TED TALKS...

The bull market continues to rage in the US

WHEN VISITING THE LARGEST yearling sale in the world at Keeneland it really sets the scene for the yearling market.

The sale was following the incredible market at the Saratoga Sale in August; anticipation was high and didn’t disappoint.

I arrived from Europe with the Arqana August, Goffs UK Premier and the Tattersalls Somerville sales under our belts, the latter being largely under-whelming.

The European and US markets have been slightly estranged over the last decade, but with signs of some Turf resurgence in the US favouring certain sires, as well as the expertise of the Irish and British pinhookers who take back more and more graded stakes winners to Europe by the US stallions, I am excited to see the first-crop US sires following the showcase at the FasigTipton July Sale. There the most forward of these was Yaupon, how stands at Spendthift.

My visits to Lexington combine with overseeing Imad Al Sagar’s US division of Blue Diamond Stud at Stonereath, a historic property on Route 460 between Georgetown and Paris in the famed Bourbon County. The property neighbours Godolphin’s Raceland, Denali, Claiborne and Stone Farm, all farms which have produced Classic winners.

The weather, although cool in the mornings, climbs during the day to 30°c.

I have the luxury of staying on the farm, which is just about 30 minutes’ drive from Keeneland, and enjoy the many walks around the property seeing how the mares and foals enjoy the lush pasture.

We have emulated Denali our neighbour with solar panels on two barns hoping we will be selfsufficient in electricity in a few years.

We have also transferred to use borehole water and creeks in order to swap away from relying on the over-chlorinated city water.

None of these guarantees that a stakes winner will be raised, but it limits the downside.

Hopefully, the blood will shine through and we get some luck.

Right from the get-go at Keeneland it was evident that the form seen at the Saratoga Sale was set to continue.

A total of 31 yearlings made seven-figure sums in Book 1, with the sale-topper fetching $5,000,000. By the end of the ninth day of the 12-day auction, the aggregate had already surpassed the gross achieved in 2023.

As with any sale of this nature, if vendors had what the customers wanted they were well paid. After that it wasn’t necessarily plain sailing and the rate of sale figured in the region of 70 to 75 per cent .

The yearlings in Book 1 are bred off the biggest stud fees paid by very rich people, who, in general, can afford to race their horses if they are not being well paid in the sale ring.

This affects the last-minute withdrawal rate, which Keeneland suffered in this session.

To its credit, the Keeneland team did a good job placing horses with the majority of million-dollar yearlings catalogued in Book 1, convincing the vendors to risk selling.

Keeneland has transformed in recent times partly to compete with the customer service or experience that many enjoy at Fasig-Tipton.

The introduction of the Horseman’s Lounge for breakfast and lunch has been positive, as are the free coffee stations around the sale ground, in addition to the iced water, which has been a great freebie for a long time.

The introduction of a Magic Millions-tabled and chaired bidding area was a huge success with many bidding from the converted area of cinema-style seating to a platform of tables and chairs elevated at the back of the auditorium.

A personal invitation from Shannon Arvin CEO for buyers meant there were around 100 sat for dinner after the Day 1’s fireworks and it was a huge success enabling buyers and agents to meet agents and principles in some leisure time.

Keeneland has identified the need to adjust and look after both its buyers and consignors, which has resulted in a diverse buying bench. On Day 1, 10 different stallions and buyers were listed in the top 20 making for a truly diverse sale.

The European-based buyers Amo and Coolmore, as well as those from Japan, hit the purchasers’ dockets, but buyers from Australia and Hong Kong circled waiting from the prices to normalise.

The European-purchased sires’ list continues to grow with American Pharoah, Blame, Bolt D’Oro, Cairo Prince, Candy Ride, Hard Spun, Justify, Karakontie, Kitten’s Joy, Medaglia D’Oro, More Than Ready, Not This Time, Oscar Performance, Quality Road, Street Boss and Sense, Temple City, Uncle Mo and War Front.

The freshman sires of particular interest include the Speightstown horse Charlatan, who was a good racehorse beaten by Mishriff in the Saudi Cup.

His Book 1 horses sold well and had a constantly high proportion of nice horses, and I am sure his stock look as though they would suit European racing.

Essential Quality followed close behind and as the sale went along my favourites focused in on McKinzie and Maxfield.

The sale was dominated by Curin and Gun Runner, but Not This Time is the rising star from ordinary mares and now his shares are worth $2,000,000 apiece.