Curtain Falls on Marathon Keeneland November Sale

The 12th and final session Nov. 16 brought down the curtain on the Keeneland November Breeding Stock Sale that saw sustained competition throughout, particularly for the quality offerings.

From 4,513 cataloged, Keeneland reported 2,538 sold for $188,508,300, down 6.7% from the $202,021,700 gross paid for 2,424 a year ago. This year's average price of $74,274 reflected a 10.9% drop from the $83,342 figure a year ago, and the median declined 18% from $30,500 to $25,000. The 916 that went unsold this year produced an RNA rate of 26.5%, compared with 24.7% in 2017.

Last year, champion Stellar Wind was one of 18 that sold for $1 million or more, going to Coolmore's M.V. Magnier for $6 million, the co-second-highest price ever paid for a broodmare prospect at Keeneland.

This year's sale began with a bang Nov. 5, as the sale's eight seven-figure transactions were all sold during the one-day Book 1 in which the top offerings in the catalog were presented to the buying public.

The sale-topper was Lady Eli, the champion mare in foal to prominent sire War Front  consigned by John Sikura's Hill 'n' Dale Sales Agency on behalf of Jay Hanley and partners. The mare's presence at Keeneland drew a crowd, and following a spirited bidding battle, Sikura ended up buying the 6-year-old mare for his and Hill 'n' Dale's account at a price of $4.2 million.

Another mare in foal to War Front, grade 2 winner My Miss Sophia, went to agent Steven W. Young for $4 million from Lane's End, agent, the sale's second-highest price.

Top price for a weanling was the $800,000 paid by the partnership of Whisper Hill Farm and Three Chimneys Farm for a Tapit  filly produced from champion La Verdad consigned by Eaton Sales, agent. During the horses-of-racing-age segment of the sale, Federal Case, a recent maiden winner consigned by WinStar Racing, agent, was bought by West Bloodstock, agent for Robert and Lawana Low, for $650,000.

Keeneland executives said other than the decline in seven-figure sales, this year's auction mirrored the 2017 edition, with a diverse group of domestic and international buyers—especially those from Japan and Australia—vying for the mares, racing or broodmare prospects, weanlings, and racehorses.

"In many respects, it's a continuation of what last year's November sale looked like," said Bob Elliston, vice president of racing and sales. "We had fewer big ones up front (compared with last year) … but when you look past that Book 1 number, generally it's been very much like November 2017.

"We are very pleased with the strength of the buying market and the appetite for these American-bred horses both domestically and internationally," Elliston continued. "It gives us all reason to be optimistic there are folks in the horse business willing to make investments now."

Elliston and Geoffrey Russell, Keeneland's director of sales operations, said demand for breeding stock and foals of 2018 is partially attributable to the buoyant market for yearlings this year, especially the Keeneland September Yearling Sale. The higher yearling prices motivate breeders to buy mares and also incentivize end-users looking for racehorses to reach into the weanling market, with the possibility of getting them at a lower price point than in next year's yearling sales.

"The September sale being up so much has given a lot of confidence to weanling buyers and mare buyers," Russell said. "We saw more stud farms buying mares to replenish (their stock) because of the success they had in September."

"We are seeing a lot of end-users buying weanlings because they probably understand how hard it is to get them bought in the September yearling market," Elliston said. "Some of them tell us it's like buying in the yearling market, with the prices for some of these higher-end weanlings."

Referring to the oft-stated goal of many yearling buyers that are looking for the "Saturday afternoon" horse, Russell said breeders are looking for mares that can produce such competitors.

"Everybody is looking for the producer of the 'Saturday horse.' They are cutting down their numbers but increasing their quality," Russell said.

Mark Taylor, whose family's Taylor Made Sales Agency was leading consignor by gross with receipts of $24 million, said there were few surprises in the trade at Keeneland.

"The market was what I expected—very strong trade for foals, very strong trade for quality mares," Taylor said. "I know it sounds like a broken record, but quality is where the money is, and there is a big drop-off, especially on mares, once you get below $50,000."

During Friday's finale, a mare with a significant update in her catalog profile was purchased by Nursery Place for $45,000 to top the session. Consigned by Select Sales, agent, as Hip 4255, Carnival Kitten is an 8-year-old, winning daughter of Kitten's Joy  whose first foal, 3-year-old Channel Cat, was stakes-placed at the time the catalog was published and subsequently won two stakes, including the Exacta Systems Dueling Grounds Derby.

Carnival Kitten was sold with a no-guarantee season for the 2019 breeding season to either of the Calumet Farm stallions Grey Swallow or Behesht.

Keeneland reported 118 head changed hands during the final session for a gross of $541,400, an average of $4,588, and a $2,500 median. The RNA rate spiked to 44.1% as 93 horses did not attain their reserve prices, compared with a final-day 31.1% buyback rate last year.

The sale's leading buyer by gross was Young, who paid $4,985,000 for six horses.