by Mike Curry
With the United States weathering the most serious national financial crisis in 80 years, the 2008 Keeneland November breeding stock sale concluded Monday with across-the-board declines.
Entering the marathon 15-day sale, which began November 3, Keeneland officials and horsemen anticipated declines in the Thoroughbred market. The November sale overwhelmingly confirmed those expectations.
Keeneland reported total sales declined 45.6% from a November sale record $340,877,200 in 2007 to $185,552,300.
“The sharp declines we’ve seen in this sale are not only the result of an industry adjustment; they are additionally owed to external market forces the likes of which we’ve never seen before,” said Geoffrey Russell, Keeneland’s director of sales.
“Globally, there is a lack of liquidity, a lack of consumer confidence, and a strong U.S. dollar. Those are dynamics we cannot control. They are affecting the conduct of business at every level and in every corner of the world, and the Thoroughbred industry is not immune. The consequences will be significant for everyone in the Thoroughbred industry, including Keeneland.”
Average price plummeted 39% to $61,462, compared with $100,821 in 2007. Median declined 42.9% to $20,000, compared with $35,000 at last year’s sale. The buy-back rate rose from 22.2% in 2007 to 27.9%.
“There are several positives to take away,” Russell said. “The market continued to receive support, though at a different level. Quality individuals sold well and were difficult to buy. And there was strong participation from a diverse group of domestic and international buyers.
“Keeneland has worked very hard to develop a global network of horsemen, which we continue to expand. We’ve established long-term, sustainable relationships with these buyers, and they were a major influence from the first day of this sale until the very last. Without their support, the declines would have been much worse.”
Hystericalady, winner of the 2007 Humana Distaff Stakes (G1), topped the sale at $3-million. John Ferguson, bloodstock adviser to Sheikh Mohammad bin Rashid al Maktoum, purchased the five-year-old Distorted Humor mare from the consignment of Taylor Made Sales Agency, agent. Hystericalady has amassed 11 wins in 23 career starts and purse earnings of $2,390,556.
Out of Chilean champion Sacramentada (Chi), by Northair, Hystericalady was one of 19 horses that sold for $1-million or more during the 2008 sale. The 2007 sale featured a record-equaling 39 horses that sold for seven-figure prices.
Following her grandam's sale for a record $14-million on November 2 at the Fasig-Tipton Kentucky selected fall mixed sale, it was no surprise that Hill 'n' Dale Sales Agency’s beautiful Bernardini filly out of the Storm Cat mare Teeming, the first foal out of 2007 Broodmare of the Year Better Than Honour, topped all weanlings at $1,475,000. Reiley McDonald of Eaton Sales, agent, signed the ticket in the name of Chesapeake Partners.
Keeneland reported 150 horses as sold during Monday’s final session for gross receipts of $663,900.
For hip-by-hip results for each of the 15 sessions, click here.
Mike Curry is a Thoroughbred Times TODAY editor