Keeneland Book 2 Sees New Sale Topper at $1.7M

A new sale topper, robust commerce leading to elevated numbers, and the emergence of first-crop yearling sire City of Light   to the top of the day's sire standings were among the highlights of an energetic first Book 2 session Sept. 15 at the Keeneland September Yearling Sale.

"This was one of the best sale days we have seen in a while. Every time you picked your head up, there was another yearling going for $500,000 or $600,000," said Tony Lacy, vice president of sales for the Lexington organization.

Or for $1.7 million, as was the case with the sale's new top price, a striking City of Light colt consigned by Rosilyn Polan (Sunday Morning Farm) as Hip 612 and acquired by Woodford Racing, Talla Racing, and West Point Thoroughbreds. Bred in Kentucky by Polan, the colt is out of the stakes-placed Tapit   mare Anchorage, whose family goes back to the classic Pin Oak Stud dam Wedding Vow, producer of grade 2 stakes-winning sire Broken Vow   and stakes winner Threshold .

"In the last 15 years, we haven't had a Book 2 horse be the sale topper on Day 3. We have found a lot of consistency—the momentum from Book 1 has flowed into Book 2," Lacy said. "As a whole, the two top prices of the day were either homebreds or smaller breeders; that's a real score. Eight out of the 10 top prices were from young sires.

"There is a lot of optimism, very diverse buyers, and I think we are seeing end users and new money. There is a positive vibe on the grounds, and it will lead up to an exciting day tomorrow."

Upon the conclusion of the third session, Keeneland reported 211 horses sold for receipts of $60,996,000, an average price of $289,081, with a median price of $230,000 for the 283 horses through the ring. The Day 3 RNA rate was 25.4%, with 72 horses failing to meet their reserve for the session. 

For the 2020 sale's third session, Keeneland reported that, including post sales, 206 sold for receipts of $43,246,000, an average price of $209,932, seeing a median price of $167,500 for the 303 horses under the hammer, followed by an RNA rate of 32%, with 97 horses not selling.

After Day 3, cumulative figures, including post sales, reflect 433 horses sold of the 599 that went through the ring, grossing $154,628,000, an average price of $357,109, with a median of $280,000. The cumulative RNA rate was 27.7% with 166 horses not selling. 

After the same session in 2020, cumulatively 434 horses sold of the 649 offered, grossing $132,116,000, an average price of $304,415, with a median of $145,000. There were 215 horses that failed to meet their reserve, representing a 33.1% RNA rate.

Keeneland continues to update its statistics with post-sale purchase prices, which can cause later changes in overall numbers.

"The depth of the market (is impressive). Apart from the two million-dollar horses, we had 26 others bring over half a million today," said Cormac Breathnach, director of sales operations for Keeneland. "(Horses are) going to a broad base of buyers, particularly domestic demand in today’s case. We have seen new money, through the credit applications, go to work today."

The inertia from Book 1 could be felt throughout the day by the rapid-fire bidding for horses throughout the pavilion.

"Optimistically, we hoped for today, and we don’t see it abating yet. It should last for a while, as there are a lot of people that haven’t bought a horse yet," Breathnach said. "The second week hasn't arrived yet."

Consignor Machmer Hall sold six of their eight yearlings offered Wednesday, and the operation's Carrie Brogden said there was a pre-pandemic feeling to the action.

"The market is very fair, not crazy, but fair," she said. "I'm happy; I feel like things are selling, horses that don’t have a perfect vetting and are nice are still getting sold; I'm not saying they aren't discounted, but they are getting sold. It feels like it did before the pandemic—it's back to normal now."

The day's leading consignor Gainesway sold 21 head with gross receipts of $7,900,000, with their yearlings carrying an average price of $376,190. Gainesway is also running away with the cumulative consignor lead, with 45 head sold for gross receipts of $20,865,000, an average of $463,667, and three horses past the $1 million mark.

Gainesway's general manager Brian Graves summed up the market succinctly: "It's good for the horses that get through all the hoops. For anything that's not special, it’s difficult."

The partnership of SF Bloodstock, Starlight, and Madaket, with Donato Lanni as agent, was the top buyer of Wednesday's session, with gross receipts of $2,740,000 from four horses.

Terry Finley, CEO and president of West Point Thoroughbreds, found the market challenging.

"Not easy at all, but that’s all relative. There’s been a (move) to quality across the whole world," Finley said. "People like quality things, you know, expensive watches, expensive jewelry, expensive cars, expensive boats. We can't think that our business isn't going to go up too, especially for the cream of the crop, or what is perceived to be the cream of the crop. It's exciting."

Breathnach said, "Everyone wants a consistent format, which has been our goal since we arrived; people like the format this year—it's certainly paying off. 

"People are excited about what they are buying and sticking around," Breathnach said.

"The new leadership at Keeneland has made all of our lives and communication so much better. It's helped facilitate everything to move forward," said Brogden. "It's a much more inclusive environment."

Consignor Tommy Eastham of Legacy Bloodstock echoed the enthusiasm of his peers.

"The market is fantastic, for all that people say about the industry dying. We aren't a perfect organization, but we have a great sport, a wonderful community, we are kind to our horses. The handle is up, and the sales are up, the volume in the barns is up—it's a great time to be in the horse business" he said.

Day 4 of the Keeneland September Sale continues Sept. 16 at 11:00 a.m. ET, when Hips 750-1097 are set to go through the ring.