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Keeneland Nov Final Average Down 6.5%

Tuesday, 24th November 2009

Overall during the 13 sessions at this year’s Keeneland November Breeding Stock Sale 2,779 lots sold for US$159,727,800: down 13.9% from 3,019 lots sold for US$185,552,300 at last year’s 15-day sale. The final average of US$57,477 was down 6.5% (from US$61,462 in 2008) & the final median of US$20,000 remained unchanged from last year. A key factor in market assessment, the “not-sold” rate, fell to 21.59% & Keeneland director of sales Geoffrey Russell commented: “The Thoroughbred market is best described as resilient. The strong clearance rate reflects the fact horsemen are adjusting to the new reality. Consignors did a good job of appraising their horses. Throughout the industry, changes are taking place: a reduced number of mares bred, reduced stallion fees & other measures that will ensure a return to market profitability in the near future.” Russell added this sale “completes a cycle begun with last year’s November Sale, the 1st full sale conducted amid the global economic crisis. The financial crisis struck in the middle of last year’s September (Yearling) Sale, so the 2008 November Sale felt the brunt of the impact. There was still uncertainty about the economy this past September. Since then, certain segments of the global market, such as Australia & South America, have rebounded. We’ve also begun to see positive indicators at home. So, in terms of the yearling market, we may still be in the middle of the recession. But the broodmare market is a little farther along in its recovery.”

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