Prices step down as Book 4 starts but strong competition for top lots persists

As the Keeneland November Breeding Stock Sale moved into Book 4 on Monday, the level of trade predictably did not approach the numbers generated in the previous five sessions, but it was still competitive for the better lots.

With buyers keen to acquire foals of 2019, the session-topper was a colt by the second leading first-crop sire Constitution purchased by Dailey Bloodstock for $150,000 from James H Herbener jnr, agent.

Keeneland reported 253 horses grossed $7,413,700, down from the $7,755,900 paid for 242 on the same day a year ago.

The average fell 8.6 per cent to $29,303, and the median rose ten per cent to $22,000.

View full results from the Keeneland November Breeding Stock Sale

Cumulatively, from 2,359 cataloged for the first six days, 1,410 horses have been sold for $176,476,400, compared with the $174,078,900 total paid for 1,389 at the same juncture in 2018.

The average is almost identical - $125,161 this year compared to $125,327 in 2018 - and the median is down 10.5 per cent from $67,000 to $60,000. The cumulative RNA [reserve not attained] rate is 22.4 per cent.

Chad Schumer, the day's leading buyer with ten horses purchased for $368,000, said part of his motivation for buying Fortune Candy, a 12-year-old mare by Milwaukee Brew, for $130,000 was the fact she was in foal to Constitution, a member of a stallion class that appears strong.

"It is obviously a very strong cover," he said. "This is probably the deepest group of freshman sires we've seen in a long time. While American Pharoah is the real deal - he got some tremendous mares and I have great respect for him - I think Constitution is also the real deal. To get a stakes-producing mare in foal to him is a no-brainer."

Consigned by Zach Madden's Buckland Sales, agent, Fortune Candy is the dam of multiple stakes winner Art G Is Back and is out of the multiple stakes-placed Lit De Justice mare Freedom Come, the dam of Grade 3 winner Harlem Rocker.

Also selling for $130,000 was Iadorakid, a six-year-old Lemon Drop Kid mare in foal to Creative Cause and a half-sister to Grade 1 winner El Tormenta. Consigned by Lane's End, agent, the mare was purchased by agent Jason Hall.

"Foals are still really sought after," said Mark Taylor, whose family's Taylor Made Sales Agency is the sale's leading consignor. "If you get a good one that passes the vet you're going to get a premium for them."

On the flip side, there isn't much of a market for mares that have been unable to throw a foal that has earned black type, even if they are in foal to promising young stallions.

"Mares below $100,000 are harder to sell than they used to be," he said. "There are some mares going through here that are covered by some pretty nice stallions - young stallions with $20,000-$30,000 fees.

"You can buy those mares for less than the stud fee if you're willing to buy a mare that has a few foals that haven't got black type."

Taylor said the tendency by breeders to want to move mares even at a loss in an effort to improve the quality of their broodmare bands provides opportunity for those willing to take a shot.

"There is an opportunity for somebody who can raise a horse well and take care of it themselves and keep their costs down," he said.

"Some of these mares that you can buy for under $25,000, if they have a nice foal that is a B+ or better and vets, it can bring $150,000 as a weanling next year. Of course, we all know it could bring $5,000."

For more news on US racing, sales and bloodstock news visit bloodhorse.com