No matter how you slice it, $50 million is a lot of money.
That number catches the eye of anyone who stops by the State of the Market page at Bloodhorse.com and dives into the considerable auction data provided there—in this case under the "Yearlings" tab. Not only have this year's yearling sales already surpassed the total gross sales of 2024, they've done so by more than $50 million.
And another third of the yearlings expected to be offered this year are yet to pass through the ring. At this point, every yearling to sell through the end of the year will be adding to the record gross.
The season kicked into gear with records being smashed at The Saratoga Sale, Fasig-Tipton's selected yearling sale in Saratoga Springs, N.Y. Then at the bellwether Keeneland September Yearling Sale, where 3,076 of the 4,342 yearlings to sell at auction this year to date have been purchased, the auction set a record before half of its sessions were completed. It surpassed $531 million in gross sales—up 24% from last year's record sale.
That success has helped yearling auction numbers to date soar. To this point in the yearling sale season, the $60,000 median has nearly doubled the final median for 2024 ($31,000) and average is up 57% to $158,236 when compared to the average for all of 2024 ($100,650). With some smaller sales and regional auctions on the horizon, both those average and median numbers will settle a bit but it's safe to say that both will finish as record numbers.
Keep in mind that the momentum at Keeneland September continued through the end of that sale. In the final five sessions of that 12-day sale, the average was up in every single session and median improved in four of those five sessions. Overall, in those final five sessions, the average was up 13% to $44,255.
The results of some prominent regional sales also are encouraging. The recent Fasig-Tipton California Fall Yearling Sale saw a 10% increase in average price to $32,293 compared with last year's sale while median stayed the same at $15,000. In August the Fasig-Tipton Saratoga New York-Bred Yearling Sale saw its average improve 15% to $119,450 while median held steady at $85,000. With 15 more horses sold this year than last, gross sales improved 24% to $23,890,000.
As part of BloodHorse's coverage of this year's auctions, executives at Keeneland and Fasig-Tipton credited a number of factors. After Keeneland September surpassed the $500 million mark in sales this year, Keeneland president and CEO Shannon Arvin noted the positive feelings in the sport.
"This is a powerful testament to the health of the sport, and it reflects the remarkable energy, optimism, and momentum we've been experiencing together across this entire sale," Arvin said.
Keeneland vice president of sales, Tony Lacy, added that new buyers stepped in this year and made an impact.
After The Saratoga Sale, Fasig-Tipton president and CEO Boyd Browning Jr. noted tax changes have been positive, including making 100% bonus depreciation permanent, as well as a strong racing program, major investments in track facilities, and the Horseracing Integrity and Safety Authority adding to buyers' confidence at the upper end of the market.
After the New York-Bred sale, he noted the positive things going on with that state-bred program as well as the investment the state is making in projects such as the new Belmont Park.