'It exceeded expectations' - Keeneland September Yearling Sale ends in style

A record-breaking edition of the Keeneland September Yearling Sale drew to a close in Lexington, leaving the storied sales company, breeders, consignors, and buyers alike marvelling at a market that has gone from strength to strength all season.

Keeneland reported a $130,698 average, a median of $65,000 and a clearance rate of 19 per cent, while gross figures of $364,516,500 (including post-sale receipts) drew near to the bull market of 2019 and the $372,348,400 gross achieved then.

The sale average bettered the $129,331 record set in 2018, while the median soared past the $57,000 mark set in 2017. The RNA rate surpassed the 19.2 per cent figure set in 2012.

Cumulatively, 2,789 horses sold across 11 sessions, with just 510 horses failing to sell. BloodHorse statistics in line with current Keeneland numbers show the clearance rate that includes post-sale receipts to be sitting at 15.5 per cent. Keeneland continues to update its statistics with post-sale purchases, which can cause later changes in overall numbers.

It was a remarkable rebound from the pandemic year of 2020, when 2,481 yearlings sold for a total of $248,978,700, a $100,354 average, and a $37,000 median with a 29.29 per cent buy-back rate. The sale surpassed the gross of the entire 12-session sale in 2020 just six days in this year.

"Thanks to all our breeders, consignors and buyers, whose passion for racing clearly showed through these past two weeks," Keeneland president and CEO Shannon Arvin said.

"This September Sale felt completely different from any other in recent memory - lots of hustle and bustle. We elevated our hospitality throughout the sale, with a particular focus on the first two days, to create excitement and anticipation. We worked to set the tone and stage. Our breeders and consignors delivered high-quality bloodstock, and the buyers responded fervently.

"People are emerging from the pandemic with a renewed sense of vitality, and they're ready to have fun. That positivity, coupled with the increased prize-money available at tracks around the country, created a pent-up demand for racehorses coming into the sale. We were thrilled to see lots of happy buyers and consignors."

"This sale exceeded expectations in nearly every measure," Keeneland vice president of sales Tony Lacy said. "The positive takeaways are very encouraging. The level of confidence across the spectrum of the industry is extremely high and the clearance rate has been very healthy, especially in the middle market. The strength of the young sires has been remarkable and shows excitement for the next generation.

"The diversity of buyers and the spread of equity among them are broad and deep. We're seeing a lot of new faces and new money, and these people are excited about their participation."

Keeneland made several adjustments to the format this September that were well received by consignors and buyers. Kicking off on September 13, the first week was structured so Books 1 and 2, consisting of two sessions each, were held on four consecutive days before the sale took a one-day hiatus.

As a result, 1,102 yearlings were catalogued to be presented to buyers in that span. Keeneland also combined the final two sessions (those horses originally catalogued to Sessions 11 and 12) into a single session to conclude the sale during a three-day Book 5. Both changes were made to present a critical mass of horses to buyers.

"Having 1,100 horses on the grounds before the dark day was something that, combined with the new atmosphere, helped to create the energy at the start of the sales. The music, champagne, and various things that were being passed around really worked in the sense that it kicked the sale off in a positive way with a lot of momentum," Cormac Breathnach, Keeneland's director of sales operations, added at the close of the sale on Friday.

"Several buyers commented on how they appreciated the number of horses available, the critical mass of horses to look at," he added.

"They felt like the dark day offered time to get ahead, so they weren't playing catch up. This year we were able to have a lot of horses on the grounds and in a way that buyers could get through and evaluate them, take their notes, and not miss any. So from that point of view, I think the format was tremendously successful. This year, it's a factor in the strength of the sale."

"Whatever works best for the buyers is exactly what we should be doing. I think Keeneland believes that and has taken that to heart," Bret Jones of Airdrie Stud said. "I haven't heard any complaints about the format. We've certainly had enough time to show horses, and I feel like the buyers have had enough time to look at the horses. I think these results are a reflection of that."

With Lacy and Breathnach installed in their new roles earlier this season upon the retirement of longtime sales director Geoffrey Russell, the two saw their hopes fulfilled - and then surpassed.

"That was the hope, that we would return like last year essentially never happened," Breathnach said. "Last year was a good sale for the time that we were living in. But this year is a massive return to a vibrant market.

"The biggest positive, maybe, along the lines of being a surprise, is the clearance rate. It was outstanding. There are a lot of happy sellers and breeders out there, and that's a great sign for the industry."

A deep buying bench consisted of domestic buyers along with returning international buyers from 27 countries such as Britain, Ireland, France, Japan, China, Australia, Hong Kong, Peru, Argentina, the United Arab Emirates, Russia, and Singapore.

In a continuation seen from last year, internet bidding continued to be popular with 135 yearlings sold via that format for gross receipts of $19,206,500, according to Keeneland. In 2020, Keeneland reported 126 horses sold for a total of $12,165,900.

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