Five six-figure transactions as solid trade continues on day three

Topped by five six-figure transactions, the Keeneland January Horses of All Ages Sale rolled along during the third session, with continued solid trade across the board and key statistics through Wednesday that surpass last year's entire four days.

Keeneland reported 238 horses sold on Wednesday for a total of $4,074,300 (£3,194,375/€3,533,475), an average of $17,119 (£13,420/€14,845), and an $8,000 (£6,270/€6,940) median price.

During the comparable session a year ago, 236 head averaged $14,588 on gross receipts of $3,442,700, with a $7,750 median. The day's buyback rate was 17.9 per cent as 52 horses went unsold.

View full January Sale results

Going into the sale's final day on Thursday, the numbers are tracking well ahead of last year's totals for the entire sale. Keeneland has sold 703 horses for $42,931,600, an average of $61,069, and a $23,000 median. The cumulative RNA rate is 23.2 per cent. For the 2018 four-day auction, 909 horses grossed $34,996,000, with a $38,499 average and a $12,000 median.

Sharing co-billing at the top of the market on Wednesday were Oh Mrs. G, a mare in foal to Practical Joke [bought by C F Farms], and the broodmare prospect Stallion Heiress [bought by SF Bloodstock and Newgate Farm]. Each sold for final bids of $125,000.

The session mirrored the previous two this week in that buyers showed a preference for short yearlings, broodmare prospects that had just concluded their racing careers, and young mares in foal to new or unproven stallions.

Mark Taylor of Taylor Made Sales Agency, the auction's top consignor with sales of more than $10.8 million, said the action was good on Wednesday, all thing considered.

"Obviously we are dealing with some lower-end mares, but we've sold almost everything we put through there," Taylor said. "We've had realistic reserves, but in general it feels really good."

Taylor said, not surprisingly, that horses with quality and some upside potential continue to take the bulk of the business, even generating a premium.

"For anything that has a little bit of blue sky or a quality to it, there is more money than you would anticipate for it," Taylor said. "I'm pleased with the way the whole sale has gone."

Liz Crow, a partner in ELiTE Sales, which sold Oh Mrs. G, said consignors would have liked to see a broader middle market throughout the sale.

"I wish there was a little bit more of the middle market around, and I think a lot of people feel that way," she said. "But I think people are still looking for quality and they want the really good stuff, and the horses that are left in the middle, a lot of them aren't finding new homes."

Given the demand for short yearlings and the tepid demand in the lower price ranges for mares, Taylor said he believes money can be made gambling on young mares or those in foal to new or unproven sires, with the prospect of making the investment back on the subsequent foal.

"I've been shying away from advising clients to buy pregnant mares, but if you had targeted mares that have not had a runner yet or are older and have had a runner and are in foal to a first- or second-year horse you think is commercial, you are basically pinhooking the fetus and you could probably make money if you could control your costs," he advised.

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