Keeneland January: Opener sees solid middle market despite declines at the top

LEXINGTON, Ky. – While a softer upper market led to declines in the figures during the Keeneland January horses of all ages sale’s opening session on Monday, five horses sold for prices in excess of $300,000 to lead a relatively solid middle market.

The broodmare Applauding was a $360,000 private sale and a newly turned yearling colt by Quality Road led his segment of the market at $310,000 as Monday's session, the first of two Book 1 sessions, finished with 219 horses sold for gross receipts of $14,257,800.

The 2019 Keeneland January opener, also the first of two Book 1 sessions, finished with 234 horses sold, led by champion Abel Tasman at a record-tying $5 million, for $21,929,200. The year-to-year, session-to-session gross declined only 6 percent despite the lack of a star such as Abel Tasman and having fewer horses sold.

It followed that this year's first session had a slightly higher buyback rate, finishing at 29 percent against 26 percent in the comparable 2019 session. Buybacks included three high-ticket females who could have bolstered the figures: Meets Expectations ($675,000), the dam of dual Eclipse Award finalist World of Trouble; Grade 2 winner Princess Warrior ($400,000); and stakes winner Jenda's Agenda ($325,000), in foal to Triple Crown winner Justify.

Monday's average price was $65,104, a drop of 31 percent from the Abel Tasman-fueled $93,715 of the 2019 opener. Taking that champion out of the mix, the 2019 opening session, which included two other horses sold for prices in excess of $700,000, averaged $72,658.

While there was definite restraint at the top of the market, the median price, which tends to illustrate the health of the middle market, didn't fluctuate as dramatically as may have been expected. That figure did drop moderately to $35,000 from $39,500 last year, or 11 percent.

“A typical January sale,” Geoffrey Russell, Keeneland’s director of sales operations, said. “The horses that stood out, especially [the yearlings], are very much rewarded.

“We always look to find an Abel Tasman [standout horse for the catalog] every year,” Russell continued. “Some years, we’re successful, some years, we’re not. With $5 million taken off the top, I think the rest of the catalog is a good, solid catalog.”

After she failed to meet her reserve during her trip through the ring, the connections of Applauding later reached a private deal to sell the mare, with Keeneland reporting her price as $360,000. The mare was sold to Hunter Valley Farm from the consignment of Hill 'n' Dale Sales Agency, as agent.

Applauding a winning Congrats mare, is the dam of two winners from as many starters, and was offered in foal to classic sire Curlin.

The highest-priced horses sold in their respective trips through the ring on Monday were the young mares Zia and Moonlit Garden, each of whom fetched $335,000.

Zia, who was offered in foal to leading sire Into Mischief, was sold to Nicoma Bloodstock, as agent, from the consignment of Ballysax Bloodstock, as agent. Nicoma's Price Bell said he signed the ticket on behalf of a new client.

“She’s a nice mare, a young mare, and there are seven fillies in production underneath her," Bell said. "Nursery Place bred [close relative and Grade 2 winner] Selflessly and then they went back and bought this mare’s full sister in November. So we figured we’d give it a shot. [Mares in foal] to Into Mischief are tough to buy, so we’re excited to give it a shot. She’s a nice young mare. It felt like a fair market for January. There is quite a bit more depth to come, so we were excited to try and strike early."

The stakes-placed Munnings mare is out of the Sadler's Wells mare Faux Pas, a half-sister to English champion Negligent. Zia is a half-sister to stakes winner Sans Souci Island and stakes-placed Nomistakeaboutit. Sans Souci Island, the dam of Grade 3 winner River Seven, is one of three stakes producers out of Faux Pas, along with Uniformly Yours, the dam of Selflessly.

Multiple stakes winner Moonlit Garden, by Malibu Moon, was offered as a racing or broodmare prospect. She sold to D.J. Stable from the consignment of Vinery Sales, as agent.

Moonlit Garden, winner of the Summer Colony Stakes at Saratoga and the Iowa Distaff, is also multiple graded stakes placed. She is out of multiple Grade 3 winner Winter Garden, the dam of graded stakes winner Title Contender and stakes placed Matterhorn.

The Quality Road colt who led the youngsters at the session was sold to Tami Bobo's First Finds pinhooking outfit, from the consignment of Denali Stud, as agent.

“I thought he was exceptional and I’ve had a lot of luck with Quality Road," Bobo said. "Quality Road has been good to me, and I love the colt. I thought he was a horse we needed and I’m looking forward to pinhooking him. He’s beautiful, he’s forward. He looks like the kind of horse you’d want to try to go to Saratoga [for a selected sale]. Hopefully if all the stars align, we’ll try."

Quality Road's newly turned yearlings represent the crop conceived on his stud fee of $70,000 in 2018, after a career season in which he was represented by Eclipse Award champions Abel Tasman and Caledonia Road. The stud fee for the stallion, who averaged $323,359 during the 2019 sale season with his yearlings conceived on a $35,000 fee, rose to $150,000 for 2019 and $200,000 for the upcoming season.

Quality Road's session leader is out of the Grade 2-winning Foxhound mare Foxysox, the dam of stakes winner Curlin's Fox.

Horse of the Year Gun Runner was represented by the second- and third-highest priced yearlings of the session, with a $300,000 colt sold to Larry Best's OXO Equine and a $290,000 colt sold to de Meric Stables, as agent. Gun Runner was represented by eight weanlings sold for an average of $344,375 at last November's major-market mixed sales in Kentucky.

Best's purchase, who was consigned by Select Sales, as agent, is out of the stakes-placed First Samurai mare Onna Bugeisha.

The $290,000 Gun Runner colt is the first foal out of the stakes-placed Any Given Saturday mare Sunday Sonnet. He was also consigned by Denali, as agent, giving the Bandoroff family's operation two of the three highest-priced yearlings of the session.

"We knew we had two serious bullets to fire," Conrad Bandoroff said. "Both colts handled themselves really well while they were on the grounds, and you could tell as the buyers starting coming back and going through their lists that these horses were making the cut. Both horses did their job really well and made our jobs a lot easier."

For hip-by-hip results from Monday's session, click here. The Keeneland January sale continues with the second and final Book 1 session on Tuesday, followed by a three-session Book 2 from Wednesday through Friday.