Gross receipts down, but median holds steady at Keeneland November

Gross receipts down, but median holds steady at Keeneland

November

Keeneland's November Breeding Stock Sale, featuring the Overbrook Farm

dispersal, concluded its 13-day run in Lexington, Kentucky, on Sunday.

Total receipts for the auction, which began on November 10, were

$159,727,800, down 13.9 percent from $185,552,300 grossed during last year's

15-day sale. The average price of $57,477 decreased 6.5 percent from the $61,462

reported in 2008. The median of $20,000 remained unchanged from last year. A

total of 2,779 horses sold versus 3,019 a year ago. Five horses topped the $1

million mark compared to 19 in 2008. 

The November Sale was boosted by the near-record dispersal of the W.T. Young

family's Overbrook Farm. With Eaton Sales serving as agent, Overbrook sold 148

horses for $31,760,000 and an average of $214,595.

When combined with the 48 yearlings Overbrook sold for $6,644,000 in

September, the dispersal ranks as the second-largest in Keeneland sales history,

selling a total of 196 horses for $38,404,000, for an average of $195,939. 

Only the Nelson Bunker Hunt dispersal, which sold 580 horses for $46,912,800

during the 1988 January Horses of All Ages Sale, ranks higher. 

The Overbrook Farm dispersal produced seven of the sale's 10 highest-priced

horses and encouraged American buyers who sought horses with pedigrees from some

of the world's most desired, but hard to buy, families.

HONEST PURSUIT (Storm Cat), a four-year-old filly out of Grade 1 winner

Honest Lady (Seattle Slew), sold as a broodmare prospect for a sale-topping $3.1

million to France's Wertheimer et Frere. Dean De Renzo, on behalf of Betty

Moran's Brushwood Stable, paid $2.3 million for Grade 1 winner COTTON BLOSSOM

(Broken Vow), sold in foal to Street Cry (Ire). Reynolds Bell, as agent, went to

$1.7 million to acquire Grade 3 winner SUMMER RAVEN (Summer Squall), in foal to

Unbridled's Song.

Eaton Sales, agent for the Overbrook consignment, among others, was the

sale's leading consignor, selling 249 horses for $38,940,500.

AZERI (Jade Hunter), 2002 Horse of the Year and three-time champion, in foal

to Distorted Humor, brought a final bid of $2.25 million from Shunsuke Yoshida,

on behalf of his father, Katsumi Yoshida, owner of Japan's Northern Farm. John

Sikura's Hill 'n' Dale Sales Agency consigned Azeri for the Allen E. Paulson

Living Trust. 

Edward Evans was the sale's leading buyer, purchasing five horses for

$3,565,000. Evans paid $1.3 million for the four-year-old filly DARK SKY (Storm

Cat), and $950,000 for WILD POPPY (El Prado [Ire]), a three-year-old half-sister

to champion Surfside (Seattle Slew). Both were sold as racing or broodmare

prospects by Overbrook Farm. 

A half-sister by Bernardini to champion Surfside brought the sale's highest

price for a weanling, selling for $440,000 to Hubert Guy, agent. The filly was

consigned as part of the Overbrook Farm dispersal.

"Entering the 2009 sales season, the forecast was uncertain and market

confidence had waned," Keeneland Director of Sales Geoffrey Russell said.

"Overbrook deserves credit for putting confidence back in the market. The

Overbrook dispersal selling without reserve provided a base from which the

market could appraise. As a result, there was strong trade and hope that the

market has now moved beyond its low point."

A key factor in market assessment, the not sold rate, declined 22.64 percent

from 2008 to 21.59 percent.

"The Thoroughbred market is best described as resilient," Russell added. "The

strong clearance rate reflects the fact that horsemen are adjusting to the new

reality. Consignors did a good job of appraising their horses. Throughout the

industry, changes are taking place -- a reduced number of mares bred, reduced

stallion fees, and other measures that will insure a return to market

profitability in the near future."

Russell noted that this sale completes a cycle begun with last year's

November Sale, the first full sale conducted amid the global economic crisis.

"The financial crisis struck in the middle of last year's September

(Yearling) Sale, so the 2008 November Sale felt the brunt of the impact," he

explained. "There was still uncertainty about the economy this past September.

Since then, certain segments of the global market, such as Australia and South

America, have rebounded. We've also begun to see positive indicators at home.

So, in terms of the yearling market, we may still be in the middle of the

recession. But the broodmare market is a little farther along in its recovery."

Foreign participation, spurred by improving economies and the unique quality

of the November Sale catalog, increased nearly 10 percent from 2008. Buyers

representing 33 countries throughout Europe, Asia and South America, as well as

Australia and Russia, were active from start to finish, accounting for more than

one-third of total gross sales. 

"It was a very cosmopolitan group," Russell said. "Many buyers from

international markets are now improving their stock and buying earlier in the

sale. They admire American pedigrees and want to infuse them into their

bloodlines.

"Going into the sale we concentrated on the international market because we

thought the lack of capital would limit American buyers. But domestic buyers

made their presence known, and that is another positive sign for the industry."

On Sunday, Keeneland sold 131 horses for $803,600, down 64.4 percent from the

13th session last year, when 242 horses brought $2,257,800. The day's average of

$6,134 decreased 34.3 percent from $9,330 in 2008, while the median was down

48.6 percent to $2,700 from $5,250 last year.

Far and away the best sellers on the final day were two Kentucky-bred

weanlings from the first North American crop of Kitalpha. Both were offered by

War Horse Place, which stands Kitalpha. An unraced full brother to Kingmambo,

out of Hall of Famer Miesque (Nureyev), the 10-year-old Kitalpha was a

successful young sire in Zimbabwe before arriving in Kentucky.

Dr. Lisa Lex paid the top price of $100,000 for Hip No. 4490, a bay colt who

received a serious catalog update over the weekend. His half-brother, stakes

winner Twin Sparks (Twining), established a world-record of 1:06.49 for six

furlongs on the dirt in winning Saturday's Caballos Del Sol H. at Turf Paradise.

The April 15 colt was produced by multiple stakes victress Sparklin Lil (Mr.

Sparkles), and he comes from the family of Grade 1 scorer Another Reef (Plum

Bold).

A chestnut daughter of Kitalpha went to Michael J. Morrison for $85,000.

Cataloged as Hip 4411, the April 4 filly is the second registered foal from Mama

Bear (Forestry), and she hails from the same female line as Grade 1 star and $3

million earner Albert the Great (Go for Gin).

"We want to thank our consignors and buyers for their support throughout the

year, and wish them a safe and happy holiday," Russell concluded.

For complete results, visit keeneland.com.