Cover image courtesy of Keeneland
At A Glance
For the session, 209 yearlings sold for US$89,535,000 (AU$125.7 million). Last year the same session had 221 horses sell for a gross of US$85,702,000 (AU$120.4 million).
The average for the session of US$428,397 (AU$601,000) was up 10.47% from the corresponding session a year ago. The median was US$310,000 (AU$435,000), which dipped 4.62% from US$325,000 (AU$457,000) in 2025.
From 377 yearlings catalogued to Wednesday's session, 308 were offered with 99 failing to meet their reserves for a buy-back rate of 32.14%. It was 31.15% at the same session a year ago.
Fourteen horses sold for seven figures during Wednesday's session, led by a Nyquist colt who sold for US$2.25 million (AU$3.16 million) to Alex Lieblong from the Taylor Made Sales Agency consignment.
The Keeneland September Yearling Sale moved on from its select Book 1 section into the first of two Book 2 sessions on Wednesday and, while the book may have changed, the story remained the same as the market continued to be red hot in Lexington.
“It was a really solid, incredible day,” said Keeneland Vice President of Sales Tony Lacy. “The good horses were bringing incredible prices. I think everybody was getting rewarded for the horses that people gravitated towards.
“The good horses were bringing incredible prices. I think everybody was getting rewarded for the horses that people gravitated towards.” - Tony Lacy
“As we compare with last year, we look at the trends–we are up this or that–but last year, we set the bar in the stratosphere. So now the fact that we are actually trending above that, we have to keep the relativity in place. We are still riding at a very high level in the market. You can see some frustration in the buyers because they had to really reach for the ones they wanted. And that's good. The breeders get well-rewarded.”
“We had nearly $90 million in trade through the ring today,” said Senior Director of Sales Operations Cormach Breathnach. “That's a colossal number for this first day of Book 2. Our gross is up, our average is up, each day and cumulatively. The median is just sort of a step behind where it was last year and in the context of it being a magnificent sale last year, we are just watching that with the slightly higher RNA rate as indicative that not everybody is getting exactly what they want out of the market. Most people are. But we are just going to do our best to keep it going through tomorrow, reassess on the dark day, and then we get into the rapids for Books 3 through 5b.”
Tony Lacy | Image courtesy of Keeneland
Still red hot for Book 2's opener
Fourteen horses sold for seven figures during Wednesday's session, with two hitting the US$2 million (AU$2.8 million) threshold. Leading the way was a colt by Nyquist who sold for US$2.25 million (AU$3.16 million) to Alex Lieblong from the Taylor Made Sales Agency consignment.
Sixty-two horses sold for US$500,000 (AU$703,000) or more at Wednesday's session, compared to 44 at the same session a year ago.
“It's crazy,” Kristian Villante of Legion Bloodstock, who made two of the day's seven-figure final bids, said of the market. “There are a ton of really nice colts here. Keeneland did a great job. Book 1 and Book 2 is really splitting hairs. It's really the same quality of horse.”
“It's just been very strong and solid,” Spendthrift's Ned Toffey said after purchasing a US$1.5 million (AU$2.1 million) son of the farm's Into Mischief. “Our appraisals have been a little all over the board, over on some and under on some. It's been really strong in spots, but very strong in general. I think the true indication will be what happens in Books 3 and 4. That's the true indication of the depth of the market, but the numbers are what they are. It's been very strong. My hope is that this carries on.”
Taylor Made Sales Agency sold Wednesday's US$2.25 million (AU$3.16 million) session topper.
“I think it's a great horse sale,” said Duncan Taylor. “When you sell a lot of horses, there's ups and downs. The RNA rate for the whole sale is a little off, but the market's very strong. If you have a nice horse, you really get paid.”
“I think it's a great horse sale.” - Duncan Taylor
Douglas Scharbauer was the leading buyer of the session, with five yearlings purchased for US$3,850,000 (AU$5.4 million). Gainesway was the session's leading consignor with 28 sold for US$10,730,000 (AU$15 million).
Keeneland September's Book 2 section concludes with a second session Thursday beginning at 11 a.m. Following a dark day Friday, the auction continues through Sept. 26 with sessions beginning at 10 a.m.
$2.25 million Nyquist colt to Lieblong
Alex Lieblong, bidding alongside Nick Sallusto and John Kimmel, went to US$2.25 million (AU$3.16 million) to acquire a colt by Nyquist (hip 642) Wednesday at Keeneland. The yearling was consigned by Taylor Made Sales Agency on behalf of breeders Fred Hertrich and John Fielding. He is out of Hot Cha (Bernardini), a half-sister to graded stakes winners Scalding (Nyquist) and Hot and Sultry (Speightster).
“He looked gorgeous,” Lieblong said of the colt. “He checked every box I ever saw. He was in a different class. Obviously, the price showed that and someone else thought that. Now if we can just get the check to clear, we'll be in good shape.”
“He (Hip 642) looked gorgeous, He checked every box I ever saw. He was in a different class.” - Alex Lieblong
Lieblong and his wife JoAnn have owned racehorses since the 1990s and captured this year's GI Jaipur Stakes and G2 1351 Turf Sprint in Riyadh with their homebred Reef Runner (The Big Beast), but the Arkansas native said this was likely the most he had ever paid for a horse.
Asked if he had hesitated at all during the bidding, Lieblong said with a laugh, “At 75, you don't hesitate as much as you used to.”
Of plans for the colt, Lieblong said, “He will go down to Ocala with Nick and then we will figure out where he fits.”
Hip 642 - Nyquist x Hot Cha colt | Image courtesy of Keeneland
As Lieblong signed the ticket for the colt, Hertrich was accepting congratulations from Dan Pride of Darley, which stands Nyquist.
“We thank Darley for the breeding. We were able to breed at $85,000 that year, so I asked Mr. Pride if I could have another breeding for $85,000 and he told me he didn't think so,” Hertrich said jokingly.
Hertrich purchased Hot Cha for US$40,000 (AU$56,200) at the 2019 Keeneland January sale.
Walking through the hallway in the pavilion with Fielding after the sale, Hertrich said the US$2.25 million (AU$3.16 million) price tag was the highest-priced yearling the longtime partners had ever sold.
Fred Hertrich | Image courtesy of Keeneland
“It's really surreal,” Hertrich said of watching the colt sell. “John and I have been doing this for a long time. We've sold a lot of horses, a lot of Grade I winners, but at this point of his life, he's as good as any of them.”
Hertrich said the team had sent the colt to the sales ring Wednesday with plenty of confidence.
“We thought he would be as good as anything in the sale today,” he said. “He's as good a horse as we've raised on the farm and everyone who came to see him on the farm thought that. And certainly the market thought that. The top people in the business were bidding on him and interested in him. It's a tribute to our team at Watercress who raised the horse from the day he was born to today.”
'Star of the show:' $2 million Into Mischief colt to Legion
“He was the star of the show,” Kristian Villante said after signing the US$2 million ticket (AU$2.8 million) on a son of Into Mischief (hip 697) in the name of Legion Bloodstock Wednesday at Keeneland. It was the second seven-figure purchase of the day for Legion Bloodstock and the second seven-figure sale of the day for the colt's consignor, Chiquita and Jeff Reddoch's Stonehaven Steadings.
The yearling is out of graded-placed Miss Costa Rica (Hit it a Bomb), who is a half-sister to graded winner Gas Station Sushi (Into Mischief).
“Travis (Durr) was the first one to get to see him and he fell in love with him,” Villante said. “He brought the whole team over to see him and everyone fell in love. You never expect to pay $2 million for a horse, but we knew we would have to dig deep for him.”
“You never expect to pay $2 million for a horse, but we knew we would have to dig deep for him (Hip 697).” - Kristian Villante
Of the new ownership of the colt, Villante said, “It's a developing partnership. There are three people right now who all want different pieces, but we will figure it out. Thankfully, we had enough clients to tell us to push that far.”
Earlier in Wednesday's session, Legion Bloodstock paid US$1.1 million (AU$1.5 million) for another colt by Into Mischief (hip 497) consigned by Hunter Valley Farm.
Stonehaven Steadings purchased Miss Costa Rica, third in the 2020 GII Chandelier Stakes, for US$140,000 (AU$197,000) at the 2022 Fasig-Tipton July Horses of Racing Age sale. The 8-year-old mare, in foal to Into Mischief, RNA'd for US$675,000 (AU$948,000) at the 2023 Keeneland November sale. Her 2024 foal died and hip 697 was her first registered foal. She was bred to Flightline this year.
Earlier in the session, Stonehaven Steadings sold a colt by Flightline (hip 601) for US$1.1 million (AU$1.5 million) to Flying Dutchmen. Out of Figure of Speech (Into Mischief), the colt is a half-brother to GI Kentucky Oaks runner-up Meaning (Gun Runner).
“A day of days, I guess, as they say,” said Stonehaven Steading's Aidan O'Meara. “The classy ones just kind of rise. Every day, you saw them come out there, and come to a different level, and then as people get interested, you start getting excited.”
Of the two seven-figure results, O'Meara said, “We were hoping and dreaming, and sometimes you're surprised, and sometimes it goes beyond your expectations. There's a lot of time and grind behind the scenes, and a special horse can make it all worthwhile. We're very humbled, and happy for all the team at home.”
Killora-Bred colt by Flightline brings $1.85 million from Winchell Thoroughbreds
With the action continuing to churn into Wednesday's session, a colt by Flightline out of a daughter of Grade I-winner Grace Hall (Empire Maker) realized a US$1.85 million (AU$2.6 million) final bid from Winchell Thoroughbreds. Offered as Hip 487, the bay colt was consigned by his breeder, Killora Stud.
“We were very reasonable expectations. We were hoping for the best, but that was way beyond ours,” said Killora's Aidan Jennings.
“We were very reasonable expectations. We were hoping for the best, but that was way beyond ours.” - Aidan Jennings
The April 18 foal is the first foal out of unraced Velvet Sky (Uncle Mo), a daughter of GI Spinaway Stakes winner and millionaire Grace Hall.
“He was extremely popular,” said Hannah Jennings. “The best part about him is every show is the exact same. He never turned a hair and he was really, really a professional.”
Velvet Sky was secured by the Jennings for US$350,000 (AU$490,000) at Keeneland September in 2020. She is currently in foal to Into Mischief.
“We just thought it was a really great physical mating,” said Hannah, explaining the decision to breed their mare to Horse of the Year Flightline. “We bought this mare at Keeneland in Book 1 back in 2020. So, it's been a very long road to get here. We're very excited for the future.”
Asked what made the colt stand out since his arrival at Keeneland, Aidan explained, “His action is unbelievable. On the farm, he'd come out and take three steps and you'd think, 'whoa'. And then he'd be like a child. He'd be looking up at the birds on the tree. He was a bit of a character. So when he got here, he looked unbelievable. I think his action was amazing and he has a great physique. The money he made, obviously he had all the attributes to give him a chance to be very good.”
Killora, not represented in Book 1, sold one of two additional yearlings on Wednesday–a filly by Uncle Mo (Hip 382) who brought US$350,000 (AU$490,000) from New River Equine earlier in the session.
Hip 382 - Uncle Mo x Ready Ready Ready filly | Image courtesy of Keeneland
$1.75 million Nyquist colt to Tagermeen Racing
A colt by Nyquist (hip 415) was the first seven-figure yearling of Book 2 when selling for US$1.75 million (AU$2.5 million) to the internet bid of Tagermeen Racing on Wednesday morning at Keeneland. The bay was bred and consigned by Claiborne Farm.
“He's been a great foal since birth,” Claiborne's Walker Hancock said of the yearling. “He's a great-moving colt, really strong and from a great family. I'm very happy for the new connections.”
Hip 415 is out of the unraced Sibaaq (Bernardini), a full-sister to Grade I winner Takaful and a half to graded winner Haikal (Daaher).
“You can never expect that kind of price, but I knew he was going to sell well,” Hancock said. “He's an unbelievable physical from a great family, so like the old cliche, when you check all the boxes, that's what happens.”
Purchasing under the moniker RTM Racing, the Tagermeen Racing partnership acquired a US$2.8 million (AU$3.9 million) session-topping colt by Gun Runner on Monday and has also purchased US$1 million (AU$1.4 million) colts by Not This Time and Gun Runner. The group partnered with Whisper Hill Farm to purchase a colt by Nyquist for US$1.6 million (AU$2.2 million).
Son of Up To The Mark wows with $1.65 million bid from AMO
AMO's Kia Joorabchian had already come out firing during Tuesday's Book 1 closer when extending to US$3.1 million (AU$4.3 million) for a son of Gun Runner (Hip 313), the second-highest priced yearling of the opening two sessions.
By the time Wednesday's Book 2 opener rolled around, Joorabchian appeared ready for another round of battle when a striking colt by first season sire Up To The Mark stepped into the ring. A member of the Nursery Place consignment, Hip 646 was not easily won, however, but the AMO team, which included advisor Ben McElroy, proved relentless, ultimately securing the half-brother to Guineas hero Ruling Court (Justify) for US$1.65 million (AU$2.3 million).
Trainer Miguel Clement was also among those who advised on the purchase.
“Kia locked on there, didn't he?” said AMO consultant Alex Elliott. “Obviously, he's a stunning horse and a brother to a (English 2000) Guineas winner. I go a long way back with the Clements. I used to work for (the late trainer) Christophe. So it's quite nice.
“It's come 360 (degrees) really, because Miguel rang me up and he said, “Listen, this is the horse that I really, really want to hone in on.” And I told Kia, Miguel really is a big fan of this horse. And we all were in fact. I didn't see him really making that or us getting him, but we're very pleased to get him.”
The colt is a half-brother to Ruling Court, winner of last season's G1 Betfred 2000 Guineas. The Godolphin runner also won the Listed Jumeirah 2000 Guineas at Meydan as well as placing in two additional Group 1 tests in England during his sophomore season.
A US$150,000 (AU$210,000) Keeneland September yearling purchase, Royal Court flourished into a €2.3 million (AU$3.7 million) Arqana May 2-year-old Breeze Up purchase in 2024. Ruling Court succumbed to complications from Laminitis in the summer of 2025.
Alex Elliot | Image courtesy of Tattersalls
“(Ruling Court) was actually a breezer horse,” explained Elliott. “He went to 2-year-old sales in Arqana (France) and then he was a very good 2-year-old. But he got really good at three. He won in Dubai and then he won the Guineas. And unfortunately he's no longer with us.”
Of the Guineas winner's yearling half-brother, he opined, “I'd see this horse sort of being a seven-furlong 2 year old and getting a mile plus at three, which is what his pedigree suggests.”
The champion turf male in the U.S. in 2023, Not This Time's Up To The Mark won a trio of Grade Is ranging from a mile to 10 furlongs and was retired following a close-up second to Auguste Rodin (Ire) (Deep Impact {Jpn}) in the 12-furlong GI Breeders' Cup Turf at Santa Anita.
“Up To The Mark was a magnificent looking horse,” said Elliott of the Lane's End stallion.
AMO's latest purchase, bred by Nursery Place and Wilhite in Kentucky, is out of GSP Inchargeofme (GB) (High Chaparral {Ire}), who is a full-sister to Group 1-placed Johann Strauss and a half to Grade 1-placed Magical (Camelot). Nursery Place bought the mare for US$80,000 (AU$112,000) at Keeneland January in 2015.
“If the horse is successful, then obviously we can see him being dual-purpose. Going to the UK to run, coming back here to run. He'll be trained here in America. He made all the sense to us,” said Joorabchian.
