Grade 3-placed Park Avenue sells to Summer Wind Equine at Keeneland for $1.45m

The early going during the first session of Book 2 of the Keeneland November Breeding Stock Sale was a sharp contrast to its heady opening session that produced ten seven-figure sales, including seven for more than $2 million.

For the first half of the day, the top price among mares was hip 334, a stakes producer and daughter of Malibu Moon who Claiborne Farm sold in foal to Blame for $550,000 to Determined Stud.

The trade winds gained velocity with hip 478, the Grade 3-placed winner Park Avenue (by Quality Road), for whom Summer Wind Equine went to $1.45m to acquire out of Lane's End's consignment.

A couple of hours later, Jim and Dana Bernhard's Pin Oak Stud rang the bell at $1m for hip 573, a Graded-placed First Samurai daughter named Sweet Sami D, in foal to top sire Gun Runner. Stonehaven Steadings consigned Sweet Sami D.

Tuesday's top-selling weanling was hip 315, a Quality Road colt consigned by Lane's End that sold for $425,000 to Brookstone Farm. The colt is out of the immediate family of prominent Claiborne sire War Front.

The sale has now sold 12 horses for $1m or more and 40 for $500,000 or more

"We would describe it as a solid day," said Keeneland president and CEO Shannon Arvin. "Definitely there were times when you were looking at the prices, but overall we are very happy with the gross, very happy with the average and median being up over last year. We had a lot more domestic activity than yesterday.

"Maybe it wasn't quite as exciting as yesterday, but we had two that sold for a million or more and that has not happened since 2017 in Book 2."

Tuesday's session saw 197 of 273 horses offered for a gross of $35,073,000, which is 9.8 per cent lower than the comparable session of 2021, when 41 more horses were sold.

The second session average was $178,036 and the median was $140,000, which are up nine per cent and 7.7 per cent, respectively, compared with the sale's second session a year ago. The buy-back rate, the percentage of horses failing to meet their reserve prices, crept up to 28 per cent from 76 horses that did not sell.

Cumulatively, the first two sessions generated a gross of $99,003,000, which is tracking more than ten per cent ahead of last year's sale at this point. A total of 338 horses have been sold at an average of $292,908 and a median of $190,000. The cumulative average is up 17 per cent and the median is up 8.6 per cent.

On the first day, a 2.5 per cent fractional interest in Breeders' Cup Classic winner Flightline was sold for $4.6m, which is not included in the cumulative figures.

During the opening session of Book 2 last year, 238 horses were sold of the 290 on offer for gross receipts of $38,877,000, at an average price of $163,349 and a median of $130,000. Fifty-two horses failed to meet their reserve, to represent an RNA rate of 17.9 per cent.

During the first two sessions of the 2021 sale, 361 of the 456 horses through the ring were sold for gross receipts of $90,251,000. The overall average for the first two sessions last year was $250,003, and the median was $175,000. The cumulative RNA rate was 21 per cent.

Walker Hancock, president of Claiborne Farm, which sold nine of 12 broodmares and broodmare prospects, said the activity came in waves throughout the day.

"You were just hoping you were selling one at the right time, and not the wrong time, it did feel a little strange today," he said. "We sold one for $550,000 that we were thrilled with, we also sold some that we thought we could get a little more for.

"It really just depends on the mare; it's kind of the same trend, where if they want them, they're going to give you the money for them, and if they don't, then you'll be lucky to get them to move along."

Chance Timm, a partner in Grovendale Sales that sold a mare for $750,000 three hips after selling one for $700,000, said the availability of internet bidding has likely changed how a sale can feel on the grounds.

"I think the advent of internet bidding has changed the dynamic in the back ring a little bit, you know, not as many people," he said. "So, it does feel a little bit spotty sometimes, but just like these two mares we sold, when you lead one up that they want, they're there, I can assure you."

Michael Smith, regional representative for China Horse Club, said even when the market is strong, there are opportunities to be found.

He said: "It's strong, but if you do your homework and you keep sifting through them you can get a bit of value as well. I think we've bought really well today, across the board, some really nice race fillies."

The sale continues on Wednesday with the second session of Book 2 that includes hips 617-995. The session starts at 10am (3pm GMT).

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