Keeneland September Sale Business as Usual

The 78th edition of the Keeneland September Yearling Sale may appear on the surface to be business as usual when the action kicks off Sept. 13 in Lexington, thanks to the immaculate behind-the-scenes work of an experienced staff.

This will be the first sale, however, where new vice president of sales Tony Lacy and director of sales operations Cormac Breathnach step into action as former director of sales Geoffrey Russell retires.

Russell announced his retirement in April of 2021; the veteran horseman held his position at Keeneland for 25 years—the longest of anyone in Keeneland history. He will be seen on the grounds through the end of this year acting on a consultant basis.

The Thoroughbred industry's largest auction, extending to Sept. 24 with just one dark day (Sept. 17), this year's Keeneland September sale features 4,037 yearlings in a catalog that spans 11 sessions. Book 1 sessions on Sept. 13-14 begin at 1:00 p.m. ET, Book 2 sessions Sept. 15-16 start at 11:00 a.m., and Books 3-5 begin at 10:00 a.m.

The catalog boasts first dams whose produce have notched 134 grade 1 winners, 109 grade 2 winners, 159 grade 3 winners, and 345 stakes winners, as of Sept. 9.

"Just through the weekend, we had four different updates in Echo Zulu  (a half to Hip 43) winning the Spinaway Stakes (G1), Yaupon   (a half to Hip 73) winning the Forego Stakes (G1) on Aug. 28, Grace Adler  (a half to Hip 99) winning the TVG Del Mar Debutante Stakes (G1), and Gunite  (a full to Hip 539) winning the Hopeful Stakes (G1)," Breathnach said. "It rubberstamps the quality of the catalog.

"There is tremendous energy in the buyer base right now and the fan base."

"We are optimistic; there is some pent-up demand. With Del Mar and Saratoga purses being healthy, along with syndications having an excellent year, it's encouraging people to get involved and excited," Lacy said. "Exposure has been elevated this year through Fox Sports and NBC. People are ready to get out and reload."

While the COVID-19 pandemic is still on everyone's mind, Keeneland will continue to practice social distancing protocols to keep customers safe. Online remote bidding and bidding by phone through the Keeneland Sales Portal online will be available for buyers to help navigate the industry's changing landscape through the pandemic.

"Procedures will be on personal accountability. There will not be a requirement to show proof of vaccination, but we strongly encourage people to wear a mask while indoors," Breathnach said. "Keeneland personnel will be required to wear a mask while indoors; unvaccinated employees will be tested weekly.

"On-site COVID-19 testing will be available every Tuesday to clients and in-house personnel."

International clients can look forward to more relaxed restrictions on travel to Kentucky this year.

"The willingness to participate from our foreign clients is higher than it has been in years, with no restrictions on many countries, including Japan," Lacy said. "The European countries have had a strong influence here over the past years. We are reaching out to our representatives to help bring in the strong economic driver of overseas clients. There have been some challenges, but we feel for the vast majority everyone will be here."

"The sales this summer leading into the September sale have been strong, being a domestic buying bench; it's been solid thus far," said Conrad Bandoroff of Denali Stud. "September is as international of a marketplace as anywhere in the world. We are looking forward to seeing familiar and foreign faces. Keeneland has worked hard to get everyone here, and we are going to see a continuation of the strength we have seen this year."

The 2020 Keeneland September Sale saw 2,481 yearlings out of 4,272 cataloged change hands for $248,978,700. Donato Lanni as agent for SF/Starlight/Madaket was the leading buyer by gross, securing 28 horses for total receipts of $11,250,000. Stalwart consignor Taylor Made Sales Agency finished the two-week span as leading consignor grossing $29,783,400 with 252 horses sold. Medaglia d'Oro   was the leading sire by average at the conclusion of the sale, with 18 of his yearlings selling for an average price of $599,722. Spendthrift Farm's popular sire Into Mischief   was leading sire by gross, culminating with 57 offspring changing hands for receipts of $25,401,000.

A son of Tapit   out of grade 1 winner Tara's Tango , by Unbridled's Song , consigned as Hip 435 by Eaton Sales, agent for Stonestreet Bred & Raised, topped last year's sale, selling for $2 million to Eclipse, La Penta, Gainesway, and Winchell. The colt, now named Capensis, has yet to start but has published recent works at Belmont Park.

Return of the Market

Results for yearling sales in 2021 have shown a high return for breeders and consignors, with buyers happy to be back doing what they love—buying future racehorses. To date in North America there have been 1,461 yearlings offered this year, with 1,116 of those sold, bringing an average price of $92,925.

Consignors were busy over the weekend in the barns on the Keeneland sales grounds as horses were out on display to clients on the first day of showing.

"We are excited to be here at Keeneland," Kerry Cauthen of Four Star Sales said. "The market is good, as we continue to do the seesaw out of COVID-19, we hope. It's not perfect. I think earlier in the summer we all thought it would be easier, we have had a few blips with getting the Europeans here. Horse people find a way, and Keeneland has done a good job of getting everyone over here."

For the first time, an RNA reoffer program will be put into play at Keeneland. After the final cataloged hip of Session 2 goes through the ring Sept. 14, consignors will have the opportunity to reoffer any hips from the Sept. 13 first session that failed to meet their reserve. These reoffered horses will run through the ring a second time with a reserve in place that is within 15% above or below the initial hammer price.

"It is a safeguard, and sometimes at the beginning of a sale, the market may not have formed yet. Every horse and client is important to us. If we can put a safety net in place to help people feel more comfortable, giving a second layer of security," said Lacy.