Cover image courtesy of Keeneland
At A Glance
Through the two Book 3 sessions, 517 yearlings sold through the ring for a gross of US$111,924,000 (AU$157 million), up from US$109,983,000 (AU$154 million) in 2025 for 545 horses.
The section's average of US$216,487 (AU$303,000) was up 7.28% from last year's corresponding figure of US$201,804 (AU$283,000).
The median of US$175,000 (AU$246,000) was up 9.38% from a year ago which hit a median of US$160,000 (AU$225,000).
Front Row Club, Starlight Racing and Madaket Stables purchased a colt by Nyquist (hip 1686) for US$1.2 million (AU$1.68 million) to top the session.
At the auction's halfway mark, the buy-back rate stands at 28.79%, compared to 26.30% at the same point a year ago.
The Keeneland September Yearling Sale continued to produce seven-figure yearlings, with a colt by Nyquist topping Sunday's session when selling for US$1.2 million (AU$1.68 million), as the auction's Book 3 section concluded with a day of solid trade and increases over last year's corresponding section.
“I thought today was good,” said Mark Taylor of Taylor Made Sales Agency, which is the auction's leading consignor through six sessions. “Our clearance rate was healthy today–I think we had about a 21% buy-back rate. We didn't have any really explosive, break-out horses, but it was very solid trade. And as long as you were setting reasonable reserves and your horse vetted, you were going to get your horse sold.
Mark Taylor | Image courtesy of Keeneland
“I was encouraged today to see the strength continue. I've seen a ton of new faces in here that I had not seen–I had not sold since Thursday–so I saw just lots and lots of new people here and it seems like they have money to spend and they are just getting started. So I expect Book 4 to continue on and to be really good.”
The vibrant market continues
“It's a good vibrant market,” said Tom Ryan, who purchased Sunday's US$1.2 million (AU$1.68 million) session topper on behalf of the Front Row Club, Starlight Racing and Madaket Stable partnership. “It's a good market for breeders. It's an overall good indicator of the health of the market. I'd like to see a higher clearance rate, but I think that's all starting to fall into line as well. The clearance rate is improving as the days go on.”
The competition continued right through to the end of Sunday's session.
“It's the same all week,” said WinStar Farm's Gerry Duffy, who bid US$900,000 (AU$1.2 million) to acquire a colt by Maxfield just three hips from the end of the session. “For the ones you really like, the same folks tend to show up. And they bring plenty. That's the game. That's the state of the market and, on the ones you like and you really want, you hate to not be able to get them.”
Duffy expects demand to continue as the September sale enters its second week with the start of the Book 4 Monday.
“I think there are still a lot of people unable to buy horses and getting pushed back,” he said. “I think there are still a lot of people here looking to buy horses.”
A stallion everyone respects': Nyquist colt brings $1.2 million
Book 3 added a fifth seven-figure yearling result Sunday when the stallion-making partnership of Front Row Club, Starlight Racing and Madaket Stables purchased a colt by Nyquist (Hip 1686) for US$1.2 million (AU$1.68 million).
Hip 1686 - Nyquist x Alexandria colt | Image courtesy of Keeneland
“He's by a stallion everybody now respects in Nyquist,” said Front Row Club's Tom Ryan. “So you're giving yourself a chance of creating a potential Kentucky sire down the road if he lives up to our expectations.”
Hip 1686 was consigned by Four Star Sales on behalf of his breeder, Three Chimneys Farm. He is out of multiple stakes winner Alexandria (Constitution), who was purchased by Three Chimneys for US$325,000 (AU$456,000) as a 3-year-old at the 2021 Keeneland November sale.
“He was a super nice colt and we always liked him on the farm,” said Three Chimneys' Doug Cauthen. “He came in here and showed so well. He just presented himself well and he had a lot of class.”
The result was the second Book 3 million-dollar yearling for Three Chimneys, which sold the US$1.5 million (AU$2.1 million) session-topping son of Not This Time on Saturday.
“He did exceed our expectations,” Cauthen said of that result. “But he was a gorgeous horse by a really good sire.”
“He (Hip 1686) did exceed our expectations... But he was a gorgeous horse by a really good sire.” - Doug Cauthen
Ryan said he had no problem buying out of later books at the 12-day auction.
“It doesn't matter what book they come out if they are fast enough,” Ryan said. “It's a matter of having the team to identify them. I remember we bought the Kentucky Derby winner [Authentic] as Hip 2616 many years ago. We are long way away from that still.”
Cauthen said he had no problem selling horses as the auction approached its one-week mark.
“I think those horses were later developing, they improved because they matured,” he said of the two million-dollar yearlings. “They needed to be in Book 3 when they were evaluated by Keeneland. They placed them well. We talked about it. They agreed, we agreed, the consignors agreed. If you have a nice horse in Book 3, there is always money left. “If [the major buyers] aren't staying, their advisors are and they are on the phone. Everybody is so connected.”
Cauthen continued, “I think placement matters a lot. I think it's great to be a big fish later, but big fishes early sell well, too. People find good horses.”
'Victim of our own success': Syndicate that started it all finds plenty of competition
It was back at the 2018 Keeneland September when the partnership of SF Bloodstock and Starlight Racing first made its presence known as a partnership in search of future stallion prospects. The group, largely an anomaly at that auction, purchased 19 colts for US$9.3 million (AU$13 million).
Fast forward eight years and with the newly launched Front Row Club replacing SF Racing, and Madaket joining the ticket purchasers, the partners have plenty of competition these days. Flying somewhat under the radar before purchasing the US$1.2 million (AU$1.68 million) session topper at Keeneland Sunday, the partners have steadily built up a solid roster of new yearlings. Through six sessions, they have purchased 18 yearlings for US$10,165,000 (AU$14.2 million).
“I've never found it as hard to spend money at a horse sale,” said Front Row Club's Tom Ryan, who helped spearhead the partnership under the SF banner eight years ago. “But that's ok. We will get to our quota.”
Tom Ryan and Donato Lanni | Image courtesy of Keeneland
Asked what that target number was, Ryan said, “The quota is when we stop finding good horses. It's a very strong market underpinned by a lot of syndicates that have great teams of people putting it all together.”
“The quota is when we stop finding good horses. It's a very strong market underpinned by a lot of syndicates that have great teams of people putting it all together.” - Tom Ryan
Among those partnerships at Keeneland this week in pursuit of future stallions are the St. Elias Stables, West Point Thoroughbreds, Lane's End Racing, and Belladonna Racing syndicate which has acquired 18 yearlings for US$15,625,000 (AU$21.9 million).
Coolmore's M.V. Magnier and Peter Brant's White Birch Farm teamed up to purchase five yearlings–including the US$3.7 million (AU$5.2 million) sale topper–for US$10,150,000 (AU$14.2 million).
“We are a little bit a victim of our own success in this situation,” Ryan said with a chuckle when the similarities to his own model were point out.
Ryan and company led early returns at Sunday's sixth session of the Keeneland September sale when going to US$625,000 (AU$877,000) to acquire a colt from the first crop of multiple Grade 1 winner Taiba (Gun Runner) (Hip 1624). The chestnut was consigned by Grovendale Sales. Out of Sunriser (City Zip), he was bred by George Sharp and was purchased for US$110,000 (AU$154,000) at last year's Keeneland November sale.
Hip 1624 - Taiba x Sunriser colt | Image courtesy of Keeneland
“I see Gun Runner,” Ryan said of the colt's appeal. “I think Gun Runner is such a potent influence on the breed at the moment it's hard to ignore anything. We bought a couple of Early Votings (Gun Runner) last night and we are happy to buy a Taiba today. So we are all in.”
“I think Gun Runner is such a potent influence on the breed at the moment it's hard to ignore anything.” - Tom Ryan
Despite the added competition, Ryan said the team's plan remains the same as it was eight years ago.
“Same approach,” he said. “Our model works and there is no need to reinvent the wheel here. The reality is the ceiling is getting higher all the time.”
A lot to like: $900k Maxfield colt a late highlight
With just a few minutes left, Book 3 of the Keeneland September sale had one last firework to explode, with a colt by Maxfield (Hip 1969) bringing a final bid of US$900,000 (AU$1.26 million) from WinStar's Gerry Duffy after an extended bidding war. The yearling, purchased by the partnership of CHC, Inc., WinStar's Maverick Racing, and Light Post Ventures, was consigned by Four Star Sales.
Hip 1969 - Maxfield x Posse Needed colt | Image courtesy of Keeneland
“Just everything, really,” Duffy said of the colt's appeal. “Looking at him in the back walking ring, he was such an easy mover. And Maxfield is showing us that he can hopefully be a very good stallion. So there was a lot to like about him.”
The colt is out of Posse Needed (Caleb's Posse) and was bred by Richard and Connie Snyder's Cove Springs, which purchased the mare for US$35,000 (AU$49,000) at the 2020 Keeneland November sale.
'Hell of a sale:' $825k Nyquist colt a bright spot for Hancock family
“I just told my family I could hear my dad saying, 'That was a hell of a sale,'” Lynn Hancock said while holding back tears after watching the family's colt by Nyquist (Hip 1773) sell for US$825,000 (AU$1.16 million) just days after her father, Stone Farm founder Arthur Hancock passed away. Pin Oak Stud made the winning bid Sunday.
Arthur Hancock purchased Hip 1773's granddam, Especially (Mr. Prospector), for US$350,000 (AU$491,000) at the 2009 Keeneland November sale. While the yearling's dam Dilly (First Samurai) failed to make it to the races, she has produced two Graded-placed runners and a third with stakes placing.
“The mare has been so good to us,” Lynn Hancock said. “She's a little First Samurai mare and she's thrown runners, so we thought we would upgrade her. And we were rewarded.”
Hip 1773 - Nyquist x Dilly colt | Image courtesy of Keeneland
Of the mare's yearling, Hancock said, “He prepped out great. He's almost a June baby, so he's a big baby. He showed himself great up here. He's a straightforward, good-minded colt. Obviously, Nyquist is on fire, so as we watched those results roll in, we were hoping we would hit a big one. We didn't expect that, but we are thrilled with that result.”
Pin Oak Stud returned later in the session to acquire a colt by Liam's Map (Hip 1875) for US$800,000 (AU$1.1 million) from the Trackside Farm consignment. The Bernhard family's operation purchased five yearlings on Sunday for US$2,045,000 (AU$2.87 million). Through the first week of the auction, Pin Oak has purchased 11 yearlings for US$5,065,000 (AU$7.1 million). Leading the way is a US$1.3 million (AU$1.8 million) son of Gun Runner (Hip 67).
Nothing but net… Finn Bloodstock strikes again with Gunite colt
The Finn Bloodstock pinhooking partnership spearheaded by Aidan and Hannah Jennings of Killora Stud added another score to its ever-expanding resume when selling a colt from the first crop of Gunite (Hip 1719) to Gold Square for US$700,000 (AU$982,000) on Sunday at Keeneland. The colt had been purchased for US$170,000 (AU$239,000) at last year's Keeneland November sale.
“He was a beautiful colt as a foal,” said Hannah Jennings. “He was really straightforward, a great mover, with good balance.”
Of Sunday's result, Jennings said, “He has just gotten to be a bigger, stronger version of himself. He was a nice horse, but I also think it's a very strong market that we are selling into. And the stars aligned.”
Hip 1719 - Gunite x Brand New Game colt | Image courtesy of Keeneland
Hip 1719 is the second-highest priced yearling by Gunite so far at the Keeneland September sale. The stallion, a son of the uber successful Gun Runner, who stands at Ashford for US$25,000 (AU$35,000), has had 37 yearlings sell for an average of US$239,054 (AU$335,000). Leading the group is a colt (Hip 520) who sold for US$725,000 (AU$1.01 million) to CHC, Inc., Maverick Racing and Light Post Ventures.
“They are really beautiful horses,” Jennings said of the stallion's first crop of foals. “I think [Hip 1719] is very similar to the stallion himself. As far as the first crop goes, he'd be one that we'd be excited about.”
“I think [Hip 1719] is very similar to the stallion himself. As far as the first crop goes, he'd be one that we'd be excited about.” - Hannah Jennings
Later in the session, Finn Bloodstock sold a filly by Munnings (Hip 1926) for US$375,000 (AU$526,000) to Caroline Stables. The yearling had been purchased for US$90,000 (AU$126,000) at last year's Fasig-Tipton November sale.
Aidan and Hannah Jennings's Killora Stud hit a homerun with its breeding operation in Book 2 when selling a colt by Flightline (Hip 487) for US$1.85 million (AU$2.6 million).
“It's been incredible,” Jennings said of the farm's success so far at the 12-day auction. “We have had a few good results and we are hoping to have some more.”
