Breeding & Racing Magazine

Keeneland Day-1: Average Plummets 45.9%

The "results were grim, but not surprising, as Keeneland opened its January horses-of-all-ages sale during a time of world-wide economic downturns," summed up bloodhorse.com. "Gross revenue plummeted 44% from the auction's 1st session in 2008, while the average dropped 45.9% & the median suffered the most damage, falling 50.9%." The 202 horses sold on Day-1 (of the 6-day Keeneland sale in Lexington in Kentucky) grossed US$11,945,900 (last year 195 sold for US$21,325,900) & averaged US$59,138 (last year US$109,364). The median was US$27,000 (last year US$55,000) while the buy-back rate fell from 33% in 2008 to 26.5% this year. Keeneland director of sales Geoffrey Russell commented: "Talking to consignors & buyers, there were some good surprises & I think people thought the sale performed to their expectations. People brought their horses here to sell & the not-sold rate has gone down. Given the current global economic situation, people have adjusted their expectations & traded their horses. Obviously we would have preferred it if Azeri had sold, but she didn't." Prominent consignor Duncan Taylor from Taylor Made Sales Agency added: "It's a very tough market, but if you've got some quality, you can get your horses sold. I don't really think it's any worse than it was in November (during the 2008 Keeneland breeding stock sale). Some of the cheaper stuff here might have gotten hammered worse at the beginning, because everybody was feeling each other out & the sale started off damn soft. But since some of the better stuff has gone through, the market seems pretty fair."