Keeneland November Posts Declines

The Keeneland November Breeding Stock Sale began Tuesday in Lexington with 135 horses grossing $41,398,000. The average was $306,652–down 17.99% from last year’s opening session, while the median declined 22.73% to $170,000. 
“I think the declines are just typical of a breeding stock sale,” commented Keeneland’s Director of Sales Geoffrey Russell. “They vary from year to year with what is in there.”

Russell added, “Last year we had a dispersal, this year we didn’t.” 

Last year’s opening session was dominated by horses from the dispersals of the E. Paul Robsham stables and the estate of Eric Kronfeld. 

Seven horses brought $1 million or more during Monday’s session, with Coolmore’s M.V. Magnier signing for the day’s top-priced lot, the $3.6-million Naples Bay (Giant’s Causeway). The mare, in foal to War Front, was consigned by Claiborne on behalf of Edward Cox as hip 156. Last year’s opening session saw six horses break the million-dollar mark. 
Barbara Banke’s Stonestreet Stables paid top price for a weanling during Tuesday’s session, going to $375,000 to secure hip 15, a son of Speightstown out of Versailles Song (Unbridled’s Song). The weanling was consigned by Bedouin Bloodstock. 

“I thought the sale today was very strong,” Russell said. “We sold more million-dollar horses this year than we did last year. Selling seven $1 million horses and selling a horse for Mr. Cox, who is a long-time client and friend of Keeneland, to top the sale was great. We have a long-standing relationship with him and to carry it on at the top level is just what we’re all here for.” 

The RNA rate for the session was 25.41%. 

“The buy-back rate was a little disappointing,” admitted Russell. “But the fact is that, at the top of the market, these are horses that have residual value to people and they are willing to protect them at that level.” 
Overall, Russell was pleased with the auction’s first-session results. 

“I thought the market was met and met very well all through at different levels,” he said. “I thought the middle market was actually pretty good. The top end was very good, but it was strong all the way through. It was strong for all kinds; it was strong for mares in foal, it was strong for race mares. Overall, talking to a couple consignors, they were very, very pleased and their expectations were wildly exceeded.” 

The Keeneland November sale resumes Wednesday at 11 a.m. and thereafter continues through Nov. 14 with sessions beginning daily at 10 a.m.