Cover image courtesy of Keeneland
At A Glance
Book 2 section concluded on Thursday with a cumulative gross of US$318,115,000 (AU$447 million). Following four sessions a year ago, the auction had grossed US$307,639,000 (AU$431 million).
A total of 425 horses sold through the ring during the two Book 2 sessions, for a gross of US$166,715,000 (AU$234 million). The average was US$392,271 (AU$550,500), which was up 9% from a year ago, and the median remained steady at US$300,000 (AU$421,000).
Three colts sold for US$2 million (AU$2.8 million) during the session, with two by Not This Time and one by Nyquist.
A record 65 yearlings sold for US$1 million (AU$1.4 million) or more during Book 1 and Book 2, surpassing the previous mark of 56 set last year. Thursday alone produced 10 seven-figure horses, including three colts at US$2 million (AU$2,8 million).
A Not This Time colt out of the former dual Group 3 winner and Listed winner Houtzen (I Am Invincible) sold to RTM Racing for US$750,000 (AU$1.05 million) for the Libyan partnership Tagermeen Racing.
The Keeneland September Yearling Sale, which surpassed the $300-million mark after four sessions in 2025, the fastest time in its history–stormed passed that mark when its Book 2 section concluded on Thursday with a cumulative gross of $318,115,000.
“We've raised the bar a little higher,” Keeneland's Vice President of Sales Tony Lacy said after the close of business Thursday.
“We were up 23 or 24% from 2024 to 2025 and now again we have, an obviously smaller incremental increase. It just shows the strength of the market overall. It's been very healthy. Buyers are finding it very difficult to get what they want, but they are starting to get the horses they want. The demand is there. The appetite for quality horses is extremely high.”
A total of 425 horses sold through the ring during the two Book 2 sessions, for a gross of US$166,715,000 (AU$234 million). The average was US$392,271 (AU$550,000), up 9% from a year ago, and the median remained steady at US$300,000 (AU$421,000).
Those increases came on the heels of double-digit Book 2 gains from 2024 to 2025. Through the two 2025 Book 2 sessions, 454 yearlings sold through the ring for US$163,454,000 (AU$229 million) for an average of US$360,031 (AU$505,000), which was a 18.1% increase from the 2024 Book 2 and the median was US$300,000 (AU$421,000), up 15.4% from 2024.
Cormac Breathnach and Tony Lacy | Image courtesy of Keeneland
While the year-over-year average and median remain up, the median lags the gains of the average and the four-day buy-back rate of 30.06% has ticked up from the comparable 2025 figure of 27.07%.
Keeneland's Director of Sales Operations Cormac Breathnach noted there continued to be great diversity in the market during the first week of the auction.
“We have sold 230 yearlings for $500,000 or more and that's from 60 different consignors and 109 different buying entities,” Breathnach said. “So there is great breadth and depth in the market. A lot of money is changing hands; $318 million in gross through the ring in four days is staggering. And we know there is a lot more to come because we have a new wave of buyers coming in for Book 3. We are optimistic about a really strong finish. We want to see this momentum continue and get as many smiles on faces as we can.”
“We have sold 230 yearlings for $500,000 or more and that's from 60 different consignors and 109 different buying entities.” - Cormac Breathnach
Three yearlings shared top billing during Thursday's session, with a pair of colts by Not This Time and a son of Nyquist selling for matching US$2-million (AU$2.8 million) price tags.
With another 10 yearlings selling for seven figures on Thursday, the total for both Book 2 sessions was 24. That number was 18 a year ago.
Through four sessions, 65 horses have sold for US$1 million (AU$1.4 million) or more, well above last year's record-setting figure of 56.
“It's a significant benchmark,” Lacy said of the million-dollar figure. “It's not the only one, but it just shows that there is a strong focus on those top horses.”
“It's (65 sold for US$1 million or more) a significant benchmark.” - Tony Lacy
Taylor Made Sales Agency was the Book 2's leading consignor with 58 sold for US$21,110,028 (AU29.6 million). The partnership of St. Elias, West Point Thoroughbreds, Lane's End Racing, and Belladonna Racing was the section's leading buyer with 10 yearlings purchased by US$8,650,000 (AU$12.1 million).
The Keeneland September Yearling sale will have a dark day Friday and returns with sessions beginning daily at 10am through September 26.
Summers, Gold Return to Glennwood Well
Trainer Chad Summers was able to acquire a colt by Liam's Map for US$40,000 (AU$56,000) out of the Glennwood Farm consignment at the 2024 Keeneland September sale for owner Al Gold and that yearling went on to become G1 Preakness Stakes winner Napoleon Solo. Summers and Gold paid significantly more when they returned to the Gunthers' consignment Thursday, going to US$2 million (AU$2.8 million) to secure a colt by Not This Time (Hip 803). The yearling is out of Spell On You (Curlin), a half-sister to Triple Crown winner Justify (Scat Daddy).
“He is a really special horse,” Summers said, while Gold standing behind him joked loudly, “Tell them he's a pinhook.”
Of the Gunthers, Summers added, “They know how to raise a really nice family. John and Tanya do a great job. We got Napoloen Solo from them last time. They had Justify and Vino Rosso, the list goes on and on with the horses that they raise.”
Summers returned to the Glennwood consignment a little later when going to US$410,000 (AU$575,000) for a son of Up To The Mark (Hip 827).
Hip 827 - Up To The Mark x Thrill colt | Image courtesy of Keeneland
The US$2 million (AU$2.8 million) yearling continued a career sale for John and Tanya Gunther's Glennwood, which sold the US$3.7 million (AU$5.1 million) sale topper by Into Mischief, as well as the US$1.9 million (AU$2.7 million) half-brother to Justify during the auction's Book 1 section.
“This is unbelievable,” John Gunther said of the farm's results this week. “It shortens my breath just to think about it. I may have to sit down.”
He continued, “It's so wonderful for my daughter because Tanya works so hard. She is out there prepping the yearlings and the staff is so fantastic. The Glennwood team is unbelievable. The guy that does the foaling and looks after them is Conrado Campos and he has been with us some 30 years and his sons are even working for us. He raises our horses like they are his own children. And Lindsay Wilson has also worked for us for ages managing the farm and she is another critical person. It's fantastic.”
John Gunther purchased Magical Illusion (Pulpit) as a 4-year-old for US$425,000 (AU$596,000) at the 2005 Keeneland January sale. Stage Magic (Ghostzapper) was the mare's second foal and, after RNA'ing for US$70,000 (AU$98,000) at the 2008 Keeneland September sale, the chestnut went on to be Graded-placed in Gunther's colors. But it has been in the breeding shed where Stage Magic has cemented her fame, producing Triple Crown winner Justify in 2015.
Hip 803 is the first foal out of Stage Magic's daughter Spell On You, who was unplaced in two starts. The 6-year-old mare produced a filly by McKinzie this year and was bred back to Not This Time.
Hip 803 - Not This Time x Spell On You colt | Image courtesy Keeneland
“He was a lovely colt,” John Gunther said of Hip 803. “He has a hip like Not This Time. For a big colt, he was really light on his feet. When we turned him out at night, he would just float across the field. It was unbelievable. And he was very smart.”
“He (Hip 803) has a hip like Not This Time. For a big colt, he was really light on his feet.” - John Gunther
Of the colt's price tag, Gunther said, “I didn't expect that. The reserve was much lower. I knew a lot of people really liked the colt. It's hard to believe it's $2 million, but it's wonderful.”
Speedway keeps the faith with $2-million Not This Time colt
Rising to the top of Thursday's Book 2 closer, a colt by Not This Time out of Kentucky Oaks heroine Believe You Can (Proud Citizen), landed US$2 million (AU$2.8 million) from agent Marette Farrell bidding on behalf of Peter Fluor and K.C. Weiner's Speedway Stable. It was the sole purchase for Speedway through Keeneland's first two books.
“I was obviously hoping for less,” admitted Farrell of Hip 899. “I thought the fact that he was immature would help us a little bit but honestly, he was so athletic and so light on his feet, especially in the back walking ring. And like I said to Peter Fluor and K.C. [Weiner], he has a stallion's pedigree. He's by the right sire that is on a trajectory to the stars right now.”
“... he (Hip 899) was so athletic and so light on his feet, especially in the back walking ring. And like I said to Peter Fluor and K.C. [Weiner], he has a stallion's pedigree.” - Marette Farrell
According to Farrell, the operation came to Keeneland looking for a filly but couldn't let the son of the Taylor Made stallion pass them by.
“I just felt he's the one,” she said. “Sorry, he's not a girl!”
Bred by the Estate of Brereton Jones, the striking bay was consigned by the Jones family's Airdrie Stud.
“It's a beautiful pedigree,” said Farrell. “It's one of Airdrie's key families. And as we all know, they're one of the top breeders in America. So everything works as regards to what makes sense.”
Campaigned by the late governor and trained by Larry Jones, Believe You Can won eight of 14 career starts, including six stakes, highlighted by the 2012 G1 Kentucky Oaks.
“[Hip 899] was just a masculine version, really, of the mare,” said Airdrie's Bret Jones. “All of us watched [Believe You Can] grow up, and she's been with us now for a long time, and [the yearling was] really was just the spitting image, but a bigger, stronger version. And classy, just everything you'd ever want in a sales yearling or a racehorse.”
As a broodmare, the daughter of Proud Citizen is also responsible for SW and GSP Believe in Royalty (Tapit) and most notably, Conclude (Collected), winner of the G2 Del Mar Derby and G2 Del Mar Mile and earner of over US$570,000 (AU$800,000) on the racetrack.
Drawing a thread of familiarity with the extended family, Speedway also campaigned Collected, victorious in the G1 Pacific Classic.
Hip 899 - Not This Time x Believe You Can colt | Image courtesy of Keeneland
“We obviously know Conclude because he's by Collected and, in my humble opinion, I think [this colt is] a much better horse than Conclude. I hope I'm right.”
According to Farrell, the colt will head to Airdrie or WinStar before shipping to Niall Brennan in Ocala, Florida for the winter.
“He's in the same mold as his sire,” she said of the red-hot Not This Time. “Ton of quality. And a lot of Not This Time's progeny have a lot of similarities, but I thought he was the most beautiful of them all.”
Nyquist colt makes $2 million
The partnership of St. Elias Stables, West Point Thoroughbreds, Lane's End Racing and Belladonna Racing made its second seven-figure purchase of the day when going to US$2 million (AU$2.8 million) to acquire a colt by Nyquist (Hip 973) Thursday at Keeneland. The colt was consigned by Betz Thoroughbreds and was bred by Betz Thoroughbreds, J.Betz, D J Stables, Epona, and Lamantia.
“We are really excited to acquire the colt,” said St. Elias's Monique Delk. “He was a standout for us. He's by the right sire, amazing physical and with a beautiful walk. He is the whole package.”
“He (Hip 973) was a standout for us. He's by the right sire, amazing physical and with a beautiful walk.” - Monique Delk
The colt is out of stakes winner Factorofwon (The Factor) and is a half-brother to stakes winner and Grade 1-placed Light Won Up (City of Light). Betz's Avocet Bloodstock purchased the mare for US$200,000 (AU$280,000) at the 2021 Keeneland November sale.
Hip 973 was the seventh seven-figure yearling of the week for Darley's Nyquist, who was represented by the US$2.25-million (AU$3.1 million) session topper Wednesday.
Also Thursday, the St. Elias, West Point, Lane's End, Belladonna partnership purchased a colt by Uncle Mo (Hip 841) for US$1 million (AU$1.4 million) from the Mt. Brilliant Farm consignment.
The group returned to the Mt. Brilliant Farm consignment late in the day Thursday to acquire a colt by Not This Time (Hip 1068) for US$1.65 million (AU$2.3 million).
Through four sessions, the partnership has purchased 16 yearlings for US$13,925,000 (AU19.5 million).
Asked if the group had a target number of yearlings to buy, Delk said, “We just approach each book with a lot of discipline, and a real strict criteria. We don't necessarily have a number, we are just pretty disciplined in our buying.”
