Keeneland November opens with $2.1M topper, big jump in median

LEXINGTON, Ky. -- The Irish-born broodmare White Hot sold for $2.1 million to lead the Keeneland November breeding stock sale's opening Book 1 session, as buyers from the U.S., Europe, and Japan converged at the top end of a global marketplace.

"There was great international participation, but plenty of domestic participation as well," Keeneland president Shannon Arvin said. "There was a real diversity among the buyers."

Keeneland reported 120 horses sold through the ring in Wednesday's single-session Book 1 portion of this sale that runs through Nov. 16, resulting in gross receipts of $54,340,000. In last year's comparable single-session Book 1, 136 horses brought $66,980,000. Neither set of figures includes any private transactions.

With White Hot leading 10 horses sold for seven figures in the ring, Wednesday's average price finished at $452,833, a drop of eight percent from $492,500 in Book 1 of the 2022 sale. The median, considered a key figure for market health because it is not as influenced by horses at the top of the market the way average may be, did take a significant jump of 29 percent, to $375,000 from $290,000.

"There is a lot of confidence in the breeding industry right now," Keeneland vice president of sales Tony Lacy said. "When you see the median jumping [significantly], that's something. That's a significant increase in the core."

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The 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.

Additionally, last year's Book 1 session was supercharged by an additional $4.6 million from the sale of an interest in Flightline, who just days before had completed his unbeaten championship campaign with a victory in the Breeders' Cup Classic at Keeneland.

"Last year was an exceptionally strong session, and obviously, we started off with Flightline, so that was an exception in many ways," Lacy said.

Book 1's buyback rate was 35 percent, compared to 26 percent last year. There were a number of significant buybacks with higher-end hammer falls. Puca, dam of Kentucky Derby winner Mage, was initially retained by Grandview Equine after failing to meet her reserve with a high bid of $2.8 million. A private deal was later privately struck on the mare, with John Stewart, a major new player on the auction scene, acquiring her for $2.9 million. Her sale is not reflected in the through-the-ring figures.

Last year's Breeders' Cup Turf Sprint winner Caravel was a $2.4 million buyback by current racing connections, while graded stakes winner Cover Song failed to meet her reserve with a high bid of $2.1 million. No private transaction had taken place on either mare as of Wednesday night, and future plans had yet to be discussed by their respective connections.

"One thing I noticed was, there was some protectionism in the market," Lacy said. "A lot of people were setting reserves that were not letting horses go - they were not going to sell them short. ... Any of those quality mares are not being sold off cheaply, which I think is great for the industry as it goes forward. And when you speak to the sellers, they were comfortable."

Irish-born White Hot was purchased by BBA Ireland to top the session. However, she may not immediately head back to the land of her birth.

"We’ll probably leave her here and foal her out," bloodstock consultant Michael Donohoe said. "She’ll probably stay in the states and foal out. We’ll see what kind of baby comes out of her.”

The first foal out of White Hot, an unraced Galileo mare, is Pizza Bianca, winner of the 2021 Breeders' Cup Juvenile Fillies Turf and Grade 1-placed the following season. Both White Hot and her daughter are currently in foal to four-time reigning leading sire Into Mischief, and Pizza Bianca indicated what kind of interest the family could draw when she sold for $3 million to John Stewart at the Fasig-Tipton Kentucky fall selected mixed sale, less than 24 hours before her dam went through the ring across town.

"She’s a Galileo mare, she’s a dam of a Group 1-winning juvenile - Pizza Bianca obviously made all that money last night at Fasig-Tipton," Donohoe said. "She’s in foal to a champion stallion. It made a lot of sense, it’s a great family. Those Galileo mares, you can see what they can do. We were very happy to get her."

White Hot , who was consigned by Stone Farm, as agent, 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.

British-born Skims and New York-bred Ack Naughty tied for the second-highest price, as each went for $1.8 million.

Skims, who scored her biggest victory in last year's Grade 2 Sands Point at Aqueduct, is a daughter of unbeaten two-time European Horse of the Year Frankel. Summer Wind Farm owner Jane Lyon said that drove her to add the filly to her star-studded broodmare band.

"I’m excited about getting this filly," Lyon said. "I am a Frankel lover. ... When I saw this filly, I was so excited to have her."

Skims, consigned by Bluegrass Thoroughbred Services, as agent, is a half-sister to multiple group stakes winner War Decree; their second dam is multiple Grade 1 winner Ticker Tape.

Late in the evening, Juddmonte matched the $1.8 million price for Ack Naughty, with the international operation intending to add her to its U.S. broodmare band. Garrett O'Rourke, manager of American operations for Juddmonte, said the market has been particularly competitive, both at Fasig-Tipton on Tuesday night and Keeneland on Wednesday.

“Top end is just killer-strong,” O’Rourke said. “It’s like people buying art or something in a hot market. It’s hard to put a value on them at this level. And if you want them, you have to pay for them. We weren’t able to get there yesterday and earlier today. … I’m delighted to have something really nice to bring home and add to the Juddmonte broodmare band.”

Ack Naughty, by Afleet Alex, was consigned by Sequel New York, as agent for Chester and Mary Broman. Multiple stakes-placed in her home state, the mare's first foal was the ill-fated Practical Move, who won three graded stakes, topped by the Grade 1 Santa Anita Derby. Ack Naughty sold in foal to Into Mischief; Practical Move was by Into Mischief's son Practical Joke.

Rounding out the seven-figure lots were German-bred Grade 1 winner Dalika, sold for $1.65 million to Pursuit of Success LLC; stakes-placed Champagne Lady, sold for $1.45 million to Barronstown Stud; graded stakes winner Interstatedaydream, sold for $1.4 million to West Bloodstock, on behalf of Mike Repole; Grade 1-placed stakes winner Tarabi, to Spendthrift Farm for $1.05 million; graded stakes winner Surprisingly to Repole for $1 million; Irish-born graded stakes winner Technical Analysis to Japan's J.S. Company, Ltd. for $1 million; and graded stakes winner White Frost to Stonestreet Farm for $1 million.

"I think it's really encouraging," Lacy said. "Again, we see the international buyers coming in and seeing the value in the U.S. pedigrees - but also, the diversity in the pedigrees. We're starting to see a lot more European families, Chilean families, German families that are popping up in our sale now, and that's very, very desirable for us as we go forward."

A Gun Runner colt topped the Book 1 weanlings, selling for $750,000 to Shadwell Racing from the consignment of Taylor Made Sales, as agent.

“Beautiful Gun Runner, you know, good family, very impressed," Shadwell's Jonathan Smyth said. "A new addition to the farm, and fingers crossed it goes well.”

The colt, who was consigned by Taylor Made Sales is out of the winning Galileo mare Urban Hill, dam of stakes-placed Onetwoohthreefive. Grade/Group 1 winners Falco and Groom Dancer appear on the catalog page.

The Keeneland November sale continues with no breaks through Nov. 16, with Books 2, 3, 4, and 5 consisting of two sessions each. The single-session horses of racing age sale, broken out into its own separate event last year, follows on Nov. 17.

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