NEWS
Energized September sale closes with gains
Posted: Sunday, September 26, 2010 7:12 PM
SALE TOPPER: A.P. INDY COLT
PhotosByZ.com/Thoroughbred Times
by Mike Curry
Buoyed by a $4.2-million sale topper and energized by a new format, the Keeneland September yearling sale closed its 14-day run on Sunday with gains across the board.
Total sales, average price, and median all rose compared with the 2009 September sale, and the buy-back rate improved from 27.5% to 26.7%. Keeneland reported 3,059 yearlings as sold from 4,174 offered for $198,257,900, a 3.3% increase from $191,869,200 in total sales a year ago.
Average price improved 6.7% to $64,811, and median ballooned 13.6% to $25,000.
“The success of the September sale is borne out by a number of positive indicators—high volume of trade, a deep buying bench, and strong average and median prices,” said Geoffrey Russell, Keeneland’s director of sales. “Since this is the industry’s most important sale, it has long been the barometer of the health of the North American industry. Given the impact of the global recession on our industry, we wanted to change the tone. We felt the time was right to make some changes that would infuse new energy and help reposition the marketplace as economic conditions continue to rebound both here and abroad.”
The September sale began with two select evening sessions comprising Book 1. In an effort to spread the quality consistently throughout the first week, Keeneland reformatted Book 2 into one comprehensive catalog, presenting yearlings alphabetically by dam rather than ranked by pedigree and conformation.
“One of our goals with the format change was to get more buyers to market, and we succeeded,” Russell said. “We saw a great mix of old and new faces, both domestic and foreign, and they stayed longer into the sale. Trading was very evenly spread among a number of buyers. That is a very healthy sign.
“Our consignors deserve a good deal of credit; they’ve been supportive of the format changes and really brought some good stock to market,” he added. “Their ability to evaluate the market was key to the strong clearance rate.”
Benjamin Leon Jr. paid $4.2-million for a colt by A.P. Indy during the opening session of the 2010 sale, a purchase price that would stand as the highest of the sale.
Once the bidding reached $3.5-million, Leon jumped into the mix and countered each bid by Racing Hall of Fame trainer Bob Baffert, who was seated with Kaleem Shah, and John Magnier of Coolmore Stud behind the bidder's stand.
“The people I trust, J.J. and Todd Pletcher, thought he was the very best horse in the sale,” said Leon, who was attending his first Thoroughbred sale and has been involved in the industry for about two years. “We're trying to be at the very highest level of the sport, and we did not want to let him go.”
Leon, a health care executive in Florida for more than three decades, bought a Storm Cat colt for $650,000 last summer at the Fasig-Tipton Saratoga sale of selected yearlings and spent $1,670,000 for four horses during the 2009 Keeneland September yearling sale. He also began stocking a broodmare band.
Leon purchased three yearlings for $5,060,000 at the September sale.
“I always had the dream of someday maybe being able to get into the Thoroughbred family, not on a quantity basis but on a quality basis, to do it right,” said Leon, a 65-year-old native of Cuba who came to the U.S. in 1961. “That’s what we’re trying to do. We’re trying to come up with a small herd of top-quality racing and breeding horses.
“My association with the Pletchers gave me a level of comfort that I needed to get into such a big boys game, as I call it.”
The sale topper boasted a pedigree featuring plenty of recent firepower. By leading sire A.P. Indy, the bay colt is out of multiple Grade 1 winner Balance, a seven-year-old Thunder Gulch mare who happens to be a half sister to unbeaten two-time champion older female Zenyatta. The colt was offered by Mill Ridge Sales, agent for breeders Jerry and John Amerman.
“We’ve always bred and raced our horses,” John Amerman said. “This one was so special that some people I respect recommended we sell this one. We were torn at first, but we did it.
“We’ve had 22 Grade 1 winners, so we’ve had a lot of good success in racing,” he said. “[Balance] is very special to us. You better believe it.”
The sale topper was one of three seven-figure yearlings sold at the 2010 September yearling sale, one fewer than last year but well off the 32 seven-figure purchases during the 2006 and ‘07 September sales and 18 at the '08 edition before the Thoroughbred industry felt the full impact of the global economic collapse.
Flag Lake #2 went to $2,050,000 for a Distorted Humor colt out of Angel’s Nest, by Storm Cat, from the family Racing Hall of Famer Miesque. He was consigned by Lane’s End, agent.
George Bolton bought a colt by two-time leading sire Smart Strike out of Ask Me No Secrets, by Seattle Slew, for $1-million from the consignment of Greenfield Farm, agent.
The top-priced filly of the 2010 Keeneland September sale was a dark bay or brown daughter of Dynaformer out of multiple Grade 2 winner Bank Audit, by Wild Rush. Headley Bell of Nicoma Bloodstock signed the ticket for $900,000 on behalf of Roy and Gretchen Jackson’s Lael Stables. Eaton Sales consigned the top-priced filly.
A.P. Indy was the leading sire by average price (with two or more sold) with 16 yearlings sold for an average of $514,687.
Sheikh Hamdan bin Rashid al Maktoum’s Shadwell Estate Co. was the leading buyer with 22 purchases for $8,230,000.
John Ferguson, adviser to Sheikh Mohammed bin Rashid al Maktoum, purchased 13 yearlings for $2,755,000. Ferguson, who has been leading buyer ten of the last 12 years and rarely loses a bidding battle, decreased his spending by 80.3% this year after buying 34 yearlings for $13,980,000 in ‘09.
Taylor Made Sales Agency led all consigners by total sales with 210 yearlings sold from 254 offered for $28,873,800.
Keeneland reported 197 yearlings as sold from 279 offered during Sunday’s final session for $957,200, a 2.9% decrease from last year’s corresponding session. Average price was down 13.7% at $4,859, and median was steady at $3,000.
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