The Keeneland September yearling sale hit its midway point earlier this week with gains in major economic categories compared to the 2023 edition of the sale at the same point. But the second half of the sale this week was poised to tell a story of the health of the North American bloodstock industry across the board.
Many buyers and sellers at the upper end of the marketplaces – represented in the earliest books of Keeneland September – are largely insulated from economic uncertainty. At the other end of the spectrum, some buyers in the middle and lower markets must make more difficult decisions in their bidding – and sellers must move horses to sustain their livelihood and remain solvent for the next season.
The Keeneland September sale turned the crucial corner into those marketplaces to begin this week and continued its momentum. Book 4 in this six-book sale concluded Tuesday evening with continued gains in gross, average, and median, and an improving buyback rate.
Keeneland reported 1,740 horses sold through the first eight sessions overall of this 12-session sale, for gross receipts of $382,469,500. Last year at this same point, 1,805 had sold for $365,943,000. Both sets of figures represent only horses sold through the ring, not counting private sales that will later be factored in to the official results.
The sale’s cumulative average price is $219,810, up 8 percent from $202,769 at this point last year. The median is up 20 percent, at $150,000 compared to $125,000.
The cumulative buyback rate currently sits at 26 percent, compared to 23 percent. The figure is beginning to improve; the buyback rate was 29 percent at the end of Book 1.
Stiff competition in the upper markets last week pushed some upper-market buyers deeper into the sale in search of quality stock. Buyers who made purchases in Books 1 or 2, and also in Book 4, include Bradley Thoroughbreds, Monique Delk for St. Elias, OXO Equine, Pin Oak Stud, Reeves Thoroughbred Racing, Repole Stable, West Point Thoroughbreds, and bloodstock agent Steven Young. Meanwhile, there also are new faces among buyers, with a number of domestic pinhookers, as well as international entities such as the Korea Racing Authority and various Saudi Arabian stables coming in to play this week.
Reeves Thoroughbred Racing did emerge with the top lot of Book 4, a McKinzie colt sold for $475,000 in Monday’s opening session of the book. This is the second crop for McKinzie, who is represented by Grade 1 Hopeful Stakes winner Chancer McPatrick in his first crop.
The colt, who was consigned by Gainesway, as agent, is out of the stakes-placed Smart Strike mare Ruby Trust, in turn out of Grade 3 winner Queen Ofthe Castle.
Keeneland September concludes its run this week with a two-session Book 5 and two-session Book 6, the final session landing on Saturday.
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