The 2024 sales year saw records broken at nearly every major yearling sale and an increase in average price for all horse types.
Overall, the market held steady in 2024, with gross sales for all hip types at North American sales up slightly from $1,245,719,200 to $1,279,822,032 from 14,303 head sold. Average price for all horses increased 3.9% to $89,479 from $86,125 in 2023. The median stayed the same for the fourth consecutive year at $30,000.
The demand for yearlings was especially strong, likely influenced by evolving purse increases at many racetracks across the country, particularly in Kentucky.
Yearlings offered at public sales after July 1 of last year grossed $636,096,772, including private sales, with an average of $100,776, resulting in a 6.7% increase from $94,441 in 2023. Even with slightly fewer horses offered, and ultimately sold, the gross rose.
"I think as we see new people coming in and investing significant amounts of money, it's a great illustration of where this industry is going as a whole," said Tony Lacy, vice president of sales at Keeneland. "It's a great sign of upward swing, and we're at the beginning of a potentially very large, upward swing in the industry and the sport in general."
Fasig-Tipton's The Saratoga Sale set the bar for an exuberant sales season, breaking records for gross sales and average, with 154 yearlings sold for a total of $82,160,000, and an average of $533,506. That benchmark exceeded the record set in 2023 by 9.5%.
Twelve horses sold for $1 million or more during the two sessions, with a colt by Not This Time commanding the top price at $3.4 million to Donato Lanni, agent for Zedan Racing, from the Nardelli Sales consignment.
"The appetite to buy horses is obviously as strong as anyone can remember in recent years," said Sarah Sutherland of Indian Creek. "Those horses that have the physical, a bit of pedigree, and vet; it just seems to be crazy."
The momentum carried into the Keeneland September Yearling Sale, with gross sales surpassing the previous record set in 2022, while becoming the highest-grossing Thoroughbred auction in history at $427,800,000, including private sales. The previous record was $418,271,200 for 2,963 horses sold.
A regally bred colt by Curlin from the Indian Creek consignment topped the sale at $5 million, selling to Mandy Pope's Whisper Hill Farm. Out of the grade 1-winning mare Cavorting, the Stonestreet Thoroughbred Holdings-bred colt is a full brother to multiple grade 1 winner Clairiere.
The demand was strong throughout the entire sale with interest both domestic and international, with 31 countries buying from the September Sale.
"American-bred horses are performing around the world," said Keeneland's director of sales operations Cormac Breathnach. "I think with some of the medication regulations at the sales as well as at the racetracks, it's giving international buyers more confidence in the product that we offer, and they go on to win everywhere."
Two-Year-Old Sales
Juveniles offered at 2-year-old in training sales between March 1-July 1 saw a slight decrease from 2023, with gross sales totaling $209,688,050; down from $227,623,900. The average was $96,630, down 0.2% from $96,779, with the median holding steady for the third year in a row at $45,000.
A pair of fillies fetched the top prices during the 2-year-old sales season, with Nooni, a Florida-bred by Win Win Win selling for $1.8 million to Zedan Racing from the Ocala Stud consignment during the Ocala Breeders' March Sale of 2-Year-Olds in Training, and Moona Lisa, a filly by Tiz The Law , topping the OBS Spring Sale of 2-Year-Olds in Training at $1.9 million, selling to Michael Lund Petersen from the consignment of Tom McCrocklin.
Nooni went on to win the Sorrento Stakes (G3) at Del Mar Aug. 10, and was sixth in the Breeders' Cup Juvenile Fillies (G1) Nov. 1.
Breeding Stock Sales
Weanlings and broodmares offered in mixed sales saw an increase in gross sales and average, with the weanling average up 5.3% from last year at $72,540, and the broodmare average at $90,089, up 2%.
McKulick, a grade 1-winning millionaire daughter of Frankel , topped Fasig-Tipton's November Sale at $6 million. The 5-year-old mare was purchased by Narvick International, agent for Grand Stud, from the ELiTE consignment.
Fasig-Tipton's marquee breeding stock sale saw 26 horses sell for $1 million or more among 178 horses sold for a total of $96,423,500.
During Keeneland's 81st November Breeding Stock Sale, 2,158 horses (including postsales) sold for $196,442,900, an increase of 4% over 2023's sale. The average price of $91,030 was up 7%, and the median rose 25% from $32,000 to $40,000, exceeding the record of $37,000 set during the 2021 November Sale. The clearance rate was 83%.
"The average is great for headlines, but year to year, when you're looking at how a sale compares, the median and the RNA rate give a more objective viewpoint," said Breathnach. "The median rose in most sessions of this sale compared to last year and ended up a record for the sale. The RNA rate is a point lower than last year. This shows that these horses are marketable and there's a buyer base here to pick them up at a very high rate."
Digital SAles
Keeping pace with the rest of the world, digital sales became a much bigger part of the American market in 2024, with Fasig-Tipton setting a world record for a Thoroughbred auction conducted exclusively online with gross sales totaling $10,230,700 at its December Digital Sale.
The digital platform grossed more than $45.5 million in 2024. With 1,417 sold from 1,789 offered, the platform had a 79% clearance rate.
"We're ecstatic over the results of the December Digital Sale, and over 2024 overall," said Fasig-Tipton director of digital sales Leif Aaron. "We couldn't be happier that buyers and sellers are putting that level of trust in Fasig-Tipton Digital."
