The 82nd Keeneland September Yearling Sale concluded Sept. 20 with the highest gross sales ever achieved at a Thoroughbred auction. At the end of the 12th session, 3,076 horses had changed hands for a record $531,634,400, including post-ring sales, up 24%, breaking last year's record sale of $428,097,000.
The average and median also broke last year's records with a 17% increase for an average of $172,833, and the median up 14% to $80,000. A record 56 yearlings brought $1 million or more.
"The results of this sale reflect a shared achievement for the industry and a powerful source of optimism for the future of racing and breeding," Keeneland vice president of sales Tony Lacy said. "Many factors contributed to these record-setting results beyond the exceptional quality of horses on offer. Strong purses, favorable tax legislation, growing confidence in the sport, and broader national visibility through broadcast, streaming, and influencers all point to a bright future for our industry."
Thirty-five yearlings sold for $1 million or more during the two-day Book 1, including a record 20 during the second session, providing momentum and fierce competition to secure a horse throughout the entire sale. Halfway through the sale at the end of the sixth session, Keeneland had already surpassed last year's gross.
Buyers represented 33 countries with participation from as far away as Asia, the Middle East, and Europe, showing the depth of the marketplace at Keeneland.
"When you get into week two of the sale, and the horses are expensive, there's real, tangible return on an investment when you buy an athlete from week two, and more people are available for that," Keeneland senior director of sales operations Cormac Breathnach said.
"We can't stress enough how good the breeders are at their jobs. That's really the centerpiece of our entire sale is the support we get from our breeders."
Breathnach said that the foal crop is at a point where it can grow again, with the health of the industry continuing to be on the upswing.
"We're at the point now where we have more demand than supply in some cases, and the industry and the sport is at a healthy place," he said. "When you're looking at the sale as a whole, it's really exciting to have 56 seven-figure horses. It's really exciting to have 120 buying entities that spend at least a million dollars. Those are the metrics that show the depth and breadth of this entire two-week period."
He emphasized the importance of the median, which represents the middle market, and the RNA rate to measure the health of the sale. A total of 661 horses failed to meet their reserve, resulting in an RNA rate of 17.7%, similar to last year's 18.2%.
"The middle market in session 1 is different than the middle market in session 12," Breathnach continued. "If you have a healthy median or an improving median, like we did this year, and an equal or better clearance rate, that's as good of an indicator of the health of the market as any other—or better than any other."
Taylor Made Sales Agency once again led the consignors, sold 333 horses from their draft for an all-time consignor record of $68,515,000. Repole Stable was the leading buyer, spending $14,155,000 on 33 head.
"It's been a fantastic sale," Taylor Made's Mark Taylor said. "I was optimistic it was going to be a good sale, but I didn't foresee it being this good. Last year we had an incredible sale, and this year we're up almost 30% over last year. I attribute it to, first and foremost: We have really good customers that give us really good horses. The September Sale is the hub of the entire industry. It's very important for breeders."
Taylor Made's Not This Time led all sires by gross with 55 selling for $38,580,000, including 14 seven-figure purchases. Three Chimney Farm's Gun Runner , the leader by average ($877,125) and median ($687,500), was not far behind with 40 head selling for a cumulative $35,085,000, 12 of them bringing seven figures, including the sales topper—Hip 177, a colt out of the graded stakes-winning mare Thoughtfully. The colt sold to M.V. Magnier, White Birch, and Winchell Thoroughbreds for $3.3 million on the first day of the sale, and was consigned by Hill 'n' Dale at Xalapa, agent, on behalf of his breeders Hill 'n' Dale Equine Holdings and Determined Stud.
Through Sept. 20, Not This Time and Gun Runner sit second and third, respectively, on the leading general sire list behind Into Mischief .
Session 12 Statistics
The sale ended with a colt (Hip 4559) by Speaker's Corner topping the 12th session at $150,000. He was purchased by the session's leading buyer Faris Breeding from the Grovendale Sales consignment.
He is the first foal out of the City of Light mare City of Sass, and was bred in Kentucky by Springland Farm and Prime Bloodstock.
Speaker's Corner stood the 2025 season at Darley for an advertised fee of $10,000. His first foals are yearlings of 2025.
Faris Breeding bought five head Saturday for $282,000. Grovendale sold 20 horses for $486,000 to lead the consignors in the final session.
A total of 236 horses sold for $3,714,200 on the final day of the sale, resulting in an average of $15,738 and a median of $9,000.
Last year's final session saw 211 horses sell for $2,834,000 with an average of $13,431 and a median of $10,000. The highest-priced horse was $85,000.
"It cannot be overstated that the success of this sale is a direct result of the loyalty of the breeders, sellers, consignors, and buyers who return to Keeneland year after year and place their horses and their trust with us," Keeneland president and CEO Shannon Arvin said.
"Our team works hard to honor that trust by striving for excellence in every detail: recruiting buyers from across the globe, providing unmatched hospitality, and ensuring the highest standards throughout the sale. It's the coming together of these efforts—along with the commitment of our participants—that makes moments like this possible. We are so grateful to everyone who helped make this the highest-grossing Thoroughbred sale in history."
Keeneland now sets its sights on the November Breeding Stock Sale, to be held Nov. 4-11.
