Market Confidence Produces Gains at Keeneland Jan. Sale

At the end of Keeneland's January Horses of All Ages Sale Jan. 13, 700 horses were sold for $53,580,300, including private sales, recording the highest gross for the auction since 2008. The number of horses sold was comparable to last year's auction, even with the change in format from three days to two. The average price was $76,543, with a median of $30,000. The RNA rate was a healthy 17.6%, representing the 150 horses who failed to meet their reserve. Last year's January Sale, which consisted of three sessions, produced a gross of $35,225,900, including private sales, from 724 horses sold. The average price was $48,655, with a median of $22,000. A total of 206 horses failed to meet their reserve, resulting in an RNA rate of 22.2%. “The take-home for me was the top 25 horses went from 18 different consignors to 24 different buyers," Keeneland senior director of sales operations Cormac Breathnach said. "And that's always very pleasing to have the strength and the depth at the top of the market, like that. The top 13 yearlings were all by different sires. So there's a lot of popular bloodlines and activity around those choice lots.” Keeneland's vice president of sales, Tony Lacy, echoed Breathnach's enthusiasm for the sale. “Another, really good day. I think it was a great, solid day of trading," Lacy said. "When you look at the clearance rate and when you look at the average and median for the day, they were up over last year, even with the higher volume. I think everybody felt like it was a very honest and strong market overall. We were very happy." Lacy and Breathnach were pleased with the choice to condense the sale into two sessions, stating that the sale never seemed to have a lull. "It really comes down to the entry count at the end," Breathnach explained of the decision to change the format. "You have a choice between two full, longer days or three shorter days. We always feel like the longer sessions are a fuller group of horses, when we put them up against each other, and you have real energy, they're going to be better, rather than split it into three days, and have a shorter session at the end with some lesser horses." Near the end of the second session, a short-yearling by Nyquist sparked a bidding duel, ultimately leading to Brian Graves signing the ticket on behalf of En Fuego Stables to secure the colt for $525,000. The colt, consigned as Hip 966, by Carolyn Conley Bloodstock, agent, was bred in Kentucky by Justice Stables, out of the stakes-placed Lemon Drop Kid mare Sorrentina Lemon. "I bought it for a pinhooking group, and we'll bring him back as one of our stars next year, at one of the select yearling sales," Graves said. "He was just a specimen of a horse. He had everything you'd want, sire power, physical, walk, athleticism. I thought he was the best yearling here." Hip 966 was the fourth-highest-priced yearling of the January Sale, behind Hip 114, a Gun Runner colt who brought $800,000 from Marc Gunderson's MWG during Day 1. Graves said the price tag came as no surprise. "(The market) has been hard. I bought eight foals yesterday, but it hasn't been easy," Graves said. "I think you just have to find your flow with the market and trust your gut." The colt is the fourth foal of the mare, and Conley said Hip 966 was the nicest foal the mare has ever produced. "We set a conservative reserve," Conley said. "Bill Justice (of Justice Real Estate) is my other half, and he bred this colt. We believed in this colt from the beginning. We are excited for his future. He has a beautiful disposition. And his walk—wow.” “I wanted to wait for the September Sale, but Bill is an expert businessman, and he said Nyquist is as hot as a firecracker, so we are going to January.” Conley sold a half brother to the mare Sorrentina Lemon by Triple Crown winner Justify at the 2024 January Sale to PB Bloodstock for $400,000. The colt, later named Humility, brought $1 million from CHC/Maverick Racing/Siena Racing at the September Sale later that year. A veteran of the Thoroughbred industry, Conley boasts an impressive career that spans decades and disciplines. Her experience includes 12 years as a lead broadcaster for Fox Sports and HRTV, a hands-on foundation galloping horses for Hall of Fame trainers like Charlie Whittingham and D. Wayne Lukas, and time spent as a jockey agent on the Southern California circuit. Conley has been consigning horses for the past five years, noting it was a natural transition from being a jockey's agent for two years. "I was asked to sell or buy horses, so this was a natural progression," Conley said. “Cassie Lee is my right hand," she continued. "She has been with me since I started consigning. She runs the shedrow at the sale and shows the horses, and brings them to the ring. I couldn’t do it without her.” The highest-priced yearling filly of the session was an Uncle Mo filly, consigned as Hip 637, by Paramount Sales, agent. Rock Ridge Racing secured the filly for $420,000. “Obviously, her page is what caught our eye, but then you go look at her and physically, she just stood out to us," said Codee Guffey of Rock Ridge Racing. "We'll ultimately keep her and hopefully add her to our racing stable and then bring her home, make a broodmare after racing. “We purchased one last night (Hip 511), but that was our second purchase of the sale. We got the one we wanted, and that’s right where we thought we had to be." Paddy Campion of Paramount Sales said, "(Hip 637) was a well-balanced filly, with a ton of quality and a good way of going. There's built-in residual value being by Uncle Mo, and with such a nice page. "Her full brother (Treaty of Rome), who was second in the Mucho Macho Man (Stakes) last year, had his first work back off a long layoff yesterday, so hopefully he can give the new connections an update or two!" Paramount Sales led consignors for the second and final session of the sale, selling 20 from their draft for a total of $2,334,000. "It's a wonderful time to be selling horses," Campion said. "Our numbers in terms of showing were on par with years past, even with the condensed dates this year. "As a consignor, it's a great feeling walking into the ring in such an atmosphere, and we're very grateful to be doing what we do. Keeneland delivered a quality catalog, and the market has responded with a resounding demand for bloodstock." Mares continued to be in demand through the end of the auction, with the top-priced mare Orinoco River, bringing $500,000. The War Front mare consigned as Hip 863, by Eaton Sales, agent, sold to Germán Larrea Mota-Velasco's St. George Stables. The 7-year-old mare was a stakes-placed runner for trainer Donnacha O'Brien, and offered in foal to Taylor Made's marquee sire Not This Time. Whisper Hill Farm's $3.2 million acquisition of Tiffany Case (Hip 465) made the farm the leading buyer by gross for the January Sale, with Marc Gunderson's MWG close behind, leading by volume with 15 purchases totaling $3,136,000. Taylor Made Sales Agency led the consignors, selling 87 head for $8,721,500.