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Gross down 41.5 percent at Keeneland September

The sales-topping Storm Cat-Fleet Indian colt was one of only four million-dollar yearlings (Photos by Z/Keeneland Association) The marathon 14-day Keeneland September Yearling Sale concluded Monday, and the cumulative numbers represented significant declines across the board. Not only were the gross, average and median well off the 2008 totals; they were the lowest figures for more than a decade. Over the entire sale, 3,159 horses were sold for a total of $191,859,200, down 41.5 percent from 2008, when $327,999,100 was realized by 3,605 yearlings. This marked the first time since 1998 that the September Sale failed to reach the $200 million mark in gross receipts. (In 1998, the gross was $169,811,800.) The average price declined 33.2 percent, from the $90,984 reported last year to $60,734 this year. It was the lowest Keeneland September average since 1998, which recorded a $59,375 average. The median plunged 40.5 percent, from $37,000 to $22,000. The last September Sale with a $22,000 median took place in 1996. Sales were negatively impacted by a market in the midst of a correction, and exacerbated by the global economic crisis. "The Thoroughbred industry, like all markets, has been deeply impacted by the global financial meltdown which is unlike anything we've seen before," Keeneland Director of Sales Geoffrey Russell said. "The last two weeks have been very challenging for everyone. Consignors are selling in the middle of a readjustment compounded by the global financial crisis and buyers are limited in their expenditures due to lack of available credit.

"The good news is that even though buyers were highly selective, bidding during the sale remained competitive and quality yearlings were difficult to buy."

Russell identified signs of improvement, such as a decrease in the number of foals and mares bred, and sensed positive economic indicators for 2010 in financial markets around the world.

"The industry has listened to comments Keeneland made following the 2007 September Sale as both the foal crop and Report of Mares Bred for 2009 have been greatly reduced," he said. "These factors, coupled with an anticipated upturn in the global economy, are healthy signs for the future."

The depth of Keeneland's yearling market attracted buyers from more than 30 countries who provided support at all levels of the sale.

"Keeneland's long-term international efforts in legacy and emerging markets provided a consistent return from start to finish," Russell explained. "We take great satisfaction that based on their success with Keeneland graduates, buyers from emerging markets are participating earlier in the sale. They know that the Kentucky Thoroughbred is the most competitive product in the world."

During Monday's 14th and final session, 175 horses changed hands for $985,500, a 37.9 percent drop from the finale last year, when 211 yearlings brought $1,585,700. The average fell 25.1 percent, from $7,515 to $5,631, while the median decreased 33.3 percent, from $4,500 to $3,000. There were 15 sessions in 2008.

The session topper was Hip No. 4904, a filly from the first crop of Grade 3 hero Forest Grove (Forestry), who went to Diamond G. Ranch for $35,000. The April 16 foal was consigned by Blake Agency.

The Kentucky-bred bay, out of the winning Summer Storm (Peace for Peace), is a half-sister to multiple stakes victress D'wild Ride (D'wildcat), whose latest stakes score came in the August 2 Regret S. at Monmouth. The yearling is also a half-sister to the Canadian stakes-placed pair of Seeking Shelter (Peaks and Valleys) and Warm Rain (Lil's Lad). This is the family of Grade 3 queen Unbridled Hope (Unbridled).

Leading the overall sale was STORM 'N INDIAN, who was purchased for $2,050,000 by John Ferguson on Day Two. From the last full crop of leading sire Storm Cat, the colt is the first foal from champion Fleet Indian (Indian Charlie). Consigned by Taylor Made Sales Agency, agent for breeders Frank and Jane Lyon's Summer Wind Farm, the dark bay toured the ring as Hip 342.

A filly by Medaglia d'Oro, purchased for $1.3 million by Charlotte Weber's Live Oak Plantation, was the sale's second-highest priced yearling. Consigned by Francis and Barbara Vanlangendonck's Summerfield, agent, Hip 570 is out of the multiple stakes-placed Unreal Zeal mare Beaties for Real.

Only four yearlings ventured into seven-figure territory, by far the fewest at the September Sale since 1997, which witnessed two million-dollar yearlings.

Ferguson, representing Sheikh Mohammed, ranked as the sale's top buyer by gross for the 10th time in the last 11 years. He snapped up 34 yearlings for $13,980,000. Second on the list was Sheikh Hamdan's Shadwell Estate Company, which spent $5,670,000 for 14 horses.

Taylor Made Sales Agency ranked as the leading September consignor by gross for the sixth straight year, selling 324 yearlings for $26,488,600. Eaton Sales came next, with $18,627,100 in sales generated by 224 horses.

The September Sale featured the complete dispersal of Overbrook Farm, one of North America's most successful breeding establishments and home of perennially leading sire Storm Cat, who was pensioned in 2008. Eaton Sales acted as agent for the dispersal, which sold 48 yearlings for a total of $3,229,000 and an average of $67,271.

A total of 26 sales were completed through Monday via Keeneland's new Kee-Bid service, which allowed buyers to submit a bid via keeneland.com on horses that did not reach their reserve. Kee-Bid is one of several new technologies Keeneland unveiled during the September Sale.

"We were delighted with the introduction of Kee-Bid, which proved very popular with both consignors and buyers," Russell said. "Kee-Bid held international appeal as we had bids from all over North America, South America and Europe."

Keeneland encourages all horsemen attending next year's September Yearling Sale to make hotel reservations now. Demand for hotel rooms will increase next fall due to the 2010 FEI World Equestrian Games.

For more information, log onto keeneland.com.

More Breeding & Sales News:

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Artie Schiller filly brings $90,000 at Keeneland

Empire Maker fillies top Keeneland session

Champagne Eyes tops Keeneland at $95,000

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