From Keeneland.com
Keeneland concluded its September Yearling Sale on Monday with sales negatively impacted by a market in the midst of a correction, and exacerbated by an unprecedented crisis in the global economy.
Cumulatively, the 14-day sale, held September 14-28, totaled $191,859,200, down 41.51 percent from last year’s 15-day total of $327,999,100. Average price of $60,734 decreased 33.25 percent from $90,984 posted in 2008. The median of $22,000 was down 40.54 percent from last year’s $37,000. A total of 3,159 yearlings were sold compared to 3,605 a year ago.
“The Thoroughbred industry, like all markets, has been deeply impacted by the global financial meltdown which is unlike anything we’ve seen before,” said Keeneland Director of Sales Geoffrey Russell. “The last two weeks have been very challenging for everyone. Consignors are selling in the middle of a readjustment compounded by the global financial crisis and buyers are limited in their expenditures due to lack of available credit.”
“The good news is that even though buyers were highly selective, bidding during the sale remained competitive and quality yearlings were difficult to buy.”
Russell also noted other signs of improvement, such as a decrease in the number of foals and mares bred, as well as positive economic indicators for 2010 in financial markets around the world.
“The industry has listened to comments Keeneland made following the 2007 September Sale as both the foal crop and Report of Mares Bred for 2009 have been greatly reduced,” he said. “These factors, coupled with an anticipated upturn in the global economy, are healthy signs for the future.”
The depth of Keeneland’s yearling market attracted buyers from more than 30 countries who provided support at all levels of the sale.
“Keeneland's long-term international efforts in legacy and emerging markets provided a consistent return from start to finish,” Russell explained. “We take great satisfaction that based on their success with Keeneland graduates, buyers from emerging markets are participating earlier in the sale. They know that the Kentucky Thoroughbred is the most competitive product in the world.”
Four yearlings brought final bids of $1 million or more, led by Storm ‘n Indian, purchased for $2.05 million by John Ferguson for Sheikh Mohammed bin Rashid al Maktoum. From the last full crop of leading sire Storm Cat, the colt is the first foal of champion mare Fleet Indian. He was consigned by Taylor Made Sales Agency, as agent for breeders Frank and Jane Lyon’s Summer Wind Farm.
Ferguson, on behalf of Sheikh Mohammed, was the sale’s leading buyer, purchasing 34 yearlings for $13,980,000.
For the sixth consecutive year, Taylor Made Sales Agency ranked as the leading September sale consignor, selling 324 yearlings for $26,488,600.
A filly by Medaglia d’Oro, purchased for $1.3 million by Charlotte Weber’s Live Oak Plantation, was the sale’s second-highest priced yearling. Consigned by Francis and Barbara Vanlangendonck’s Summerfield, agent, the filly is out of the stakes-placed Unreal Zeal mare Beaties for Real.
The September Sale also featured the complete dispersal of Overbrook Farm, one of North America’s most successful breeding establishments and home of perennially leading sire Storm Cat, who was pensioned in 2008. Eaton Sales acted as agent for the dispersal, which sold 48 yearlings for a total of $6,644,000 and an average of $138,417.
A total of 26 sales were completed through Monday via Keeneland’s new Kee-Bid service, which allowed buyers to submit a bid via Keeneland.com on horses that did not reach their reserve. Kee-Bid is one of several new technologies Keeneland unveiled during the September Sale.
“We were delighted with the introduction of Kee-Bid, which proved very popular with both consignors and buyers,” Russell said. “Kee-Bid held international appeal as we had bids from all over North America, South America and Europe.”
During Monday’s final session, Keeneland sold 175 horses for $985,500, down 37.85 percent from a year ago when 211 horses brought $1,585,700. The day’s average of $5,631 decreased 25.07 percent from $7,515 in 2008, while the median was down 33.33 percent to $3,000 from $4,500 during last year’s 14th session. There were 15 sessions in 2008.
A filly from the first crop of Forest Grove brought the highest price on Monday, selling for $35,000 to Diamond G Ranch Inc. Consigned by Blake Agency, the filly is out of the Peace for Peace mare Summer Storm and a half-sister to stakes winner D’Wild Ride.
