Sale Average to Stud Fee Ratio Tells the Tale of Trade

The ratio of sale average to stud fee is one indication of the briskness of trade at a given auction. In the case of weanlings and covering sires at the recently concluded Keeneland November Breeding Stock Sale, the ratios among the leading sires more than backed up the observations that trade had been exceptionally strong. Among the top 10 leading weanling sires represented by three or more sold, eight stallions had averages well above the two-times-stud-fee target a breeder hopes to achieve. The leading proven sire by weanling multiple is Ashford Stud's Munnings at 4.57, which is derived from his $137,130 Keeneland November weanling average and his $30,000 stud fee at conception for these foals. Munnings, a 15-year-old son of Speightstown, is enjoying his second consecutive year among the top 10 leading North American sires by progeny earnings. More significantly, he is the second-leading sire by number of 2021 black-type winners with 18 behind leading sire Into Mischief, who has 28 as of Nov. 23. High-profile runners by Munnings this year include Champagne Stakes (G1) winner Jack Christopher, Madison Stakes (G1) winner Kimari, and Pat O'Brien Stakes (G2) winner Ginobili, who also was runner-up in the Big Ass Fans Breeders' Cup Dirt Mile (G1). Munnings had 16 Keeneland November weanlings sell for six figures, topped by a $300,000 filly out of Storm Crossing that Brookstone Farm bought from Stuart Morris, agent for Waldorf Farm. Among the first-crop weanling sires, WinStar Farm's Audible has the highest multiple of 4.75 derived from a $118,800 weanling average and a $25,000 stud fee. The grade 1-winning son of Into Mischief was represented by 15 six-figure Keeneland November weanlings from 25 sold, which included a $360,000 filly out of Nagambie, the dam of this fall's Darley Alcibiades Stakes (G1) winner and NetJets Breeders' Cup Juvenile Fillies (G1) runner-up Juju's Map, that Susan Casner bought out of Taylor Made Sales Agency's consignment. The leading first-crop weanling sire by average is Spendthrift Farm's multiple grade 1 winner Omaha Beach, who has a $135,909 average from 11 sold. His weanling multiple is a quite solid 3.02. The son of War Front had an entering-year stud fee of $45,000, which was the highest for his sire class. Omaha Beach's top Keeneland November weanling is a $300,000 colt out of Achalaya that Freya Stables bought from Gainesway. For covering sires, the leader by average is Spendthrift's two-time leading sire Into Mischief at $887,500. The 16-year-old of Harlan's Holiday also is the overall leading sire by weanling average at $402,143. His multiple as a covering sire is a remarkably strong 3.94, considering this stud fee leads the 2021 breeding season at $225,000. His top-selling covered mare at the Keeneland November sale is Pink Sands, a daughter of Gainesway's three-time leading sire Tapit, who Masahiro Miki bought out of Gainesway's consignment for $2.3 million. One other Keeneland mare in foal to Into Mischief also sold for seven figures—Downside Scenario (Scat Daddy) for $1.15 million. It should be noted that Into Mischief was represented as a covering sire by five seven-figure mares at The November Sale, Fasig-Tipton's premier fall mixed sale. By the multiple, the leading Keeneland November covering sire is Three Chimneys Farm's leading freshman sire Gun Runner, whose in-foal mares generated a 5.46 multiple from a $272,750 sale average and a $50,000 stud fee. The Tapit mare Temptress was the Keeneland November top seller in foal to Gun Runner, bringing $400,000 from Avenue Bloodstock and sold through Gainesway's consignment. Gun Runner, a six-time grade 1 winner and 2017 Horse of the Year and champion older dirt male, has gotten off to an exceptionally strong start. The son of Candy Ride (ARG) is the leading freshman sire by progeny earnings (more than $3.6 million), by number of black-type winners (six), and by number of graded stakes winners (four). His top runners include Hopeful Stakes (G1) winner Gunite and undefeated three-time grade 1 winner Echo Zulu, who won the Spinaway Stakes (G1) and Frizette Stakes (G1) on her way to sealing her championship honors in the Breeders' Cup Juvenile Fillies. Two other sires had covering-sire multiples greater than 5.00—Spendthrift Farm's first-year sire and 2020 Horse of the Year Authentic (5.23) and WinStar's leading third-crop sire Constitution (5.11). Mares in-foal to Authentic averaged $392,000 and were bred on a $75,000 stud fee, while mares in foal to Constitution—the sire of Belmont Stakes Presented by NYRA Bets (G1) and Runhappy Travers Stakes (G1) winner Tiz the Law—averaged $434,167 and were bred on an $85,000 fee.