KEENELAND SEPTEMBER YEARLING SALE
The Book 1 Difference
Results of the record-setting 2022 September Sale paint a clear picture of why a yearling properly cataloged in Book 1 can command a premium when buyers from around the world assemble to compete for the cream of the North American yearling crop. While the Book 1 yearlings comprised only 9% of the yearlings cataloged during the entire sale, Book 1 delivered 73% of the horses sold for $1 million+ at Keeneland September 2022.
Book 1 Represented
9% of Sale Hips
368 of 4,154
56% of Sales $500,000 to $999,999
74 of 132
$442,500 Sale Median
73% of $1 Million+ Sellers
22 of 30
Highest since 2011 with exception of 2017 when Book 1 comprised a single session selling only 99 yearlings.
Representing 9% of yearlings cataloged, Book 1 delivered 73% of the horses sold for $1 million+ in September 2022.
The Book 1 Selection Process
Consignors are invited to provide a “wishlist” of the preferred book placements for their September Sale entries. These placements provide the starting point for the Keeneland Sales team to put the catalog together.
From early May to mid-June, the Keeneland Sales team forms two inspection teams that collectively inspect about two-thirds of all entered yearlings (close to 3,000 head in 2023). Movement of yearlings into earlier or later books is based largely on Keeneland’s inspection notes, when those horses are balanced against the overall population.
The full-sale wishlist is our starting point but Books 3 and 4 tend to be heavily oversubscribed. We move only what we have to move, and the better physicals are moved forward. This is what our buyers expect, and it creates momentum for the entire sale.”
—CORMAC BREATHNACH, KEENELAND DIRECTOR OF SALES OPERATIONS
Analyzing Book 1 Placements
The placement process should maximize return for sellers and satisfy the demands of buyers at each level of the market. The Keeneland sales team is dedicated to analyzing the market and ensuring the validity of this process. Following is a comparison of the 177 yearlings that went through the ring in Book 1 that were wishlisted there last year vs. the 105 yearlings that went through the ring in Book 1 that Keeneland had moved there.
177 OFFERED Wishlisted
$450,000 Median $512,979 Average 17.5% % RNA 38.4% % Sold At Least 50% Over Reserve
9.6% % Seven-Figure Sellers
9.3 Average # Repository Hits
4.7 Average # Video Scope Views
Comparison of Book 1 Yearlings Wishlisted vs. Moved to Book 1
105 OFFERED Moved to Book 1
$400,000 Median $473,333 Average 14.3% % RNA
38.9% % Sold at least 50% over Reserve
8.9% % Seven-Figure Sellers
9.1 Average # Repository Hits
6.3
Average # Video Scope Views
A Closer Look at Book 1 Sires
In order to attract a deep buyer base to Book 1, some diversity among the offerings and their sires is an important component.
Keeneland compared the sales results of the 42 sires that were represented in Book 1 in 2022. Sires were divided evenly into two groups and once divided, Group A represented stallions with a median stud fee of $150,000 and Group B stallions had a median stud fee of $35,000. Remarkably strong results were achieved by exceptional physicals regardless of sire or stud fee.
75 OFFERED Median Stud Fee $150,000
$422,500 Median $484,219 Average 15% % RNA 31% % Sold at least 50% over Reserve
8.9 Average # Repository Hits
4.8 Average # Video Scope Views
Diversity of Sires Among Moved Book 1 Yearlings
30 OFFERED Median Stud Fee $35,000
$400,000 Median $446,538 Average 13% % RNA 40% % Sold at least 50% over Reserve
7.7 Average # Repository Hits
5.2
Average # Video Scope Views
Last September the highest priced yearling(s) by 14 individual sires were sold in Book 1 having been moved there by Keeneland.
It’s our job as a sales company and with the consignors to collectively put what we feel is the best group of horses in the space where those people affording us their time get to see the best of what they’re looking for.”
—TONY LACY, KEENELAND VICE PRESIDENT OF SALES
Key Dates
Monday, June 5
Wishlists open in Consignor Portfolio
Thursday, June 8
Deadline for Property Line Changes
Friday, June 16
Wishlists due in Consignor Portfolio
Tuesday, June 20
NTRA Contributions, Breeders’ Cup, EBF & State-Bred Nominations Due
Tuesday, June 27
Proof Pages Due
Wednesday, June 28
Consignor’s Authorized Agent & Digital Registration Certificates Due
Sunday, July 2
Racing Updates Cutoff
Monday, July 3
Preliminary Placements Available in Consignor Portfolio
Friday, July 7
Deadline to Request Session Swaps in Consignor Portfolio
Sunday, July 9
Black-Type Updates Cutoff
Tuesday, August 1
Original Coggins & EVA Results Due
Monday, September 11 Sale Begins
Catalog Proof Page Information
