Any grumbling heard across the Keeneland gross sales grounds on day three of the 10-day November Breeding Inventory Sale was largely amongst consumers scuffling with intense competitors, notably for younger mares bred to commercially interesting younger sires.
“The mare market has been very sturdy and the weanling market continues with what we have seen,” mentioned Conrad Bandoroff with Denali Stud, who bought the day’s highest-priced mare when the Unbridled’s Tune daughter J. Quirk went to Breeze Easy for $725,000.
Granted, this mare had a phenomenal update when her 3-year-old daughter Lady Mystify won the Remington Park Oaks (G3) Sept. 26. But even without such well-timed improvement in the family, Bandoroff said the market has been exceptionally competitive.
“I know trying to buy some mares for ourselves, we did the appraisals going in and have been blown out of the water. We have had to recalibrate our own valuations. There is great strength and depth to the market,” he said.
The third session Nov. 12, which was the conclusion of E-book 2, ended with product sales of $38,134,000 from 242 bought, which produced a $157,579 common and a $140,000 median. In contrast with the identical session of 2020, product sales have been up 46%, the typical rose 28%, and the median elevated a sturdy 40%. The buy-back charge settled at a low 18.5%.
Cumulative outcomes for the primary three days (Books 1-2) present 598 horses bought for a gross of $127,902,000, which incorporates non-public gross sales. The common is $213,883 and the median is $160,000. The general buy-back charge is 20.5%, together with non-public gross sales. In contrast with the primary three days of 2020, product sales are up 25%, the typical is monitoring 9% forward, and the median is 28% increased. The comparable cumulative buy-back charge of 2020 was 28.5%.
“The median is basically the place we’re targeted,” mentioned Cormac Breathnach, Keeneland’s director of gross sales operations. “At the moment was fairly spectacular from begin to end. The median was $140,000, and that’s $40,000 greater than final 12 months and better than even in 2019. We’re pushing on from the banner years.
“Most individuals are promoting, most are promoting satisfactorily, and a few are promoting rather well. It’s only a actual wholesome market during,” Breathnach continued.
Tony Lacy, vice chairman of gross sales, mentioned the sturdy returns bode effectively for the sale’s later classes however extra importantly for the general well being of the Thoroughbred breeding market.
“The depth of the competitors for the mares I discover extraordinarily encouraging,” Lacy mentioned. “Because the foal crops are getting lighter, you might be seeing skilled, established breeders which are investing and getting decided for the long run.”
Breathnach and Lacy attributed the extraordinary sturdy public sale market, each again throughout the Keeneland September Yearling Sale and this week, to a focus of high quality within the remaining bloodstock because the North American broodmare inhabitants has shrunk. Additionally driving the expansion is an vitality they see within the home racing product. Figures launched from Equibase after October confirmed a 37% development in purses paid this 12 months to $988,391,517. Whereas a few of it is a bounce-back from a pandemic-ravaged 12 months, the typical purse per race day is up 11%, as effectively, to $279,998.
“The purses are good and there may be vitality across the sport,” Breathnach mentioned. “That fueled a whole lot of what we noticed in September, however now it’s giving breeders the encouragement and assured to leap again in and maintain the cycle transferring ahead.”
ELiTE had the strongest day Nov. 12, promoting each horse it provided and having 4 of the highest 10 highest-priced horses. Its finest vendor was the 5-year-old Le Havre mare Orglandes , who won Red Carpet Handicap (G3T) at Del Mar final 12 months and the Zagora Stakes at Belmont Park Nov. 7. The mare sold for $440,000 to Polo Green Stable, agent for Shimokobe Farm.
For the day, ELiTE was the leading consignor by average at $309,375 from eight sold that grossed $2,475,000.
“It was a great day for us, we got everything sold, a couple mares went for $400,000 in foal to Authentic,” said Mike Memolo, client relations at ELiTE. “We found the market to be very strong for our horses. We are looking forward to bringing more horses forward in Book 3.”
Andrew Warren was the leading buyer by gross with four bought for $1.2 million. Warren’s most expensive purchase was the $430,000 mare Gale, a stakes-winning daughter of Tonalist, who was in foal to leading second-crop sire Not This Time.
The Nov. 13 session starts at 10 a.m. and the sale continues through Nov. 19.