Strong Book 1 kicks off mammoth Keeneland November Sale

Topped by the $4.2 million paid for champion mare Lady Eli, Keeneland kicked off its marathon November Breeding Stock Sale on a strong note on Monday.

From 251 cataloged for the one-day Book 1 - compared with a two-day Book 1 last year - Keeneland reported 120 horses grossed $56,429,000 for an average price of $470,240 and a $350,000 median. The 50 horses that did not sell represented an RNA rate of 29.4 per cent.

There were eight individuals sold for $1m or more, with 32 in the price range above $500,000. The leading buyers list represented a diverse international group, with Katsumi Yoshida leading and Shadai Farm among the top five, along with domestic buyers John Sikura of Hill 'n' Dale, Steven W Young, and Summer Wind Equine also represented.

View full Keeneland November Sale results

There are no comparisons with day one a year ago due to the format change, but the first day last year saw 96 horses total $42,304,000, with an average price of $440,667 and a $300,000 median. The RNA rate was 26.2 per cent.

"We're very pleased with how the sale is getting started," said Bob Elliston, Keeneland's vice president of racing and sales, noting that while the first day of 2018 and 2017 aren't comparable in format, it is still significant to start the sale on a positive note.

"There was solid trade all over; it was a good day. There [is] just continued strength in the domestic market in the US for the quality offerings. I think this will foreshadow a solid sale going forward. There is going to be strong demand for the quality offerings."

Elliston said one reason for the large number of horses withdrawn for Book 1 was the strong yearling market this year, with breeders opting to retain weanlings they otherwise would keep in the November sale to generate revenue.

"If they were on the fence about whether to sell them, they can take them back and let them go on and be yearlings and see what they do then," Elliston said.

Lady Eli, the daughter of Divine Park who was among a number of day one mares in foal to War Front in hot demand, was consigned by Sikura's Hill 'n' Dale Sales Agency on behalf of Jay Hanley and partners. The mare's presence at Keeneland drew a crowd, and following a spirited bidding battle, Sikura ended up buying the six-year-old mare for his and Hill 'n' Dale's account.

Sikura said he felt the market was spotty, and that presents opportunities for buyers such as himself.

"It feels a touch quiet in the back [in the walking ring] - not bad, but I've seen more energy in the building before. I think that's an opportunity for a mare like this that I would have expected to go right by me [in price]. But I'm glad they didn't, and I'm glad we own her."

"So far, it's been good for us," said Allaire Ryan, sales director at Lane's End, which sold five horses for $7.825m. "There's plenty of money for the quality horses, mares, and weanlings. So I expect that trend to continue in Book 2, and we'll see how far that carries."

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