Keeneland concluded its January Horses of All Ages Sale on Friday with relatively steady numbers that reflected the same quality-focused buying that has been the trend in recent years.
The January sale is not considered a signpost for the state of the Thoroughbred market the way the November breeding stock sales or fall yearling sales are. January’s auction is more varied in ages but is smaller that Keeneland’s November auction. Rather than record growth, industry experts look for consistency from auctions like this one, and the numbers were generally strong.
A total of 1,040 horses sold for $35,463,000, up 0.5 percent from the $35,305,500 last year. The average price of $34,099 was down 8.4 percent from $37,242 last year, while the median decreased 31.3 percent from $16,000 to $11,000. The rate of horses not sold was the same as in 2015 at 25 percent, which is notable given that the sale was one day longer, with about 600 more horses this year than last.
“Demand remains strong for premium horses, but it’s a different story for the less commercial end of the market,” Keeneland Director of Sales Geoffrey Russell said after the auction’s conclusion. “By their selectively, buyers are sending a clear message that they want quality, commercially viable horses.”
This year’s January sale included two dispersals — the estate of Eric Delvalle, consigned through Brandywine Sales, and the estate of Sarah Leigh, consigned by Denali Stud. Leigh died in September after a successful resume as a breeder in the United States and Britain. Leigh, who was also a theatrical agent, had taken the helm of her father, Gerald Leigh’s racing empire, which had included eight Group 1 winners overseas.
Dispersal sales can be attractive to top-level bloodstock agents and breeders because in some cases they are the only opportunity to acquire bloodlines that have been developed over several generations of horses. Such was the case with the Leigh dispersal, which drew the top two prices of the January sale.
The sale’s top price was $700,000 for Summer Solo, an Arch mare who is a half-sister to two stakes-placed horses, selling in foal to Ghostzapper. Summer Solo’s 2-year-old half sister, Summer Sweet (by More Than Ready), was the second-highest price at $550,000. The purchaser for both mares was Virginia Kraft Payson, longtime noted breeder and owner of Payson Stud. Payson got involved in the business in the 1970s with her husband Charles Shipman Payson and produced a number of graded and group winners from a small band of broodmares, including Irish Derby record-holder St. Jovite.
In an interview with the Paulick Report in 2015, Payson said she had sold all her racehorses when the process of keeping up with her international runners became too taxing, though she picked up one runner around that time because she missed the races. When she saw the Leigh horses in the catalogue, Payson said she couldn’t resist the opportunity to pick up a few of them — both for the breeding shed and the racetrack.
“I raced against Gerald Leigh for years, and I really wanted to have one of his families,” said Payson after spending $450,000 on a yearling filly by Arch from the dispersal. “I have four broodmares, but they’re all the same bloodlines and I needed some diversification.”
Payson said that Summer Sweet would continue training with Christophe Clement.
In total, Payson Stud was the top buyer, signing the tickets for $1.7 million.
Taylor Made Sales Agency of Nicholasville was once again the sale’s leading consignor, clearing 92 horses for a total of $4,359,500.
The next Thoroughbred auction in central Kentucky will be Fasig-Tipton’s Kentucky Winter Mixed auction Feb. 8-9.