‘No Place in the World Like Keeneland September:’ 12-Day Bellwether Auction Begins Monday

[Wandering Eyes]

LEXINGTON, KY – Domestic and international shoppers galore were steadily making their way through the sales barns on a blissful Sunday morning in the Bluegrass–the quiet before the storm–a day before bidding opens for the 12-day Keeneland September Yearling Sale in Lexington. Following a competitive 2-year-old sales season this spring, the yearling auctions opened with strong demand across town in July and continued in upstate New York last month, leaving consignors optimistic of a strong market a day before the industry's bellwether yearling auction begins.

“I think everybody on the sales grounds feels very positive about the market after a very strong Saratoga,” said Four Star Sales Kerry Cauthen. “I think we all sit here and look at the tea leaves and feel like we would expect this to be a very good sale, too.”

Buyers will have plenty to look at over the next two weeks, with 4,692 yearlings representing the largest Keeneland September catalogue since 2010.

“That really comes back to the breeders,” Keeneland's Senior Director of Sales Operations Cormac Breathnach said of the larger catalogue. “The breeding industry is so sophisticated. The breeders are really experts at what they do. They are quicker to cull mares than they would have been in the past. The stallions are extremely strong and deep, especially when you include the yearling first-crop sires. There is a tremendous wealth of good, quality horses.”

The depth of quality offerings through the auction led the sales company to eschew the auction's traditional final Book 6 section and instead designate the final four days of the auction as Book 5A and Book 5B.

“We just want everyone to know any connotation that might be associated with Book 6 just doesn't really apply this year,” Breathnach said of the distinction. “There really is depth and quality all the way through the 12 days.”

Of the paradox of an expanding September catalogue with a declining foal crop, Breathnach said, “The commercial breeders are very active, as well as at a high level. So that side of the industry is holding up better, maybe, then the breed-to-race side. So the decline of the foal crop is probably more from that sector than commercial breeding. And then I feel, hopefully, [the larger catalogue] is an endorsement of our sale, that the market here has been so strong. We have set record averages the last four years and two record medians and three of the top four grossing sales, so I would like to think that there is some recognition of that.”

During last year's September sale, 2,735 horses grossed a record $411,749,500, while the average was a record $150,548 and the median was a record-tying $70,000.

Asked if he thought the 2025 auction could surpass those lofty standards, Breathnach said with a laugh, “That would be a brave claim. So we will let the horses do the talking on that.”

Consignors watching the foot traffic at the sales barns Saturday and Sunday certainly found reasons to expect another strong renewal of the September sale.

“It's been great activity,” said Mark Taylor of Taylor Made Sales Agency. “It's been very busy. We actually ran some metrics on it and we were about 15% up on shows at the end of the day yesterday and today has continued to be very busy. That doesn't always translate into the sale being any better than last year, but you like to see the foot traffic and we are very happy.”

Taylor said he was seeing a diverse group of buyers on the sales grounds, including some who may be planning on staying longer than they traditionally have.

“There are definitely a lot of Japanese buyers around,” Taylor said. “We have all of the major players domestically and there are a lot of Europeans. The Europeans players, from what I see, have expanded to where they like to stay longer. They have sales that are going on in Europe that some of them have to get back for, but a lot of them are inquiring about when we are moving horses in. They want to get their eyes on more flesh before they get out of here. I think American-bred runners are doing great internationally and they want the Kentucky-bred product that we have on display here.”

Headley VanMeter will present his first Keeneland September consignment under his VanMeter Sales banner, starting off Monday with a pair of well-bred colts.

“It's really special to be here at Keeneland September and in Book 1,” VanMeter said amongst the dappled sunshine in front of his Barn 15 Sunday morning. “This is why you breed horses. This is why you want to get involved in the game. It's really cool to be up here with these two colts that we raised on the farm. The Uncle Mo colt out of Marley's Freedom is out of a Grade I winner and a half-brother to a Grade I winner, so pedigrees don't get much better than that. And of course, we have the Flightline colt who is a half-brother to Golden Pal.”

Following its Book 1 offerings, VanMeter Sales will be back in action from Book 3 through the end of the auction.

“Traffic has been really steady,” VanMeter said of the activity he has seen so far. “There have been a lot of familiar faces and there are some new ones coming. It feels like the atmosphere over the next couple of days will be really good.”

The Keeneland September sale will open with a pair of Book 1 sessions–Monday and Tuesday–beginning at 1 p.m., and will continue with Book 2 sessions Wednesday and Thursday beginning at 11 a.m. Following a dark day Friday, the auction continues through Sept. 20 with sessions beginning daily at 10 a.m.

While the competitive top end of the market on offer during the auction's first four days can be expected to be reliably strong, consignors hope a trickle-down effect of buyers shut out in Books 1 and 2 will carry the auction into its second week.

“I think when you have a very strong Book 1 and Book 2–I watched it happen all through last year–you have those people who wanted to participate in Book 2 and they might not get to participate until Book 4,” Cauthen said. “When that happens, it carries all the way through.”

What makes the Keeneland September sale special, according to Taylor, is the sheer numbers that present buyers with boundless opportunity.

“Keeneland September is a different animal–the volume is just a completely different thing,” Taylor said. “I think we have seen a lot of strength for select sales. Saratoga was extremely strong, but that's a really strong group of hand-picked physicals. So you are going to see more opportunities for buyers to find value here. You also have a lot more by each stallion. A lot of times, in the era we are in of big [stallion] books, on a given day, you might have 20 by that sire selling, maybe 30. So if you are willing to do your homework, and look and give each one a chance, you might be able to find a really good deal. That is what I am encouraging people to do. To keep working. There is quality in quantity, both at Taylor Made and the sale as a whole. Those top horses are going to be competitive, but there is going to be some value. There always is at Keeneland September. There are a lot of incentives to be buying horses and there is no place in the world like Keeneland September if you are looking for yearlings.”

That potential was on display at the Taylor Made consignment last year when a colt by Into Mischief sold for $650,000 to Spendthrift Farm. Now named Ted Noffey, the colt gave his half-sister by Munnings who sells with Taylor Made Monday an update with his win in the GI Hopeful Stakes last week.

“You love a timely update and with Ted Noffey the timing couldn't have been better,” Taylor said. “And the way he won was just breathtaking. It's really cool to think he was just walking around right here in this barn this time last year, a totally unproven horse who never had a saddle on him and Spendthrift stepped up and took a shot. They have developed him beautifully and it looks like he is going to have a spot in their stallion barn. We raised him on the farm for Marie Jones and she has a great program. We were always biased towards him. We loved him.”

Taylor Made is also riding the wave of success of Not This Time and will offer 10 yearlings by its all-conquering stallion during Book 1.

“Not This Time is on such a roll right now,” Taylor said. “And we are blessed to have quite a few of them in our Book 1 consignment. It's just one of the most fun times I've enjoyed in the horse business, selling this many Not This Times.”

Hips one through 183 will be offered during Monday's first Book 1 session of the Keeneland September sale, with hips 191 through 374 scheduled to be offered Tuesday.

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