Market Strength Rolls Into Keeneland November Book 3

Thanks to a deep buying bench that is driving demand, the Book 3 opener at the Keeneland November Breeding Stock Sale Nov. 13 saw gross sales increase by nearly 45% compared to the same session a year ago. The sale's fourth session was highlighted by a $550,000 mare and posted gains across the board, as did the aggregate results for sessions 1-4. 

After the first four sessions of the sale, Keeneland reported that a total of 855 horses sold from 1082 offered for gross sales of $148,588,500, an average of $173,788, and a median of $120,000. The cumulative RNA rate is 21%. At the same point a year ago, 801 horses had sold from 1,029 offered for a gross of $121,741,000, an average of $151,986, and a median of $85,000. The RNA rate at that point was 22.2%.

On Saturday alone, 252 horses sold from 330 offered for gross receipts of $19,981,500, an average of $79,292, and a median of $65,000. The day's RNA rate was 23.6%. At the same session a year ago, 241 horses sold from 300 offered to gross $13,796,000, average $57,245, and have a median of $40,000. The RNA rate was 19.7%. In 2020, the co-highest price of session 4 was $300,000, shared between two mares and a weanling.

Numbers for this year's sale will continue to be updated due to post-sale reports.

Lane's End Stocks Up to Support Code of Honor

Saturday's leading buyer was Code of Honor, LLC/L.E.B., agent, with Lane's End Farm sourcing mares to breed to grade 1 winner Code of Honor   in his first season at stud next year. During the sale's fourth session, bloodstock agent David Ingordo signed for eight mares that together cost $1 million.

"Mr. (Will) Farish believes highly in the horse and he and Bill (Farish) want to get some mares gathered up to support him, so we're going to do everything in our power to help make the horse," Ingordo said. "We're showing our support for him. Hopefully breeders will realize our commitment. We're not only going to breed mares to him, we're going to buy foals, yearlings, 2-year-olds. We're going to try to put them in a program, spread them out to different trainers, and make some things happen. The horse was immensely talented."

Code of Honor, a homebred for Will Farish trained by Shug McGaughey, is being aimed at the Nov. 26 Clark Stakes Presented by Norton Healthcare (G1) at Churchill Downs. Depending on that result, a trip to Gulfstream Park for the Jan. 29 Pegasus World Cup Invitational (G1) could be possible before the horse begins his stud career.

"We don't stand a horse that we don't support… If you look at our track record of success on the racetrack, a number of them are by our stallions," Ingordo said. "The first crop of Twirling Candy  , we got Gift Box  . The first crop of Honor Code  , we got Honor A. P.   The farm and all of our mutual clients support our horses. We bought a few in foal to Game Winner  . We're pretty high on Game Winner, obviously City of Light  . We support our own and we encourage the breeders to do it too because we support them when they support us."

Over the full sale, through Saturday, Code of Honor, LLC has purchased a total of 12 mares that cost a combined $1,780,000 at the Keeneland November sale. 

"It's difficult. We had originally budgeted a certain amount. After the first bit of the sale we decided if we're going to accomplish the goal, we had to increase our budget a bit," Ingordo said. "We still get outbid plenty but we're getting mares that suit the horse and suit what we're trying to do with good covers. It's challenging but we're getting it done."

Taylor Made Sales Agency was the leading consignor Saturday, selling 23 horses for $2,571,000. Close behind them in second was Lane's End, which sold 25 horses for $2,201,000.

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The Godolphin consignment was third in gross receipts with $2,170,000 from 15 sold, but their offerings had the highest average of the day at $144,667. Popular from the group were mares in foal to Bernardini  , who succumbed to complications of laminitis in July.

Saturday buyers were keen to get the nine mares in foal to the late Darley stallion, all consigned by Godolphin. Each one of them sold to average $169,444. They included the session topper, Belle Street (Hip 1153), a 3-year-old Street Sense   filly who sold to Gary Broad/Walmac Farm for $550,000.

"She's a nice type of mare, good-looking mare from a very good family… so she deserved to make plenty of money, but she made well over what we would have valued her at and what her reserve was," said Michael Banahan, director of farm operations for Godolphin USA. "But it's the same with everything we've had go through the ring so far. You can probably put an extra 20-35% on top of what we were valuing mares at. It's just been an unbelievably strong market."

The day's top weanling was a $210,000 Nyquist   filly (Hip 1183) from the female family of grade 1 winner Dream Tree . Robert O'Callaghan signed the ticket as Bolter Bloodstock for the filly offered by Taylor Made and said she will be pinhooked next year as a yearling.

John Mulholland, who bought two mares Saturday, including the graded-placed stakes winner Ask Bailey  (Hip 1131) from the Taylor Made consignment for $255,000, said it was difficult to secure the final bid on quality offerings due to the competitive market.

"It has reminded me a little bit of the maybe 15, 20 plus years ago where the foals seem to be selling fine but the mares seem to be just outrageous," Mulholland said. "I'm happy to have gotten her, I'm sure I paid plenty for her, but that seems to be what's going on out here.

"It is a strong market and if you're going to buy something you better really like it, because they're going to make you pay for it."