'Records are for headlines – what we focus on is consistency' - Keeneland braced for another selling bonanza at the September Yearling Sale

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There will be nowhere in the world this year where more money is spent on racehorses than at the Keeneland September Yearling Sale.

Twelve months ago, the Kentucky institution smashed its own records again, repeatedly. There were 56 lots who brought seven-figure prices, contributing to a total spend of more than $510.5 million. 

It's a sum both dizzying and ridiculous in global terms; maybe not enough to stock a Premier League football team but larger than the GDP of Micronesia.

"Records are for headlines but I think what we focus on is consistency and that we get good returns – the medians are strong, the buyback rates are lower, and we're feeling confidence in the market place," said Tony Lacy, Keeneland's vice president of sales.

"Confidence is one thing I think is critical. We have an abundance of it in the industry at the moment over here, which is really good. It was encouraging to see Arqana breaking records themselves and I think it's a tide that rises all boats. When we've got confidence in one area of the world it generally permeates through others."

The auction is made up of 12 selling sessions, beginning on Monday and concluding on Saturday, September 26. Books 1 and 2, which take place during the first week, are where the bulk of the extravagant spending is expected to occur.

"The diversity and the depth of the catalogue is, I think, what really makes us excited," Lacy said. “We've got half [brothers or sisters] to some really really good racehorses that are champions and we're seeing the next generation come through. As we create the catalogue, we want to make sure there's a little bit of something for everybody."

Another clutch of top-level graduates has emerged this year, such as Englishman, Magnitude and Napoleon Solo, and from all corners of the catalogue.

Tony Lacy: 'Confidence is one thing I think is critical. We have an abundance of it in the industry at the moment'Credit: Keeneland photo

Lacy continued: "We've got the very established stallions, we've got the younger stallions and between our inspection teams we've seen about 3,200 of the 4,600 entries, so we have a very good idea of what are the better examples of some of these younger stallions. 

"As we see some of the older stallions, the Into Mischiefs, the Curlins, the Tapits, who are in their latter years, we've got a whole generation of younger stallions that are taking over the mantle. What the likes of Gun Runner, Not This Time and Justify have done is amazing. 

"What has given the sale such a dynamic flavour is that we can look at the results in the sale ring but what's more important in many cases is the results they get on the racecourse and we've been very fortunate to have had a good success rate both here and around the world."

Continuing his message to buyers to scour every section of each book, Lacy added: "It gives everybody a chance at every level of the price range. 

"We've seen Graded stakes winners from the first day all the way to the very back, and that's what we're proud of. As we move through the books, rather than it being a drop in quality, I'd more say there's a shift in perceived commercial value of a pedigree or a stallion. It's not representative of the horse's ability to run.

"With the pressure on foal crop numbers, which is global, the cost of breeding has become more of a challenge for breeders, and the quality of horse is still exceptional. 

"It's a very professional group of people that are producing the highest standard of product. That's evident in not only the physical but the racing performance."

A Gun Runner colt topped last year's edition of the Keeneland September Yearling SaleCredit: Keeneland Photo

This is just the start of a hectic few weeks for Keeneland, which stages the Breeders' Cup as well as the Championship Sale further down the line.

"There's no break!" Lacy said. "We've been preaching to our team that the September Sale beats us all up but as soon as we sell the last horse, we have to get the barns stripped and disinfected and the racehorses coming in two or three days later.

"From the racemeet we go straight in to the Breeders' Cup, with the Championship Sale just before it, and then straight into the November Sale. So it's full steam ahead now until the middle or latter end of November. 

"Mentally and physically it's exhausting but we thrive on adrenaline. We don't take it for granted that we're dealing with some of the best bred horses in the world when it comes to the sales and we get to enjoy some of the best racehorses in the world coming here; we're looking forward to Forever Young training on our track. 

"We see it all and that's something that's very rewarding."

The production will have to survive without one long-standing member of the cast in Scott Caldwell, one of a family of auctioneers who has decided to step down after 52 years' service in order to enjoy semi-retirement.

"Scott and his family have been pillars of the rostrum here for many decades and it's going to be different," Lacy said. "Scott is a great friend, he was the ultimate professional and is a great human being.

"His unique voice was so iconic. You could hear it from his dad, it carried on through his brother Cris and Scott himself, it's a cadence that will be sorely missed by all of us. He wants to go out when he's at the top of his game and I think that's very admirable."

Keeneland September Yearling Sale factfile

Where Lexington, Kentucky

When Selling begins on Monday 1pm (local time)

Last year’s stats A total of 2,904 lots sold (80 per cent clearance rate) for turnover of $510,539,900 (up 24 per cent), an average price of $175,806 (up 17 per cent) and a median of $80,000 (up 14 per cent).

Notable graduates Justify (sold by Glennwood Farm, bought by China Horse Club & Maverick Racing for $500,000); Authentic (sold by Bridie Harrison, bought by SF Bloodstock/Starlight West for $350,000); Knicks Go (sold by Woods Edge Farm, bought by Korea Racing Authority for $87,000); Nyquist (sold by Dromoland Farm, bought by Sutton Place Stables for $230,000); Bricks And Mortar (sold by Stone Farm, bought by Oaks Bluff Partners for $200,000).