The Keeneland November Breeding Stock sale saw decreased numbers compared to the previous year, but Keeneland Vice President of Sales called it a “pragmatic, solid sale” with 2,128 horses sold through the ring for $176,571,000, while there were also high post-sale transactions and a strong weanling market.
‣ Keeneland November Breeding Stock sale saw a slight decrease in average and median prices compared to 2022
‣ After-sale transactions and post-sale market activity was very strong, with doubled gross volume from the previous year
‣ Foal market showed strength with quality breeding stock producing quality foals and a good return on investment
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Keeneland November Breeding Stock sale wrapped up the nine-day event with a ‘pragmatic, solid sale,’ said Keeneland Vice President of Sales Tony Lacy. This year’s sale saw 2,128 horses sold through the ring for $176,571,000. Data from the final day reported that 600 horses remained unsold with a buy-back rate of 21.99%. The auction was filled with a positive post-sale market, with 91 transactions totaling an additional $12,265,000 in gross, versus $6,402,500 from last year.
While the overall numbers were down from last year, the demand for quality breeding stock was robust. Lacy emphasized, “When you look at the weanling market, the weanlings who brought $400,000 or above, or $500,000 or above, were double the number from last year.”
The market also reflected high consumer interest in weanlings, “With a $750,000 colt by Gun Runner leading the way, the total gross for the 2023 November sale reports at $54,908,700,” demonstrating the strength of the market. Buyers pivoted from the weanling market to boost the mare market, investing in pregnant mares, according to Keeneland Director of Sales Operations Cormac Breathnach.
The Keeneland November sale showcased a promising clearance rate this year, and impact on businesses was felt. Although it reflects a softening in the market, Keeneland acknowledged that the current global uncertainties could have influenced this shift. Reflections from Paramount Sales’ Gabriel Duignan echoed a similar sentiment, “The horses the market wants are selling well. The market just wants certain things and if you don’t fit into that category, you’re going to be penalized.”
In the midst of a changing global economy, the resilience and demand for quality breeding stock remain fundamental to resurging markets. The Keeneland November sale not only reflects market corrections but also refocuses attention on the weanling and mare markets’ strengths. The future may hold these resurging markets as a forecast for the coming years.
