Keeneland's 81st November breeding-stock sale concluded on Wednesday after a remarkable nine days of trading. This global event witnessed a vibrant marketplace where buyers from around the world came together, resulting in healthy gains across the board. The sale showcased the continued confidence and stability of the market, with gross sales through the ring reaching $187.5 million and a record median of $40,000.

Keeneland's November Sale: A Global Buying Bench's Triumph

Overview of the Sale

During the November sale, held from November 5th to 13th, Keeneland sold a total of 2,050 horses through the ring, generating $187,557,400 in sales. This represents a 6.22 percent increase from last year's nine-day auction, when 2,128 horses were sold for $176,571,000. The average price per horse rose by 10.26 percent, from $82,975 in 2023 to $91,491. The cumulative median price also saw a significant increase of 25 percent, reaching $40,000 and surpassing the previous record of $37,000 set during the 2021 November sale. The clearance rate remained nearly 80 percent, indicating a strong demand for quality horses.Furthermore, post-sale receipts for horses that did not meet their reserve price in the ring but sold privately afterward totaled $8,885,500, pushing the gross sales to $196,442,900. This shows the active secondary market for these horses and the continued interest from buyers.

Quality Spurring Competition

Demand for quality horses spurred intense competition at all levels of the market. Nine horses were sold for more than $1 million, with the top price reaching $2.4 million for Grade 2 winner Roses for Debra. This highlights the high value placed on exceptional horses and the willingness of buyers to invest in them.The strong November sale foal market also produced remarkable results. The two most expensive weanlings sold at public auction in North America for the 14th time in 15 years were sold during this sale. The strength of the weanling market was evident in the sales of colts by Into Mischief and Curlin, which fetched $900,000 and $725,000 respectively during Book 1.Leading buyers of weanlings included pinhookers and end users. Spending $1 million or more were Cherry Knoll Farm, BT Stables, Glen Hill Farm and Cavalier Bloodstock. This diverse group of buyers shows the global appeal and marketability of these young horses.

International and Domestic Buyers

The competitive environment of the sale was reflected in the mix of major domestic and international buyers. Participants from resurgent racing markets around the world came together to participate in the auction. The top 12 highest-priced horses were purchased by 10 different interests, demonstrating the wide range of buyers and their confidence in the market.Mandy Pope's Whisper Hill Farm paid $2.4 million for the sale-topping Roses for Debra, highlighting the significant investments made by some buyers. Whisper Hill was the sale's leading buyer with 13 purchases for $6,635,000.

Positive Market Indicators

Depth of trade coupled with an improved clearance rate and a record median were all positive indicators of a bullish market. The median, or the middle price in each session, serves as a barometer for the health of the market. In this sale, the median rose in most sessions compared to last year and ended up setting a new record. The RNA rate, which measures the number of horses not sold at the auction, was a point lower than last year, indicating that these horses are highly marketable and there is a strong buyer base.“This November sale has been very good from the start,” said Keeneland senior director of sales operations Cormac Breathnach. “Book 1 was up about $8 million in gross, and the clearance rate was a lot higher than last year. But more than that, the level of trade day to day and the number of horses changing hands in a productive manner has been very satisfying.”Overall, this November sale at Keeneland was a resounding success, demonstrating the strength and stability of the breeding-stock market. It provides a promising outlook for the future of the sport and the continued growth of the industry.