Keeneland January Kicks Off 2022 Sales Scene

As many people look forward to what's to come in the new year, the Thoroughbred industry is doing the same with hopes the Keeneland January Horses of All Ages Sale carries on the strong, rebounded market seen in 2021.

"Overall, there was a lot of anxiety going into 2021," Keeneland's vice president of sales Tony Lacy said of the year that followed the onset of the COVID-19 pandemic. "The fact that the market was so strong last year, and in many cases an increase over 2019, it alleviated a lot of pressure off breeders and took a lot of anxiety out of the atmosphere. November was strong, optimistic, and quality sold very well. I think as we go into January, it's always been a great place to sell quality stock because it's a smaller sale, a new year, and people are fresher and probably more rested than they were coming into November."

Traditionally, the Keeneland January sale has been ushered in by cold temperatures, snow, and many jackets to keep warm. That's already held true this year, to the point that Keeneland pushed back both the initial ship in date and the sale start by one day after Lexington received 10 inches of snow Jan. 6. The sale now begins Tuesday, Jan. 11 and will span through Friday, Jan. 14 with daily sessions starting at 10 a.m. ET. This year, Keeneland accepted additional entries up to the week before the sale to bring the total number of cataloged offerings to 1,631 before outs were accounted for.

"Each January is completely different," Mark Taylor of Taylor Made Sales commented. "The September sale is predictable; it's the core hub of the yearling market. The November sale is typically more consistent because it's the bulk of breeding stock, but January can fluctuate at the top end. This year, I think the sale might be a bit light at the very top end, which might affect the averages, but overall I think the market is going to be very good. There is a lot of rollover demand from November; people couldn't get enough horses bought or got shut out. Yearlings are going to be strong, and mares with quality are going to be tough to buy."

The 2021 Keeneland November Breeding Stock Sale was a big success—halfway through the sale gross figures already surpassed the total gross amount of the 2020 edition, and it finished with a record median price of $37,000. The Thoroughbred industry enters 2022 optimistic that trend will continue at the January sale.

"We all talked about the strength and depth of the November sale through to the end. It didn't leave us the impression of the market being overheated, but interactive, energetic, and vibrant," Cormac Breathnach, Keeneland's director of sales operations, commented. "That type of strong middle market that we witnessed over the past six months, (at least) for the yearling and breeding stock sales, have put a lot of people in play to where they feel like they can reinvest and see how they are going to get out … and get out very well. I think the energy coming into the January sale is as good as it's ever been in a long time."

Lane's End Farm finished as the 2021 Keeneland January sale's leading consignor by gross after selling 78 head for receipts of $8,741,200. That consignment was headlined by the dispersal of the Estate of Paul Pompa Jr., which included the co-sale topper Regal Glory , who was purchased by Peter Brant's White Birch Farm for $925,000.

"The November market was buoyant for any sort of horse that had a good physical and was quality, and it could have been a well-bred horse or a horse by a $5,000 or $10,000 stallion. If it had a good physical, breeders were rewarded at the sale," Allaire Ryan, Lane's End director of sales, said. "I think that will continue through this sale. There were plenty of people in November that were there from Book 1 through to the end of Book 5 trying to get their orders filled, which is always encouraging to see as a seller. Keeneland January is a good sale to showcase a horse that you wanted to stand out a bit more in a smaller catalog."

This year 115 supplemental entries were added to the sale (before outs), many of which are selling as racing or broodmare prospects and racing or stallion prospects with current form.

"We have had a lot of requests for late entries, and we have taken a lot of supplemental entries for this sale. The message we were receiving from the second week of the November sale and through to now was 'we want to sell here, we want to be here.' People are coming back to the sale and with a lot of momentum, which is evidence of the consistent pattern of entries in the sale," said Breathnach. "Buyers are excited because a lot of people haven't gotten all of their orders filled adequately, especially with the short yearlings, and the market is ripe for mares with progeny. We are expecting strong attendance."

The addition of Lacy and Breathnach to Keeneland sales last year has been received with a warm welcome from buyers and consignors.

"I think it's a credit to the sales company to continue accepting supplemental entries, increasing their flexibility and willingness to work with people, giving owners the ability to make maybe a late decision on whether to bring something to the market or not," Ryan said. "It's nice to have that opportunity as sellers, whereas in the past, the deadlines have been stricter. I think a lot of times when you have quality supplemental entries, and it helps the rest of the sale, it doesn't necessarily mean horses are competing with each other, but it helps boost the overall sale in terms of momentum and strength."

"We are seeing people having a little more excitement for the current market and how things have gone," said Lacy. "There are a lot of new faces here at Keeneland. Possibly people were a bit tentative to see how things were going to run and be received. Because of the confidence that was built, it has helped generate excitement, and people are coming to us requesting to get horses in. We are excited and encouraged by that."

Exciting offerings to go under the hammer include Justly (Hip 176), a 2-year-old filly by Justify   out of champion Take Charge Brandi  that is a half sister to Courvoisier , winner of the Jan. 1 Jerome Stakes. Justly sells as a racing or broodmare prospect with Hill 'n' Dale Sales Agency, agent, on the first day. Also on the first day, eight-time stakes winner Hello Beautiful  (Hip 430G) sells as a racing or broodmare prospect with ELiTE, agent. Among those selling on the third day is millionaire and grade 1 winner Math Wizard  (Hip 1224E), who captured the 2019 Pennsylvania Derby (G1). He sells as a racing or stallion prospect with Taylor Made Sales, agent.

"We feel excellent about the depth and strength of the catalog, not just at the top but all the way through," Breathnach said. "One horse that certainly comes to mind as an exciting offering is Co Cola  (Hip 492), the dam of Search Results  who was second in the Longines Kentucky Oaks (G1) of 2021. The young mare is back in foal to Flatter   and due in March. She has appeal everywhere, especially for our European clients. She headlines the sale in that regard as a classic offering. James Keogh consigns the mare through his Grovendale marque.

"There are a lot of fillies being sold as racing or broodmare prospects that could go on or retire to the paddocks like Bella Vita  (Hip 462), who ran second in the Go for Wand Handicap (G3). She is a multiple stakes winner and from a tremendous family. She is selling with Eaton Sales. Miss J McKay  (Hip 223) won or placed in seven consecutive stakes at 2 and 3 years old and just won the Abundantia Stakes on New Year's Eve at Gulfstream. She's an either-or—you could have a lot of fun with her in 2022 or she could retire to the paddocks and do very well. Hello Beautiful (Hip 430G) is another one. The last two are selling with ELiTE. Inthemidstofbiz  (Hip 428) won the Thoroughbred Club of America Stakes (G2) here at Keeneland in 2020. She is offered as a broodmare prospect through Buckland Sales. There is depth all the way through and some prime offerings."

For consideration are 726 short yearlings, 512 broodmares (with 452 currently in foal), 124 broodmare prospects, 217 racing or broodmare prospects, 32 racing or stallion prospects, 14 racing prospects, four stallions, and two stallion prospects before outs are accounted for.

"Lane's End has a little bit of everything this sale, covering the spectrum. We have 15 short yearlings, some by proven sires and a couple by freshman sires. They are solid citizens with good physicals, and I think they will all be well received," Ryan said. "We have attractive mares in foal, one of which D J's Favorite  (Hip 525), a young Union Rags   mare in foal to City of Light  , we sold her half sister in November for $325,000. There is a lot of demand for the younger mares, around 7-, 8-, 9-years-old carrying their second or third foal and maiden mares carrying their first foal. It's a great time to sell racing prospects that still have some form to give people a turnkey option for the winter racing circuit."

"If you look at the crop of horses that are just coming off the yearling sales, everyone is looking for the next Gun Runner  . City of Light was the market darling through the yearling sales of 2021, and I think he's a horse that people have a lot of confidence in," Taylor said. "You look at horses on the rise like Not This Time   and Constitution  , they are on their way up the ladder and have good horses running now, with more coming down the road to offer updates to the page from now until September.

"A good physical is what people want. We have a Preservationist   (yearling, Hip 132) that is an excellent individual. That is what people want. If you take a good physical to the yearling sales, it doesn't have to have the marquee sire power or pedigree to turnover and make a profit. Purses are so good, which is fueling a lot of the momentum in the market in the country right now." 

Taylor Made is a leader in the sales market, consistently being a leading consignor at all major sales. They bring quality in quantity. A few offerings Taylor has noted as standouts of his group are found on the first day of selling.

"Remedy  (Hip 298) is a graded stakes-placed filly from the immediate family of Into Mischief  , Mendelssohn  , and Beholder . Her first foal by Constitution is a good individual," Taylor said. "She was not bred back last year. She is a special opportunity to get into one of the best families in America, and she could run.

"Haunted Heroine  (Hip 148) is the dam of Law Professor , who just worked beautifully and will be pointed to a grade 1 next. He just won the Santa Anita Mathis Mile Stakes (G2). She is an 11-year-old mare by Ghostzapper   and a half sister to Celestine , a grade 1 winner who sold for $2.55 million in 2016. A lot of blue sky with her. She is open this year.

"We have a City of Light colt (Hip 329). He is a quality individual typical of what the sire is throwing, balanced and athletic. He is strong but a good mover.

"Another horse I like is Hip 125, a yearling colt by Constitution, who is on the rise. (Constitution's) shares have been trading in the seven figures. Everybody sees the unbelievable upside in Constitution. This colt is an excellent physical, he has a beautiful pedigree, he is a classic-looking colt, being well balanced, strong, and correct. He would have been a standout in November."

As of Monday afternoon, 321 horses had been withdrawn from the sale.