Keeneland January Sale Posts Average Similar to 2023

The final session of the Keeneland January Horses of All Ages Sale Jan 11, saw a Practical Joke   short yearling filly command top dollar after realizing $120,000 from Sycamore Hall Farm/David Wade, agent, in the session that closed out a four-day sale that enjoyed an average nearly identical to last year at $47,013.

The session-topping filly was consigned by Douglas Arnold's Buck Pond Farm as Hip 1179. Out of the Tapit   mare Mezah, she was bred in New York by James G. Doyle. The mare is half sibling to 2009 Kentucky Derby (G1) winner and 2008 Canadian champion 2-year-old male Mine That Bird . The Birdstone  gelding also placed in the Preakness (G1) and Belmont (G1) stakes.

The family boasts Mezah's other grade 1-winning half sibling, Dullahan , by Even the Score, a winner in the 2012 Pacific Classic Stakes (G1), and Blue Grass Stakes (G1), as well as the 2011 Breeders' Futurity (G1). Other half siblings include Mine That Star , by Pioneerof the Nile, a stakes winner, and the stakes-placed runner Meistermind , by Bodemeister .

The partnership of Sycamore Hall Farm/David Wade, agent, was the leading buyer on Day 4 with their single purchase.

The Twirling Candy   racing or broodmare prospect American Starlet , Hip 1308, claimed top honors as the highest-priced mare Thursday, selling to Frosty Bloodstock for $50,000. The 5-year-old placed in the Melody of Colors Stakes at 3 and earned $185,765 in 11 starts, with a record of 2-3-1 for Claws Stable with trainer Wesley Ward.

"Not trying to sound like a broken record, but it was a fair and stable market from the very get-go," said Keeneland vice president of sales Tony Lacy. "We saw a lot of stability and good trade going on. People were focused on the quality and willing to pay a premium.

"Overall, the numbers were very satisfactory; everybody found it to be a fair market, and nobody complained about any perceived weakness or anything that would give us a little concern for the future."

Keeneland reports 207 horses of the 238 on offer during the fourth session sold for gross receipts of $2,379,700, down 35.6% over 2023. The average price dropped 24.1% to $11,496, and the $6,500 median decreased by 18.8%. There were 31 horses that failed to sell, representing an RNA rate of 13%.

Over the four days of selling, 864 horses sold of the 1,077 to go through the ring for a gross of $40,619,300, showing a 14.1% decline compared with the previous year. The average of $47,013 was down less than 1% from last year while the $15,000 median showed a 21.1% decline. A 19.8% RNA rate is representative of the 213 individuals who failed to sell.

"The sale was OK for us. We came in with low expectations, and we use the January sale to cull down our numbers," said consignor Scott Mallory. "Overall, the good horses brought good money. The market is polarized, and it's hard to raise a cheap horse and get any sort of return. Overall, the market is OK; there were some high and low spots and surprises in both directions. Some things are unsure; once we figure out, good or bad, the market will be good next fall."

This year, the sale had 401 horses withdrawn, an 8.4% increase over the previous year, with Day 2 seeing the most outs at 149.

"We saw an elevated number of scratches, especially in Book 2, and I think a lot of people weren't pressured to sell," Lacy commented. "We saw that in the short yearling market specifically. People were happy enough to keep them and point to September. There's a level of confidence, and people found plenty of activity for those nice horses, and the buyers found it difficult to buy the ones they wanted."

During Day 4, consignor Lane's End sold 28 horses for receipts of $457,600 to be the session's leading seller by gross. Taylor Made Sales Agency again closed the sale as leading consignor by gross after trading 99 individuals for receipts of $4,920,200 ($49,699 average).

"Being the leading consignor is a reflection of our team," Mark Taylor said. "We have a big team, and at this particular sale, we sold more horses than others, so we should have been the leading consignor. Having loyal customers who come back year after year is a validation of our service. We try to be honest and good to buyers and treat our customers' horses like we own them.

"It's the last day of the sale, I'm president of Taylor Made, and I'm here hustling $3,000 horses. It's not that I can hustle them better than anyone else, but it sets the tone for the organization that once someone signs a contract and gives us the horse, they're family and we'll go through a brick wall for them."

Steven Young, agent, made four purchases for $2,185,000 to be the sale's leading buyer by gross.

"I think the market was fine; it wasn't runaway, but there was good trade," said Kerry Cauthen of Four Star Sales. "People were moving horses. We had a mare partnership here trying to buy horses, and it was rock solid, fantastic at the top. Besides that, it was fair trade on older mares, mares in foal to new sires, etc. However, the RNA rate on the final day was 13%, which tells me people are accepting what they are given and buying them."

Day 1 was highlighted by the Into Mischief   broodmare prospect Prank  after Coolmore's Tom Wachman signed for the 4-year-old filly at $1.6 million. Consigned as Hip 77 by Gainesway, who campaigned the filly with StarLadies Racing and LNJ Foxwoods, she turned in an impressive debut at 2 in a Saratoga Race Course maiden special weight at 5 1/2 furlongs, reaching the wire 9 3/4 lengths ahead of the field.

The page boasts 2022 Belmont Stakes (G1) victor Mo Donegal  , by Uncle Mo   as her half brother. Wachman indicated the filly will see Justify   this breeding season.

Two other mares from Monday's catalog passed the seven-figure barrier. Star Act  sold privately for $1.2 million after RNA'ing in the ring at $950,000. The partnership of Hill' n' Dale at Xalapa (which also consigned the mare) and Determined Stud teamed up to secure the mare from owner George Krikorian. The Street Cry mare saw her Justify filly, likely champion Just F Y I , have a stellar juvenile year in 2023, winning the Frizette Stakes (G1) ahead of a victory in the Breeders' Cup Juvenile Fillies (G1) in November

"The RNA-to-sales activity is up on last year, which we also saw in November," said Keeneland director of sales operations Cormac Breathnach. "Sometimes the RNA rate can look a little spiky, and sometimes it is, but it's also bolstered by the fact that people are here to buy, and that's evident in the wholesale market, which is really healthy and up significantly on last year. That's a good sign again for the number of people here, the number of active people, and that feels good."

Japan's K I Farm purchased Curlin's Voyage  for $1 million from Hill 'n' Dale at Xalapa. The Mazarine Stakes (G3) winner sold in foal to 2022 Horse of the Year Flightline  . The Curlin   mare, bred by her consignor, is a sibling to Stanton Stakes-placed Brass Compass  and out of Atlantic Voyage, a full sibling to grade 1 winner Stormello  and Del Mar Derby (G2T) winner My Best Brother .

"When you walk into the ring, there is a hope of what something might bring, and the market tells you what a horse is worth on that day," Lacy explained. "There is a compromise between the two, what somebody's willing to spend and what you were hoping to get on the other side. If there is a balance, but it also shows there's still a market after the hammer falls, and it's one that we encourage pretty strongly."

John Stewart's Resolute Bloodstock purchased the co-topping short yearling, a Candy Ride   filly, for $430,000 from Stone Farm. The filly out of Rags Pauline was bred in Kentucky by Eclipse Thoroughbred Partners and Spearmaco.

The other $430,000 short yearling came from the Warrendale Sales draft, Hip 685, a colt by Not This Time  . Cherry Knoll Farm purchased the Petaluma Bloodstock Kentucky-bred; he comes from the family of multiple grade 1 winner Ask The Moon .

Breathnach said of the short yearling action this week, "It was very competitive. The ones that sold well sold very, very well. People were quite surprised at the activity at the top end of the yearling market. In many cases, sellers were happy with those results, and they went to good homes; there's a lot of money around for good horses.

"It's an excellent sign for the health of the yearling market in the fall at September. The activity is here in the new tax year and with various uncertainties around the world and in the economy and different things. The economy is in good shape, and interest rates are coming down; inflation is drastically lower than it was. People have reason to look to the future and make tough decisions and are deciding to buy good horses at a high level."

Keeneland now sets its sights on the spring meet, April 5-26, which will close with the Selected Horses of Racing Age Sale taking place after the final race on Friday.