The 83rd Keeneland September Yearling Sale concluded Sept. 26, generating the highest gross revenue ever recorded at a Thoroughbred auction. Over the course of 12 days, a strong market saw 3,034 horses change hands for a record $558,313,400, including post-ring sales, up 5% from last year's record-breaking auction, which totaled $531,739,400.
The average and median also broke last year's records, with a 6.5% increase in average to $184,019 and a 6.2% increase in median to $85,000. A record 70 yearlings sold for $1 million or more.
The RNA rate was similar to last year's sale, with 648 horses failing to meet their reserve, resulting in an RNA rate of 17.6%.
"It can only be described as incredible," said Keeneland's vice president of sales Tony Lacy. "It had a buoyancy from the beginning.
"The market is holding very, very strong, and I think that the industry is perceived in a positive light that's very encouraging."
The event attracted a global buying bench from 30 countries.
The sales topper was Hip 242, a colt by Into Mischief , who sold for $3.7 million to M.V. Magnier and White Birch Farm.
John Gunther and his daughter Tanya Gunther's Eurowest Bloodstock bred the colt out of the Bernardini winner Grazie Mille, the dam of Mo Town (Uncle Mo) and graded-placed stakes winner Justique (Justify ). The colt was sold through the Gunthers' Glennwood Farm consignment.
Glennwood Farm led all consignors by average, selling 16 yearlings for an average of $691,250.
READ: $3.7M Into Mischief Colt Tops Day 2 of Keeneland Sale
Lacy noted that despite increases in metrics for nearly every session, the sale still showed some selectivity, especially during the first week. The RNA rate also ticked up during the sale's first half compared to the corresponding sessions last year.
"People know what they want, and there were some sires more popular than others," Lacy explained.
"There was (always) a consistency, but as we got into these later books, we saw a real energy that was there," Lacy said. "The clearance rate was very strong. It's really positive to see all sectors of the market getting rewarded when you have a good horse, because they deserve it."
Three Chimneys Farm's Gun Runner led all sires by average for the second year in a row. Fifty-seven of his yearlings sold to average $766,175, led by 15 seven-figure purchases. He also topped the sire standings by gross at $43,672,000.
"It's obviously a very, very strong market, with lots of (returning) buyers and plenty of new buyers, (and) many bid very aggressively," said Doug Cauthen, vice chairman of Three Chimneys.
"Those new players just added a different, stronger dimension to the bidding. There were more groups forming—some before the sale and some in the back ring—and that just added to the bidding power. It only takes two of the right people on your horse and it's going to be a great sale."
While this year's sale faced the daunting challenge of beating last year's record-setting auction, the thriving market successfully rose to the occasion.
Lacy said the sale's strength through the final day was largely because of a trickle-down effect.
"A lot of people were not getting everything they needed, so they were pushed back a little bit," he explained. "But they were able to recognize that there's quality everywhere; that's a testament to the breeders. The quality of the stock they're raising, they deserve to get a return on their investments."
Keeneland's senior director of sales operations, Cormac Breathnach, echoed Lacy's thoughts.
"The second week was extremely strong and encouraging for the long term because the demand from buyers was good for the sale and was particularly good from Book 4 on," Breathnach said. "That is really heartening because we work hard to provide a catalog with horses that are something for everybody."
The leading buyer of the 12-day sale was the newly formed partnership of St. Elias Stable, West Point Thoroughbreds, Lane's End Racing, and Belladonna Racing. They purchased 20 horses for gross receipts of $16.2 million.
Their top purchase was Hip 973, a $2 million colt by Nyquist out of the stakes-winning and graded stakes-producing mare Factorofwon.
Seven of their purchases hit the seven-figure mark, with a variety of horses from $200,000-$800,000 falling below that.
"It just comes down to being disciplined," said Monique Delk, executive director of racing operations for St. Elias.
"You have to have a business plan. It doesn't make sense to buy those $3 million and $4 million horses, even though we were right there on those. Our sweet spot is a little below that. This is a numbers game. We would rather cast a bigger net to have chances to succeed. When you have one that costs $4 million, that's one egg in the basket when you could have two or three."
Taylor Made Sales Agency led the consignors by gross, selling 338 from their draft for an all-time consignor record of $68,602,000. Its top-priced offering was also a colt by Nyquist. Hip 642 sold for $2.25 million to Kimmel/Sallusto, agent for Alex and JoAnn Lieblong.
The sale was represented by a strong group of first-crop yearling sires, headed by Gunite , who had 77 yearlings sell for a total of $13,389,000. Cody's Wish led first-crop sires by average with $305,190 for 42 head.
Champion turf male of 2023 Up to the Mark was responsible for the highest-priced yearling from the first crop sires. Amo Racing USA went to $1.65 million for Hip 646, a half brother to 2025 Two Thousand Guineas Stakes (G1) winner Ruling Court (Justify).
Session 12 Statistics
The sale concluded with a filly (Hip 4224) by City of Light topping the 12th session at $180,000. The daughter of dual graded stakes winner Spelling Again was purchased by Gary Barber.
She was bred in Kentucky by Andrew Warren and consigned by Lisa and Tim Turney, agent.
The highest-priced colt of the session was Hip 4602, a son of Goldencents who sold for $75,000 to Mo Speed Racing.
NRKH Agency led all buyers by gross for Day 12, with its 15 purchases totaling $273,000. Vinery Sales topped the consignors, selling 49 from its draft for gross receipts of $696,700.
A total of 268 horses changed hands for $4,871,400, including post-ring sales. The average price was $18,177, with a median of $14,000. Thirty horses failed to meet their reserve, resulting in an RNA rate of 10.1%.
Last year's final session saw 236 horses sell for $3,714,200, with an average price of $15,738 and a median of $9,000.
"We have to recognize when we look at a four- or five-year span of timelines, the trajectory of the sale has been incredibly healthy," Lacy said. "Four years ago, we passed the $400-million mark for the first time in Keeneland history. And now it's the second year past $500 million, and we're deep into $500 million now.
"It's remarkable. As we look at it in perspective of everything else, I think we have to be very, very pleased."
Keeneland will now look ahead to its Championship Sale, held in Kentucky for the first time since its inception. The event will be held Oct. 28 at Castleton near Lexington. Following the Breeders' Cup World Championships, Keeneland will hold its annual November Breeding Stock Sale Nov. 3-11, with the Keeneland November Horses of Racing Age Sale to follow Nov. 12.
