Keeneland Nov. Sale Ends With Record Average and Median

The Keeneland November Breeding Stock Sale concluded Nov. 11, with 1,976 horses changing hands for a total of $245,901,400, including post-ring sales, seeing a 25% increase from last year's gross of $196,492,900 from 2,159 head. The eight-day sale was the highest-grossing November Sale since 2007. The 2007 November Breeding Stock Sale grossed $340,877,220 over 15 sessions and included horses in training. The November Horses of Racing Age Sale became a stand-alone auction in 2022. Records were set in both the average and the median, with the average seeing a 37% increase from last year's sale to $124,444 from $91,011, and the median jumped 50% from $40,000 to $60,000. Four hundred horses failed to meet their reserve, resulting in an RNA rate of 16.8% "This year marked a watershed moment for Keeneland Sales," said Keeneland president and CEO Shannon Arvin. "From a record-shattering September Yearling Sale that topped $500 million in gross sales to the continued momentum into an outstanding November Breeding Stock Sale, the confidence in this marketplace has never been stronger." Eighteen horses sold for $1 million or more, the most since 2017, and included one seven-figure horse on Day 2—a feat that had not been achieved since 2022. "It's been remarkable," Keeneland vice president of sales Tony Lacy said. "To be very frank, we were hoping this would be a good, solid sale. We felt the quality was here and we had a good group of horses that would fit a large group of people. We were very pleased with the number of buyers that showed up—especially the international contingent—and we saw a lot of people here that we haven't seen in a number of years. It was very encouraging to see people energized to come back. "But what was really encouraging was to see the domestic market so strong when it came to retaining a lot of these higher-end mares and retaining the gene pool," Lacy added. "The weanling market was also exceptional, and I think that allowed breeders to feel motivated and positive as they plan to breed mares into the next season and into the near future." The highest-priced horse of the sale was grade 1 winner Lush Lips (GB), who brought $3.7 million on the first day of the sale from Dixiana Farms. She was consigned by Taylor Made Sales Agency, the sale's leading consignor, selling 258 head from their draft for gross receipts of $42,172,400. "To have a horse that won the QE II at Keeneland come here and sell and bring $3.7 million, it doesn't seem real," said Phillip Shelton, racing manager of Medallion Racing, which raced Lush Lips in partnership. "All the stars aligned, and full credit to the team at Keeneland. Every major buyer in the world looked at her. Plenty of major buyers were lined up and didn't get to bid because she brought so much money. Just an unbelievable feeling." The highest-priced weanling of the sale also came on Day 1 when Donato Lanni, agent for Zedan Racing, went to $2.2 million for a son of Gun Runner. The colt, consigned as Hip 146 by Denali Stud, agent, was the highest-priced weanling sold at the November Sale since 2015. He was bred in Kentucky by Three Chimneys Farm and Brookdale Racing, and is out of the grade 1-winning Scat Daddy mare Nickname. Wesley Ward purchased the highest-priced weanling filly of the sale for $1.25 million. The daughter of Curlin, consigned as Hip 82 by Hill 'n' Dale at Xalapa, agent is out of the multiple graded stakes producer Galloping Ami. She was bred in Kentucky by Tall Oaks Farm and The Curlin Syndicate. Fifty-eight weanlings sold for $300,000 or more compared to 28 last year. Yaupon was the leading sire of weanlings by gross with $7,449,000, including post-ring sales. The November Sale included numerous dispersals and reductions, including the DJ Stable Curated Reduction, which resulted in sales of $6.4 million for 31 horses, including post-ring sales. Sputnik, a 4-year-old mare in foal to top sire Curlin was the highest seller of the group at $800,000, selling to Raging Torrent Syndicate. She was consigned by Hill 'n' Dale at Xalapa, Agent. Taylor Made Sales Agency handled the stable's other offerings. Raging Torrent Syndicate was the leading buyer of the sale with five purchases totaling $5,225,000. "I'd be lying to you if I anticipated that we would get all 100% of the horses that we put in the sale sold and sold for roughly 33% higher than what our estimates were," co-owner Jon Green said. "Of the horses that we put in there, they went to very different programs," Green continued. "There was a unique buyer on every single one of our horses, which ranged from domestic farms to international farms. We have mares that are literally going across the world. We have two mares that are going to Japan and one mare that's going to Australia. That speaks volumes to me of not only the regional breeders, central Kentucky breeders, but breeders from around the world that came to Keeneland in hopes of buying horses and landed on mares in our consignment." The last two sessions of the sale, which took place Nov. 11, recorded a total of 240 horses bringing a gross of $3,203,400, including post-ring sales. The average was $13,348, with a median of $9,000. Judicial Ethics topped the day at $180,000, selling to Sylvie Racing. The 3-year-old Constitution filly was offered as a broodmare prospect by Lane's End, agent. "The September market was remarkable with a jump of about 25% on last year, which was also a record," Keeneland senior director of sales operations Cormac Breathnach said. "That has spurred reinvestment. Pinhookers have been aggressive in restocking for next year's yearling market, and breeders are seeing a lot of value in mares with attractive commercial covers. The September Sale drove a lot of the gains at the November Sale, which is encouraging because it's how you want the industry to work: People continue the cycle and make money along the way. Thankfully, 2025 has been a good year in that regard." Keeneland's Horses of Racing Age Sale will begin Nov. 12 at noon ET. As of Tuesday evening, Keeneland had reported 87 outs.