September Sale Shows Steady Results

After two years of major increases, the Keeneland September Yearling sale began its 2014 edition Monday in Lexington with a steady session highlighted by a pair of seven-figure horses. 
    “I think this first day started off very well,” said Keeneland’s Director of Sales Geoffrey Russell. “There was some very strong, competitive bidding. There was a good cross-section of buyers and a good cross-section of prices. The figures reflected that it was a very competitive day.” 
    During Monday’s session, 120 yearlings sold for $33,165,000. The average rose 3.4% to $276,375 and the median was up 22.5% to $245,000. 
    Godolphin’s John Ferguson purchased the session’s top–priced lot, going to $1.2 million for a daughter of Bernardini out of Grade I winner Mushka (Empire Maker). Bridlewood Farm purchased the day’s other million-dollar yearling, going to $1.1 million to secure a half-sister by Curlin to champion Beholder (Henny Hughes). 
    Four horses brought $1 million or more during last year’s first session of the sale. 
    Monday’s session missed out on a third seven-figure lot when hip 68, a son of War Front, failed to sell after bidding stalled at $1.95 million. The colt was consigned by Gainesway on behalf of breeders Jon and Sarah Kelly.
   “We were asked to set a reserve and we did,” explained Gainesway’s Michael Hernon. “The horse was extremely well-received and I think he’s an excellent prospect and he failed to make his reserve.” 
“This is the select market–this is where people who can afford to race certain horses put a higher reserve on them,” Russell commented. 
    Monday’s buy-back rate was 27.7%, compared to 30.5% a year ago. 
    “The overall buy-back rate is pretty much comparable to last year,” Russell said. “I like the smaller number.” 
Despite the strong figures, Reiley McDonald, whose Eaton Sales consigned the session-topper, looks for things to get stronger as the sale progresses. 
    “My feeling is that the market, even though it reads pretty well, is spotty,” McDonald said. “I’m finding that whenever demand is a little bit limited at these sales, that people are much more vet conscious and not very tolerant of veterinary issues, which is what I am seeing here today. So on the whole, the market is good enough. But I imagine it will get better as we go along every day.” 
    Russell is hoping the results from day one continue on through the rest of the 13-day auction. 
“The last two years, the September sale has had large increases,” Russell said. “So, for me, to have it at a steady point after two large increases is very healthy for this market. Overall, we described last year’s sale as a fair and realistic market. If we continue that on in 2014, I think everyone would be pleased.” 
    The September sale continues Tuesday at noon.