Keeneland changes reflect marketplace's ebb and flow

There is a seemingly never-ending ebb and flow to equine sales, and Keeneland announced on Thursday significant developments to its September and November sales, along with the resumption of its April Two-Year-Olds in Training Sale.

Gone is the ultra-select Book 1 of the marathon September Yearling Sale, which was introduced with much fanfare last year and resulted in 95 horses selling for more than $54.1 million and was followed by three days of selling in Book 2.

This year, the auction will begin with a four-day Book 1 from September 10-13, followed by a dark day September 14. The auction resumes September and continues through September 23, for a total of 13 sessions, one more than a year ago.

For its November Breeding Stock Sale, Keeneland is launching the auction on the heels of the Breeders' Cup World Championships at Churchill Downs with a November 5 Book 1 session. Keeneland said the remainder of the November sale calendar will be released later.

While there are no changes planned for the 2019 January Horses of All Ages Sale, to be held January 7-11, Keeneland said it is resuming its April Selected Two-Year-Olds in Training Sale, which has been on hiatus since 2014. Added to the one-day sale will be a horses of racing age component, and the sale will be preceded by a one-day workout session. Dates and additional details will be announced later.

"Keeneland engages in an ongoing dialog with our clients to collect their feedback and adapt our sales formats to meet the market of the moment," said Keeneland vice president of racing and sales Bob Elliston. "The market is fluid from year to year, and our primary goal is to create a sales environment that will produce the best results for our sellers and buyers."

Some buyers and sellers affected by the format and schedule changes said they are receptive to Keeneland's attempts to improve the sales experience.

Mike Ryan, second-leading buyer at last year's Keeneland September sale, said that format in which 167 yearlings were offered in the elite Book 1 followed by three long days of Book 2 with a total 1,203 catalogued for the first four days, was challenging for those attempting to inspect all horses that first week.

"They have tried multiple things to find out what works best," Ryan said of Keeneland's sale tweaks. "It's a massive job for Keeneland to get it right. Last year, I found it very challenging. It was extremely spread out. There were a lot of people who didn't get through all the horses. Of course, there were other circumstances too, because a lot of people couldn't get there from Florida due to the hurricane.

"I do feel horses offered early in the week were compromised because people didn't have time to get through them all," Ryan continued. "I think some of those horses in those first two days would have sold better on the third and fourth days. There was not enough time to get all the work done."

Mark Taylor of Taylor Made Sales Agency, the leading consignor last year with 270 horses sold for receipts in excess of nearly $38.7 million, said the 2017 format worked but he could see why it was being changed again.

"It was fantastic for us," the consignor said. "In Book 1, we sold 21 of 24 horses for an average of almost $600,000. I thought it worked. But it caused logistical problems for a lot of buyers that they couldn't get through all the Book 2 horses."

Taylor said the size of the Keeneland September Sale poses challenges for the sales company and that those involved in the buying and selling process have learned to be adaptive.

"It's unique in the market because it is a very large sale and there are a lot of horses you have to go through, so there are always going to be logistical challenges," Taylor said. "People don't really understand all the issues in trying to put that sale together."

Taylor said the size of Taylor Made's operation makes it easier for it to react to scheduling that sometimes results in consignments having to have personnel in different locations.

"One of the benefits of being large is that we can handle a lot of different logistical issues," he said. "The bottom line is the market is going to be selective and it's going to be a lot of hard work no matter what format they have. Let's hope everyone gets behind this format, and we can stick with it for five to 10 years."

The two-year-old market has undergone significant changes since Keeneland put their juvenile sale on hiatus following the 2014 event, when 38 horses were sold from 55 offered for a gross of $8,769,000. Those changes could pose challenges for the Lexington entity.

Ryan, the second-leading buyer of two-year-olds this year with 17 bought for $3.782 million, would like to see the resumption of Keeneland's juvenile sale but questions the feasibility of adding another two-year-old sale to an already crowded April calendar. This year, California-based Barretts held a one-day sale in early March, and the Ocala Breeders' Sales saw more than 1,000 horses go through the ring in a four-day auction late in the month that included six days of pre-sale workouts.

"I would love to see a two-year-old sale back at Keeneland," Ryan said. "For one thing, it's a dirt track and it's one of the best dirt tracks in North America. It's a terrific venue, but I don't see logistically how it can be done. The OBS April sale is a killer sale; it is essentially three hard weeks. There are only so many weeks in a month."

Eddie Woods, this year's leading two-year-old consignor, said he would be among the Florida horsemen who support the Keeneland sale next year.

"We did fantastic at that sale," Woods said. "The one thing the Keeneland sale was good for from a seller's point is that a lot of trainers there for the race meet would see a two-year-old (sale horse) go by them in the mornings and it would catch their eye, and they'd look it up at the sale. That was a big selling point."

Woods said he will be watching to see how many of his fellow consignors from the Sunshine State who dominate the juvenile sales would participate in the Keeneland sale.

"It will be interesting to see how (the Keeneland sale) comes back," Woods said. "During the last few years before (the hiatus), there were only a few of us who went up there anymore. In the earlier days of the Keeneland sale, the OBS April sale was not nearly as strong as it is now. It's going to affect both sales a little, with OBS losing some horses to Keeneland and Keeneland not getting as many horses, because OBS is so strong. We will sell there because we have clients who want to sell at Keeneland."

For the latest breeding and racing news from North America, visit BloodHorse.com