Keeneland November Sale continues at measured pace on day two
As the Keeneland November Breeding Stock Sale moved into Book 2 after a one-day Book 1 that saw eight horses sell for US$1 million or more, the seven-figure glass ceiling proved elusive during the Tuesday session.
With vendors and buyers taking advantage of another stunning fall day in Central Kentucky, trade continued at a measured pace, topped by the five-year-old mare Pollara (Camelot) purchased by French-based Ecurie des Monceaux and partners for US$975,000 (approx. AUD$1.338 million) from Claiborne Farm, agent.
Keeneland reported 197 horses grossed $27,690,000 Tuesday, down 24 per cent from the comparable session a year ago when 237 changed hands for an aggregate $36,505,000. The session average fell 9 per cent from $154,030 to $140,558, and the $100,000 median price represented a decline of 20 per cent from $125,000 in 2019. The 84 horses that went unsold was 30 per cent of the total through the ring.
Cumulatively, 331 horses have changed hands for gross receipts of $80,257,000 (approx. AUD$51.72 million), which is 26 per cent less than the $108,004,500 paid for 403 at the same point a year ago. The average price is down 10 per cent to $242,468 (approx. AUD$332,720)
from $268,001, and the $140,000 (approx. AUD$192,100) cumulative median is down 24 per cent from the $185,000 figure in 2019. The RNA rate is 28 per cent through two sessions.
Geoffrey Russell, Keeneland’s director of sales operations, said the session saw broad-based international participation.
“This is where the world comes to buy,” he said. “If you looked at the leaders at the end of the day, you had European, American, European, Japanese, American – there was a great mix of people and we hope that continues.
“In comments from buyers, they (horses) are bringing prices they didn’t think they were going to bring and have been surprised at the strength of it,” Russell said. “Some consignors said they were expecting to get ‘X’ (amount) and were getting more.”
Shannon Arvin, Keeneland president-elect and interim head of sales, said internet and telephone bidding continued to be an important part of the November market, with 92 internet bids resulting in 12 horses sold for more than $2.5 million (approx. AUD$3.43 million).
As has been the case with most every other auction over the past several years, the best-bred and conformed weanlings and broodmares with offspring that have proven themselves on the track or are in foal to proven and promising young sires attracted the most attention.
Russell said the overall market is impacted by fewer mares and weanlings being entered in the sale due to concerns over effects of Covid-19 on the economy, and was reflected in this year’s November sale catalogue being smaller than last year.
“The weanling market is always a polarised market,” Russell said. “They always have another option later on. Some of the horses might be kept for yearlings. People realise that in the yearling market you’re selling your crop so you really do have to show up.
“In November, you’re selling the factory (mare) or you’re selling the foal and (they say) I don’t have to sell the factory this year. I can wait and see if the market is better next year and I don’t have to sell the foal. I can wait and sell it as a yearling. You have those business decisions being made.”
Acting on behalf of a group of new owners from Dallas, Texas, operating under the Band of Brothers name, Lane’s End Bloodstock’s David Ingordo and West Point Thoroughbreds’ Terry Finley struck late to purchase the five-year-old mare Dothraki Sea (Union Rags) for $560,000 (approx. AUD$768,450). Consigned by Claiborne Farm, the mare bred in Kentucky by SF Bloodstock is in foal to Constitution (Tapit).
Out of the unraced mare Mini Chat (Deputy Minister), Dothraki Sea is a half sister to Grade 1 winner Dixie Chatter (Dixie Union) and to Grade 3 winner Rumor (Indian Charlie). Her first foal is a Curlin (Smart Strike) colt foaled earlier this year.
“She’s a beautiful mare; typical of the Union Rags,” Ingordo said of the mare who had two wins as a three-year-old. “She had a little race record. The mare has a Curlin colt and Constitution is an up and coming sire. It’s a pedigree I know and respect. She’s the whole package.”
“It’s a group from Dallas that wanted to get into the broodmare business so they reached out to me,” Finley said, noting his experience is more with racehorses so he reached out to Ingordo and the Lane’s End team. “They wanted really top-end mares and I thought she was a beautiful mare.
“Everybody is game and wants good quality horses,” Finley said of the weanling and breeding stock market. “It’s a top-quality game. The weanlings are very tough to get sold. It looks like the numbers are good. The people selling good broodmares have had smiles on their faces the last couple of days.
“Although the number of people on the Keeneland grounds is sparse since the sale company has limited attendance to only essential individuals, those participating in the auction are intent on buying horses, said consignor James Keogh of Grovendale.
“We have taken 16 horses up there (to the sale ring) and only not sold one,” Keogh said. “It’s been a very good day. It’s light, but the people who are here are here to buy horses. There are no tire-kickers here.”
Topping the Grovendale group was the stakes-placed Charge Back (Take Charge Indy), in foal to City of Light (Quality Road) purchased by Corser Thoroughbreds for $330,000.
“She’s a beautiful, beautiful mare who had been popular at the barn,” Keogh said. “It’s a live family and the City of Light foals have sold well.”