Strong domestic and international participation drives double-digit growth
LEXINGTON, Ky. (Nov. 15, 2013) – Keeneland’s November Breeding Stock Sale concluded Thursday with a 38 percent increase in total sales, demonstrating exceptional strength at every level of the market.
Strong demand for quality broodmares and weanlings from an internationally diverse clientele drove double-digit gains in gross, average and median sales, and produced 14 horses selling for over $1 million, double the number sold in 2012.
Gross sales for the 10-day auction, held Nov. 5-14, surpassed last year’s 11-day November sale total of $143,025,600 on the fifth day of selling. It marks the second-highest November sale gross since 2007, falling just short of the $208,511,200 achieved in 2011, which featured the record-grossing dispersal of the estate of Edward P. Evans’ Spring Hill Farm. This year 2,457 horses were sold compared to 2,414 in 2012.
“Much like what we saw in September, bidding was spirited among new and established buyers who were out in force through the very last day,” said Keeneland Director of Sales Geoffrey Russell. “The strength of Book 1 rippled through each strata of the market, with consistent increases seen from book to book. Our consignors are to be congratulated for an outstanding job of meeting the market.”
Keeneland’s long-term efforts to build relationships with horsemen across the United States and around the globe has created a diverse pool of domestic and foreign buyers that is unlike any other in the world.
“One consignor described it as the ‘United Nations of Keeneland,’ ” Russell said. “That strategy has helped to fuel the market gains we are realizing now.”
The international activity at Keeneland helped to create a high level of competition throughout the November sale, especially for young mares.
“It’s just a factor of supply and demand. There’s a very, very strong demand now for young mares,” said consignor James B. Keogh of Grovendale on the sale’s closing day. “We sold two mares to Korea today for considerably more than we expected.”
The next Keeneland sale is the 2014 January Horses of All Ages Sale, to be held Jan. 6-10.