LEXINGTON, Ky. — The Keeneland November breeding stock sale concluded on Thursday with a "pragmatic" marketplace that showed year-to-year drops in average and median prices, but also a strong desire to participate in the business, evidenced by an improved buyback rate and activity on the sale grounds. Keeneland reported 2,128 horses sold through the ring during the nine-day mixed sale, resulting in gross receipts of $176,571,000. Last year, 2,245 horses sold over 10 sessions for a gross of $210,027,700 - obviously, not a directly comparable figure. Both sets of figures do not include any post-ring private transactions. With the broodmare White Hot, sold for $2.1 million early in the sale, leading 11 horses sold for seven figures in the ring - the majority of those coming in Book 1, and just one coming in Book 2 - Keeneland November's cumulative average price was $82,975, a year-to-year decline of 11 percent. Last year's average price, fueled by 13 seven-figure lots, was $93,554 - which had represented a gain of 14 percent from 2021. This year's drop in average was not an unexpected one, with the makeup of the catalog a key factor. The marketplaces for younger horses, such as at the Keeneland September yearling sale, develop trends that carry from sale to sale throughout the season, or even from year to year, more subject to external factors such as the purse structures for those racing prospects and the world's economy. In contrast, the marketplace at individual mixed sales can shift capriciously, even at the more insulated upper end, based on the accomplishments of the individual horses cataloged. Because of that, the recruitment of top horses is a crucial factor in a sale’s success. That was evidenced by last year's Keeneland November Book 1, which was led by a pair of Eclipse Award champions, in $5.5 million Midnight Bisou and $3 million Shamrock Rose. While there were solid racemares and accomplished young producers in this year's catalog, none could match those racetrack accomplishments. :: Bet with the Best! Get FREE All-Access PPs and Weekly Cashback when you wager on DRF Bets. Additionally, last year's Book 1 session was supercharged by an additional $4.6 million from the sale of a 2.5 percent interest in Flightline, who just days before had completed his unbeaten championship campaign with a victory in the Breeders' Cup Classic at Keeneland. While this year's median price took a significant jump in Book 1 - rising 29 percent from the comparable session of the 2022 sale - that figure then trended downward through Books 2, 3, 4, and 5. Ultimately, the November sale's median finished at $32,000, a drop of 9 percent. The 2022 median was $35,000 - just down from the record $37,000 established in 2021. "I think it's been, overall, a very pragmatic, solid sale," Keeneland vice president of sales Tony Lacy said. "I think, pound for pound, we have to be pleased ... I think there's a lot of stability in the market, obviously with some correction ... I think [the declines are] well within acceptable parameters, considering we're dealing with increased interest rates and a strong dollar." The buyback rate was a strong point, with the majority of horses brought to the sale grounds to change hands ultimately doing just that. The overall buyback rate through the ring finished at 22 percent, even with last year. The figure stabilized through the lower, commercial books, after it had jumped up - at 35 percent compared to 29 percent - in Book 1, where sellers have more discretion to retain stock. "There was some protectionism used from some of the sellers," Lacy said. "There were some strong reserves that I think were fair - people weren't going to let nice horses go below the value that they felt was reasonable, so I don't think that's a terrible thing. I think that's something we've seen in the markets throughout, that quality is being protected ... As we went through the sessions, the clearance rate was very good. The middle market was extremely healthy. I think the sellers were actually pleased, for the most part, and the buyers found it tough to buy the quality of stock they were looking for at the prices they were willing to spend." Cormac Breathnach, Keeneland’s director of sales operations, noted that plenty of private transactions took place on the sale grounds. Chief among those trades was Puca, dam of Kentucky Derby winner Mage, added to new upper-level buyer John Stewart's bourgeoning program for $2.9 million after she failed to meet her reserve in the ring with a hammer fall at $2.8 million. Puca led 91 horses reported traded post-sale through Thursday evening, for an addition to the gross of $12,265,000. Last year, 84 horses were reported as post-RNA sales for a gross of $6,402,500. "Which is a sign that the market is still hungry," Breathnach explained. "There's still a lot of activity, a lot of horses being traded." Leading the horses sold through the ring was White Hot, purchased for $2.1 million by BBA Ireland in Book 1. The first foal out of the unraced Galileo mare is Pizza Bianca, winner of the 2021 Breeders' Cup Juvenile Fillies Turf and Grade 1-placed the following season. White Hot, who was consigned by Stone Farm, as agent, was offered in foal to four-time reigning leading covering sire Into Mischief. The mare is a full sister to Group 3 winner Dawn Patrol and stakes winner Kissed, as well as a half-sister to Epsom Derby winner Pour Moi and Group 3 winner and stakes producer Gagnoa. BBA Ireland was among a number of international outfits seeking out globally-attractive bloodstock assembled at this sale, with Japan's J.S. Company and Rifa Mustang Europe, Ltd., an investment group that has roots in both Europe and Australia, also making seven-figure purchases. More than a half-dozen prominent Japanese programs, a number of different Australian programs, Turkish interests, the Korean Racing Authority, Saudi Arabian owners, and Mexican stud farms have also been active in the marketplace. Overall, however, the top buyers by gross were domestic, with Mike Repole, working with agent Jacob West, adding to both his racing and breeding programs to the tune of more than $5.2 million, and the AAA Thoroughbreds pinhooking partnership of Randy Hartley and Dean De Renzo purchasing more than $4.8 million in young stock. A Gun Runner colt sold for $750,000 to Shadwell Racing in Book 1 to top all weanlings at Keeneland November by gross. A total of nine weanlings sold for $500,000 or more. A strong weanling marketplace was noted by many as a result of what has been a solid yearling marketplace in recent years, with buyers now looking to get ahead of that with their purchase of even younger horses. Shadwell, along with Stonestreet Farm and Stewart, were among those buying weanlings at the top end of the marketplace as “end users” – a colloquialism for buyers looking for stock to add to their own racing and breeding operations, rather than a pinhook prospect. This creates competition with the latter group - led by AAA, which purchased 19 weanlings - which is also helping to fuel the marketplace. “We’ve had a couple of record September sales in recent years and the yearling market has been incredible,” Breathnach said. “The strength of the foal market is a reflection of confidence in the yearling market next year." Taylor Made Sales consigned the weanling sale leader, as agent. Taylor Made finished as Keeneland November's leading consignor by gross for the ninth time in the last 12 years, trading 270 mares and weanlings across all books for total sales of more than $23.6 million. Keeneland now shifts gears to its November horses of racing age sale, taking place in a single session on Friday, Nov. 16. After this segment of the marketplace grew to burst at the seams with vibrant trade that helped to fuel the second week of the mixed sale, Keeneland broke racehorses out into their own single session, with its own set of reported figures, beginning last year. 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.