of premium bloodstock, and the Breeders' Cup at Keeneland immediately beforehand will only heighten the excitement surrounding the sale," Keeneland president-elect and interim head of sales Shannon Arvin said. "This year's catalog features a number of unique offerings, led by stakes-winning fillies, among them ones scheduled to compete in the Breeders' Cup, and stakes-producing mares in foal to leading sires. Weanlings are another important segment of the November sale, and we are especially excited to see members of the first crop of foals by undefeated 2018 Triple Crown winner Justify. Meanwhile, the portion of the sale dedicated to horses of racing age has proven very popular with trainers."

Keeneland's COVID-19 protocols will remain consistent with the September Yearling Sale, with access to the Keeneland grounds limited to sales participants who have credentials through the Virtual Badge app. All Keeneland employees, consignors, and staff, as well as veterinarians and staff, farriers, van representatives, media, and any other essential staff who will be interfacing with the public on a daily basis must have proof of a negative COVID-19 test within 10 days of their first entry to the Keeneland sales grounds.

Remote bidding options at Keeneland sales integrate directly with the live auction experience in real time, and buyers are able to place bids via the internet and telephone.

From a catalog totaling 4,572 last year, Keeneland reported 2,671 horses were sold for gross receipts of $200,135,200 over the course of 12 days. The cumulative average price was $74,929 with a $25,000 median. There were 14 horses sold for seven figures.

Geoffrey Russell, Keeneland's director of sales operations, said an anticipated decline in sales as a result of the global pandemic was primarily responsible for the lower number entered this year.

"The September sale is the crop and the November sale is the factory, and breeders are retaining their mares or their weanlings in hopes that 2021 will be a better market," Russell said following this year's Keeneland September Yearling Sale.

Among the featured offerings cataloged in Book 1 this year as racing/broodmare prospects are grade 1 winners Concrete Rose, Con Te Partiro, Ollie's Candy, Oleksandra, and Lady Prancelot, 

Top broodmares include Expo Gold, the dam of Preakness Stakes (G1) winner Swiss Skydiver; Indian Miss, the dam of champion sprinter Mitole ; grade 1 winner Ball Dancing; Greer Lynn, the dam of grade 1 winner Mia Mischief; Canadian champion Holy Helena; Itsagiantcauseway, the dam of grade 1 winner Mucho Gusto; Tizahit, the dam of grade 1 winner Come Dancing; Hightap, the dam of grade 1 winner Halladay; and Unicorn Girl; the dam of grade 1 winner Jackie's Warrior.

While the high-profile fillies and mares attract the top-end buyers, especially in the current environment in which the quality lots are bringing a premium, there is value to be had throughout the catalog.

"We're always looking for opportunities no matter where we go," said Patrick Morrell, who is buying mares, including some to be bred to the recently retired American Anthem . "At these breeding stock sales you have to be willing to grind it out. You've got to go all day, and if you do, you will find some diamonds in the rough that fall through the cracks. You have to be persistent, find that horse that has been cataloged in the wrong book and maybe should have gone in a later book."

Given the uncertain market this year as a result of COVID-19, some breeders are reluctant to part with their broodmares and wait for what will hopefully be a post-pandemic 2021.

"We have a lot of clients who decided they were going to hold and not liquidate stock this year, foal them out and see what the auctions look like next year," said Christopher Shelli of Fort Christopher's Thoroughbreds, whose consignments at Keeneland and The November Sale, Fasig-Tipton's breeding stock sale, are smaller than usual. "We've got clients who are in the breeding game for the long haul, and they're willing to weather the COVID storm."

Buyer John Greathouse III of Glencrest Farm said he was hopeful for a buyer's market in his search for weanling pinhook prospects and mares to replenish the farm's broodmare band.

"We're trying to reinvest in some mares, whether it be maiden mares or something we can flip, as well as weanlings," he said. "We're looking for value. I think it is going to be a good buying opportunity in the right spots. All along (during the pandemic), good horses have brought plenty of money. That's going to hold true here. If you have a nice animal, you're going to get good money for it. You have to use your imagination and find one that not everybody else is going to like.

"Generally, Book 1 is out of our price range, but we're going to shop anyway. You can't buy them if you're not ready."