LEXINGTON, Ky. – The Keeneland January horses of all ages sale concluded a four-day run with what officials described as a “fair and stable” marketplace. Keeneland reported 831 horses sold through the ring over the four-day sale for gross receipts of $38,330,300. At last year’s four-day sale, 962 horses brought $45,408,300. Both sets of figures include only horses sold through the ring, excluding any private sales that Keeneland later factors in to its official records. Two horses sold through the ring for seven figures to lead the sale, marking the first time since champion Abel Tasman sold for $5 million at the 2019 edition of this auction that that threshold was reached. Well-bred Prank, dominant winner of her only start, was purchased for $1.6 million by the Coolmore group; Canadian champion Curlin's Voyage, the only mare in the sale carrying a foal from the first crop of unbeaten Horse of the Year Flightline, sold for $1 million to K I Farm of Japan. With those two bolstering a strong upper end of the marketplace, Keeneland January’s cumulative average price was $46,126, down just 2 percent from $47,202 in 2023. The median price was $15,000, down 21 percent from $19,000. “The average has really held up, and that’s the sign that the top part of the market is in really good shape,” said Cormac Breathnach, Keeneland director of sales operations. “That buoyancy’s really helping the average. The middle and lower ends of the market felt a little spotty in Book 1, but then [Book 2 was] very good . . . which I think is a good sign for the market at large." The through-the-ring buyback rate in what has been a selective marketplace finished even with last year, at 23 percent. “Not trying to sound like a broken record, but I think it’s been a very fair and stable market,” said Tony Lacy, Keeneland’s vice president of sales. “A lot of quality – I think people were very pleased with the quality that was here. The median was down, but I think that’s the selectivity also we saw in November, that people were very focused on the quality and willing to pay a premium for it as well. I think overall, the numbers were very satisfactory.” A deep domestic and international buying bench assembled for the January sale, with the Coolmore group, John Stewart’s Resolute Bloodstock, K I Farm, Shadai Farm, Whisper Hill Farm, bloodstock agent Steven Young, and WinStar Farm among the top-end buyers. Lacy, who noted that Japanese buyers were more active this week than in previous editions of the January sale, said he knew of Australian agents working this sale remotely despite the concurrent Magic Millions Gold Coast yearling sale on that continent, and that the sales staff had fielded calls and interest from Saudi Arabia and the Philippines, as well. The robust buying bench was seen in the amount of post-ring activity as well, with horses continuing to change hands on the sale grounds after failing to meet their reserves through the ring. As of Thursday, 27 horses from the first three sessions had been privately sold, with more activity possible. Leading that group was Star Act, dam of Eclipse Award finalist Just F Y I. The mare privately sold for $1.2 million to Hill ‘n’ Dale and Determined Stud after the hammer fell at $950,000 in the ring. This was the second Keeneland mixed sale in a row to feature a seven-figure post-ring transaction. At the November breeding stock sale, Puca, dam of Kentucky Derby winner Mage, failed to meet her reserve in the ring, with a high bid of $2.8 million. She ultimately privately sold to Stewart for $2.9 million. “To me, it’s reflective of an active buyer base,” Breathnach said. “Sounds a little funny, when they don’t buy them in the ring, but at the same time when they really think about what are these horses are worth, they’re willing to reconsider at significantly higher numbers. . . . It does reflect an active buyer base that is determined to buy quality.” While the broodmares and prospects with name recognition were the stars of the week, there was steady demand for yearlings, continuing a strong market segment from the November mixed sales. A $430,000 Candy Ride filly purchased by Stewart, a $430,000 Not This Time colt purchased by Cherry Knoll Farm, and a $400,000 Justify colt purchased by P B Bloodstock topped eight youngsters sold for a $250,000 or more. Those shopping the young-horse market found a smaller selection than in years past, with a number of withdrawals of cataloged entries. Breathnach pointed to that as another result of a strong yearling marketplace that has stabilized in recent years. Competition for those yearlings in the formal sale season that begins in the summer has driven more buyers into the weanling and short-yearling marketplace, seeking to get out ahead of that market. On the other side of the coin, sellers may feel more comfortable holding back their January-targeted horses to hope for a bigger return later on. “We saw an elevated number of scratches, and I think that was a number of people deciding they really weren’t pressured to sell," Breathnach said. “And you saw that in the short yearling market, specifically. A number of people were happy enough to keep them and point to September. I think there's a level of confidence.” For hip-by-hip results, click here. :: Want to learn more about handicapping and wagering? Check out DRF's Handicapping 101 and Wagering 101 pages.