'We don’t frown upon these situations' - Keeneland buckles up after withdrawals

With bloodstock in the United States basking in “a little bit of a golden age,” as Keeneland’s Tony Lacy observes, optimism for the world-leading September yearling sale that begins on Monday with the first of 12 sessions is running high, yet that same strength is proving to be a blade that cuts both ways.

Bolstered by demand for the best bloodlines and strong purses in America, breeders have shown they have no fear in keeping their best stock to race, and the sale was rocked by a number of high-profile late withdrawals that will undoubtedly crimp the overall bottom line.

Following Jane Lyon’s decision to keep the Curlin half-brother to undefeated superstar Flightline, Barbara Banke opted to pull from the sale 11 of the 14 horses her Stonestreet Farm had entered in Monday and Tuesday sessions comprising Keeneland’s elite Book 1.

Defections from Stonestreet, which has been the leading breeder by turnover at the September venue, included a Medaglia D’Oro half-sister to champion Malathaat, a Curlin full-sister to champion and freshman sire Good Magic, and an Into Mischief full-brother to champion Gamine.

A Stonestreet spokesperson indicated Banke opted to retain those yearlings for her own account, and stressed the farm still had 58 yearlings entered in the sale spread among eight consignors.

Sale withdrawals extended even further, with Mandy Pope pulling her Tapit filly out of multiple champion Songbird and Glennwood Farm scratching a Curlin full-brother to champion Vino Rosso. Overall, 20 per cent - 74 of the 368 yearlings catalogued for Book 1 - had been withdrawn by Sunday morning.

“In an era where you’ve got owner-breeders that are racing their own stock, I can’t criticise anybody [for withdrawing yearlings], by any stretch of the imagination,” said Lacy, Keeneland vice-president of sales.

“Obviously it’s a little disappointing for us, but we want to make sure people are enjoying what they're doing. We don’t frown upon these situations, we just wish them every luck. We’re looking forward, hopefully to having them race at Keeneland in the next few years.”

Tony Lacy: 'I think we’ve got to be very optimistic'Credit: Keeneland photo

Lacy and his team had diligently assembled a remarkably robust catalogue for the September sale, which looked to ride on the tsunami generated at the record-breaking boutique Fasig-Tipton Saratoga select auction that featured the sale of 14 yearlings for $1 million or more.

Joined by bullish consignors, Keeneland officials hope resurgent interest among buyers, including those from outside America, will boost demand for horses still on offer at the world’s largest yearling sale. A total of 4,153 yearlings was initially amassed for the auction.

“I think we’ve got to be very optimistic," said Lacy. "We’ve got some really good stock in the catalogue, especially early in the sale, whether it’s Book 1, 2 or 3. We were very adamant that we needed [excellent] physicals forward, more so than ever before.

“The interest levels we’ve seen from potential buyers is high - there's a lot of excitement, a lot of energy coming into the sale. It’s great to see the foreign buyers looking to come back [following the pandemic years], especially the principals. We expect all the major players to be here.

“We’re seeing that resurgence of international traffic coming back in a way we haven’t seen in quite a while.”

That interest was visually apparent as consignors began showing yearlings on Friday and, among those horses on the grounds, there were plenty that merited attention.

At the busy Lane’s End barns, horses crowded the walkways as Allaire Ryan, director of sales for the operation, oversaw the milling agents and owners conducting inspections.

“I think it’s going to be very strong,” Ryan said of the September sale. “Saratoga was phenomenal, and the traffic we’ve had here already - we haven’t had a break all morning.

"You have people here like, for example, Tom Goff [of Newmarket’s Blandford Bloodstock], who hasn’t been here for three years. And he’s back. There’s plenty of momentum in the market, and I think with the horses and people here, it’s going to be very strong.”

Among the top draws for shoppers Ryan pointed to in the Lane’s End consignment were a pair of fillies, hip 302, a daughter of Quality Road bred by Lyon out of the Irish stakes-winning Galileo mare Key To My Heart, and hip 22, the only daughter of Frankel at the auction and a full-sister to multiple New York stakes winner Rubilinda who was bred by Don Alberto Corp.

The barns at Keeneland will be a hive of activity over the next fortnightCredit: Keeneland Photo

Lane’s End had 16 yearlings left in the sale from 20 originally catalogued as of Sunday morning.

Brian Graves, general manager of Gainesway, another top-level consignor, agreed with Ryan about the sale’s massive potential, noting the Saratoga market had been “gangbusters.”

“I just feel like we’re in a height in the economy, a long-running height where the stock market has been high for years and people have more money than they’ve had in a long time,” Graves said while noting these dynamics also play in to breeders’ decisions to keep some prized individuals rather than sell them.

“There was never such a time when even wealthy people could afford to keep a lot of horses. Now they know that if the yearlings are the top-quality colts, they could become stallions. It’s an easier time for them to take a risk on that scenario now than it’s ever been.”

And, of course, fillies with valuable bloodlines are just as tempting for breeders to retain. Gainesway, which has expanded its working relationship with Pope and is now offering some of her best bloodstock, lost the Tapit-Songbird filly from its consignment but still had 25 yearlings in Book 1 following nine early scratches.

Among the notable yearlings representing Gainesway, which in 2021 was the second-leading September consignor by turnover behind perennial leader Taylor Made Sales Agency, was hip 38, a Speightstown full-brother to Breeders’ Cup Juvenile Fillies Turf winner Sharing, who finished second in the 2020 Coronation Stakes at Royal Ascot.

Also, hip 96, an American Pharoah half-sister to Godolphin’s Eclipse Stakes and Dubai Sheema Classic winner Hawkbill; hip 129, a filly by leading American freshman sire Justify out of Pope’s Irish Group-winning Galileo mare Aloof; and hip 195, a Speightstown full-brother to Dubai Golden Shaheen winner Switzerland.

Another leading consignor, Denali Stud, was also expecting a lively September sale, with farm vice-president Conrad Bandoroff citing surging interest and success in racing by American buyers and the return of international clients following easing of pandemic fears.

“People have confidence and optimism that if they buy a horse and it can run out their conditions, it can break even or make money, and I think that gives people a lot of conviction to come out here and invest in horses,” Bandoroff said, noting the current buoyance of prize-money in American racing.

The sale ring at Keeneland - ready for action from MondayCredit: Keeneland Photo

The shrinking of North America’s foal production, with total crop size falling in 14 of the last 16 years through 2021, is also a factor in current market dynamics.

Bandoroff said: “It’s simple supply and demand, right? We’ve had years of contracting foal crops and it certainly shows on the racetrack, with some of the fields across the country evidence that there is maybe a lack of supply of horses.

"Therefore, the horses that are perceived quality, that people want, are hard to buy. They bring good money.”

Denali’s consignment lost five of the 21 horses initially entered for Book 1, including the Stonestreet-bred half-sister to Malathaat, but Bandoroff reacted stoically, saying “attrition is to be expected."

He added: “While you would love to sell them, we’re in a very fortunate position that we get to represent the clients that we do, and any decision they make, we understand."

Among the pedigree stars in Denali’s consignment are hip 158, a Stonestreet-bred Curlin filly out of New Zealand champion Bounding; hip 197, a Galileo colt bred by the Coolmore partners from the Grade 1-winning Scat Daddy mare and $3.5m purchase Daddys Lil Darling; and hip 370, an Into Mischief colt out of champion Arrogate’s stakes-winning half-sister Osare bred by Bridlewood Farm.

There are ample marquee pedigrees in the sale, with other highlights in the first session including hip 60, Glennwood’s Curlin half-brother to Triple Crown winner Justify; hip 122, a Justify half-brother to Kentucky Derby winner Always Dreaming; hip 147, a Curlin half-sister to Grade 1 winner and sire Constitution; and hip 163, an Into Mischief half-brother to Arrogate.

In session two, watch for hip 246, a Justify colt bred by the Coolmore partners from Group winner Flattering, a full-sister to multiple Group 1 winner Love; hip 247, an Into Mischief full-brother to 2020 American Horse of the Year Authentic; hip 289, an Uncle Mo half-sister to champion Accelerate; and hip 305, a Ghostzapper half-sister to 2021 Horse of the Year Knicks Go.

“The September sale really is the bellwether of the year for most breeders,” noted Lacy. “If you have a good September sale, you can weather a lot of storms. So, we feel the responsibility. We understand the pressures, the anxieties, the anticipation and the importance of this sale.”

Partly due to the immediate success of young stallions such as Gun Runner and Justify, the market has also gained a novel vibrancy.

“I think we’re hitting a new era of rejuvenation,” Lacy asserted. “We’re getting to the point where demand is outstripping supply, and I think it would be our goal at Keeneland, as a group that really are invested and totally committed to the prosperity and future of our industry, that we encourage breeders to start breeding more mares again. I think there is a lot of blue sky out there.”

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