Hip No. 541, an Indian Charlie filly, who is a daughter of four-time Keeneland stakes winner Take Charge Lady fetched $2.2 million during the third session of the Keeneland September Sale.Keeneland Photo.
Lexington, KY - The 2013 Keeneland September Yearling Sale wrapped up over the weekend with huge gains over 2012’s auction as the Thoroughbred industry begins to emerge from the recent economic recession.
At the close of the auction on Saturday, 2,744 yearlings sold for a total of $280,491,300, marking a 27.6 percent rise from last year’s 11-day auction and the highest gross total since 2008. The cumulative average of $102,220 rose 17 percent from last year’s average price, and the median surged 11.1 percent to $50,000.
The percentage of horses not attaining their reserve price was down to 19.9 percent.
“Buyers are responding to a fair, realistic market,” Keeneland Director of Sales Geoffrey Russell said after the auction. “Given the smaller size of the recent foal crops, supply is more in line with demand, spurring competition for horses. Buyers stepped up their game and did so enthusiastically. It is wonderful to see consignors rewarded for their efforts in breeding quality horses.”
Historically, buyers from Ireland and the United Arab Emirates have always been active at the high-money opening days of the major Keeneland auctions, and this year’s September sale was no exception.
M.V. Magnier of Ireland’s Coolmore Stud made headlines early on when he signed the ticket for the highest-priced horse of the auction, a $2.5 million colt by War Front who was consigned by Woods Edge Farm.
Sheikh Hamdan bin Rashid Maktoum’s Shadwell Estate Company Ltd was the biggest spender of the sale overall, spending $11,600,000 on 27 horses. Shadwell has an American base on Fort Springs Pinckard Road in Lexington, where it stands five stallions.
Japanese interests also continued their longtime interest in the American market, with the biggest spender being Katsumi Yoshida of Northern Farm. Yoshida spent $685,000 on three yearlings. He didn’t limit spending to yearlings on this trip to the States, however—he also picked up American race mare So Many Ways in a private deal just hours after her win in the $400,000 Charles Town Oaks in West Virginia on Saturday evening. The 3-year-old filly is the winner of five races from ten starts and has already amassed $717,148 in earnings under trainer Tom Amoss.
By Book Three of the sale, buyers from smaller international markets were beginning to compete for yearlings.
“We had buyers from Korea, Japan, Russia, Central and South America, and Europe in addition to having a strong domestic market represented,” Keeneland Director of Sales Geoffrey Russell said.
Keeneland representatives travel the world for part of the year in conjunction with its International Development Program, stimulating interest in the auctions from buyers and sellers. South Korea and China are both emerging markets toward the latter part of the bigger sales as buyers with smaller budgets show up to find horses with strong pedigrees who can be good additions to their breeding programs after retirement.
The South Korean government, purchasing under K.O.I.D., spent $506,000 on 21 horses at this year’s sale, up from 15 horses bought for $474,000 in 2012. As is the case in several countries, racing is government-sanctioned there, and the horses purchased by the K.O.I.D. are resold to private owners who don’t want the expense of traveling to Lexington and inspecting horses for several days.
Chinese interests were also out in force toward the latter days of the sale. Horse racing was banned there in 1949 but is again permitted and rapidly gaining public interest. The result of the long-time ban is that similarly to South Korea several years ago, horsemen on mainland China are starting from scratch in terms of pedigrees. Horses whose pedigree or conformation is considered average in the United States is both affordable and attractive to Chinese buyers who have far less to work with.
The varying import policies in each country factor heavily into international purse strings. Korea’s policy is so expensive that buyers there are limited in what they can spend on the horse itself, while in Japan it costs about $34,000 to import a horse whether he’s a cheap yearling or an expensive one.
Fortunately for buyers, it seems this year’s market offered something for everyone.
“The September Sale is where the world comes to buy horses,” Russell said after the sale’s conclusion. “As a company, Keeneland is committed 52 weeks a year to marketing the Thoroughbred industry domestically and internationally. To see the great diversity of buyers in attendance is very gratifying.”