By Jessica Martini, TDN
Cover image courtesy of Keeneland
Domestic and international shoppers galore were steadily making their way through the sales barns on a blissful Sunday morning in the Bluegrass–the quiet before the storm–a day before bidding opens for the 12-day Keeneland September Yearling Sale in Lexington.
Following a competitive 2-year-old sales season this spring, the yearling auctions opened with strong demand across town in July and continued in upstate New York last month, leaving consignors optimistic of a strong market a day before the industry's bellwether yearling auction begins.
“I think everybody on the sales grounds feels very positive about the market after a very strong Saratoga,” said Four Star Sales Kerry Cauthen. “I think we all sit here and look at the tea leaves and feel like we would expect this to be a very good sale, too.”
Biggest catalogue since 2010
Buyers will have plenty to look at over the next two weeks, with 4692 yearlings representing the largest Keeneland September catalogue since 2010.
“That really comes back to the breeders,” Keeneland's Senior Director of Sales Operations Cormac Breathnach said of the larger catalogue. “The breeding industry is so sophisticated. The breeders are really experts at what they do. They are quicker to cull mares than they would have been in the past. The stallions are extremely strong and deep, especially when you include the yearling first-crop sires. There is a tremendous wealth of good, quality horses.”
Cormac Breathnach | Image courtesy of Keeneland
The depth of quality offerings through the auction led the sales company to eschew the auction's traditional final Book 6 section and instead designate the final four days of the auction as Book 5A and Book 5B.
“We just want everyone to know any connotation that might be associated with Book 6 just doesn't really apply this year,” Breathnach said of the distinction. “There really is depth and quality all the way through the 12 days.”
Of the paradox of an expanding September catalogue with a declining foal crop, Breathnach said, “The commercial breeders are very active, as well as at a high level. So that side of the industry is holding up better, maybe, then the breed-to-race side. So the decline of the foal crop is probably more from that sector than commercial breeding. And then I feel, hopefully, (the larger catalogue) is an endorsement of our sale, that the market here has been so strong. We have set record averages the last four years and two record medians and three of the top four grossing sales, so I would like to think that there is some recognition of that.”
During last year's September sale, 2735 horses grossed a record US$411,749,500 (AU$624 million), while the average was a record US$150,548 (AU$213,000) and the median was a record-tying US$70,000 (AU$106,000).
Asked if he thought the 2025 auction could surpass those lofty standards, Breathnach said with a laugh, “That would be a brave claim. So we will let the horses do the talking on that.”
Plenty of foot traffic
Consignors watching the foot traffic at the sales barns Saturday and Sunday certainly found reasons to expect another strong renewal of the September sale.
“It's been great activity,” said Mark Taylor of Taylor Made Sales Agency. “It's been very busy. We actually ran some metrics on it and we were about 15% up on shows at the end of the day yesterday and today has continued to be very busy. That doesn't always translate into the sale being any better than last year, but you like to see the foot traffic and we are very happy.”
Mark Taylor | Image courtesy of Taylor Made Farm
Taylor said he was seeing a diverse group of buyers on the sales grounds, including some who may be planning on staying longer than they traditionally have.
“There are definitely a lot of Japanese buyers around,” Taylor said. “We have all of the major players domestically and there are a lot of Europeans. The Europeans players, from what I see, have expanded to where they like to stay longer. They have sales that are going on in Europe that some of them have to get back for, but a lot of them are inquiring about when we are moving horses in. They want to get their eyes on more flesh before they get out of here. I think American-bred runners are doing great internationally and they want the Kentucky-bred product that we have on display here.”
The Keeneland September sale will open with a pair of Book 1 sessions–Monday and Tuesday–beginning at 1pm local time, and will continue with Book 2 sessions Wednesday and Thursday beginning at 11am local time. Following a dark day Friday, the auction continues through September 20 with sessions beginning daily at 10am local time.
While the competitive top end of the market on offer during the auction's first four days can be expected to be reliably strong, consignors hope a trickle-down effect of buyers shut out in Books 1 and 2 will carry the auction into its second week.
