Expectations High as Keeneland September Sale Looms

The Keeneland September Sale is acknowledged as the anchor for the global yearling market, the largest offering of stock midway through the calendar year. The landscape has evolved since the 1980s, with September taking over for the Keeneland July Sale, once the pinnacle of the yearling market.

This year the sale is comprised of 4,164 cataloged yearlings in six books, each selling over two days Sept. 12-24, with a dark day scheduled for Friday, Sept. 16.

During the three days of showing leading up to the opening session, prospective buyers were busy on the grounds inspecting Book 1 yearlings, including a diverse international contingent. 

"As people look through the catalog, the strength of the pedigrees is very evident in the early books, but also what we want to emphasize more so is the fact that we've really leaned into physicals this year," Keeneland vice president of sales Tony Lacy said. "We've been listening to the buyers very, very intently. They've been saying they want to see good physicals, which we want to emphasize as we talk to our vendors, consigners, and breeders.

"Our buyers are coming in from their businesses, taking time off during their work week, or coming in from abroad, and trying to make sure that we have the right horses in front of the right people for that marketplace is critically important. We're continuously striving for it because the market is always changing."

Book 1 sessions sell Sept. 12-13 beginning at 1 p.m. ET; Book 2 sessions sell Sept. 14-15 beginning at 11 a.m.; and Books 3-6 sell Sept. 17-24 with a 10 a.m. start.

"I think people have been very excited about the catalog, the way it's laid out at the moment, which worked last year," Lacy said. "It gave people plenty of time to look at the horses in the front, two books, and consider everything. It gives people a good flow of traffic, which is the essence of it all."

"So far this year the market has been great," said Mark Taylor, CEO of Taylor Made Sales Agency. "July was robust, and Saratoga was an incredible sale. The clearance rate at the New York-bred sale was incredible. Now we're getting into the real backbone of the market. The earlier sales were kind of warm-ups; now I think the only question mark for the market to answer still is the depth of it."

Last year during 11 sessions, 2,789 yearlings changed hands of the 3,299 through the ring for final receipts of $364,516,500. A record average and median price were achieved at $130,698 and $65,000, respectively. A buyback rate of 15.5% represents the 510 horses that did not meet their reserve.

The 2021 sale was topped by a City of Light   colt out of the Tapit   mare Anchorage , consigned as Hip 612 from the third session of selling by Rosilyn Polan of Sunday Morning Farm. The colt commanded a final bid of $1.7M from the team of Woodford Racing, Talla Racing, and West Point.

Fifteen yearlings sold for a seven-figure price tag during the 2021 edition, three of those being by Spendthrift Farm's leading sire, Into Mischief  , who notched final receipts of $25,967,000 after 62 of his offspring sold for an average of $418,823 to make him the leading sire for the sale.

"I expect the sale to be gangbusters," said Gainesway's general manager, Brian Graves. "We have been on a 15-year run with the economy, and the stock market is as high as it's been in a while. To compound things, it looks like some of the top breeders have decided to keep a lot of the top-bred prospects. I think what is left here in quality will really stand out. It's been that kind of year, and historically speaking, the September Sale usually is more of the same. I would expect the horses to sell really well."

Keeneland has high expectations for its September Sale, but will approach the upcoming 12 sessions with bridled optimism.

"We don't want to be assuming anything," Lacy said. "Assumptions are a very dangerous place to be, but looking at the marketplace during the year, it has been holding consistently. Quality is selling very well, and it's in high demand.

"Judging from the interest level from various parts of the world and domestically, we're looking forward to welcoming back a huge number of the people that we haven't seen in years, which is exciting from an energy standpoint. Because the American marketplace has been at the top rung regarding its relevance in the world market, I think we're in a little bit of a golden age right now in the industry. The purses are very strong in the U.S." 

Bloodstock agent Jacob West made 49 purchases on behalf of various entities for gross receipts of $17,500,000 to be the leading buyer last year. Taylor Made closed out as the leading consignor for the 2021 sale after selling 303 yearlings of their 370 on offer for gross receipts of $37,289,500, at an average price of $123,068.

"I think the sale will be great," Taylor said. "The one hurdle we still have to clear is, have we lost any money in the middle market—for the nice, solid, workmanlike horses that are going to bring anywhere from $25,000 to $150,000—what's that part of the market going to look like? I'm optimistic it will look good, but we've got a shortage of horses right now. It's a healthy tax environment for people to take advantage of write-offs, great purses, and a shortage of horses. That combination is what's propelling a lot of what we're seeing. I think it will put us in a good position, but I still have a little question mark for when we get into books two through four." 

As of Sept. 11, 468 horses have been withdrawn from the sale.

"Part of the experience of owning horses is acquiring the horses and to be a part of the process," Lacy said. "I think it becomes too laborious if you have to work the sale from Book 1 to Book 4, 5, or 6 to try on the horses you want. It's nice to have them in areas where you feel confident. Buyers can really have a go and get after what's on offer, knowing they are the best available."