Highest gross for the auction since 2007

Keeneland’s 82^nd November Breeding Stock Sale ended Tuesday with $237.45 million in through-the-ring sales plus another nearly $8.45 million in post sales reported to date for a total of $245.9 million to be the highest-grossing November Sale since 2007 and continue a historic auction year for the Thoroughbred industry.

The 2007 November Breeding Stock Sale grossed $340,877,220 over 15 sessions and included horses in training. (In 2022, Keeneland created the November Horses of Racing Age Sale as a stand-alone auction for this segment of the market.)

For this year’s eight-day November Breeding Stock Sale from Nov. 4-11, Keeneland sold 1,891 horses through the ring for $237,456,400, an increase of 26.60% over last year’s nine-day auction, when 2,050 horses sold through the ring brought $187,557,400. (With the addition of $8,935,500 in post sales for 109 horses, last year’s gross reached $196,492,900.)

Meanwhile, records were set in average and median prices, both besting marks from last year. The average of $125,572 was 37.25% higher than $91,491 in 2024, while the median price of $60,000 was 50% above $40,000 last year.

Eighteen horses sold for $1 million or more this year, the most since 2017, and included one seven-figure horse on Day 2 for the first time since 2022.

“This year marked a watershed moment for Keeneland Sales,” said Keeneland President and CEO Shannon Arvin. “From a record-shattering September Yearling Sale that topped $500 million in gross sales to the continued momentum into an outstanding November Breeding Stock Sale, the confidence in this marketplace has never been stronger.

“These successes speak to Keeneland’s position as the world’s marketplace, but more importantly, they highlight the strength of our customers,” Arvin continued. “These are the achievements of the breeders, sellers and buyers who place their trust in Keeneland year after year.”

“It’s been remarkable,” Keeneland Vice President of Sales Tony Lacy said. “To be very frank, we were hoping this would be a good, solid sale. We felt the quality was here and we had a good group of horses that would fit a large group of people. We were very pleased with the number of buyers that showed up — especially the international contingent — and we saw a lot of people here that we haven’t seen in a number of years. It was very encouraging to see people energized to come back.

“But what was really encouraging was to see the domestic market so strong when it came to retaining a lot of these higher-end mares and retaining the gene pool,” Lacy added. “The weanling market was also exceptional, and I think that allowed breeders to feel motivated and positive as they plan to breed mares into the next season and into the near future.”

“There was an expectation that we’d have a strong Breeding Stock Sale based upon the success of September Yearling Sale and the entire yearling market,” said John G. Sikura, whose Hill ‘n’ Dale Sales Agency sold 72 horses for $13,943,000 (including post sales). “But there is a difference between expectation and reality. The fact that it happened is a very positive sign because the cycle for breeders is a long one. It expresses market confidence that people were buying high-end mares and the clearance rate was high on quality.

“It was also encouraging that in more cases than one, I saw an American breeder outbid their international counterpart,” Sikura continued. “That’s good, because we’ve sort of been running second around all these big mares, and there were so many instances at this sale where the U.S. breeders were the winners. That’s very healthy, because over time we can kind of denigrate the quality of what we have when we keep selling our best mares into private hands or abroad.”

Topping the 2025 November Sale during Book 1 on opening day at $3.7 million was Lush Lips (GB), who won Keeneland’s Queen Elizabeth II Challenge Cup (G1) Presented by Dixiana last month. Consigned by Taylor Made Sales Agency, agent, the 3-year-old filly sold to William and Donna Shively’s Dixiana Farm and is to remain in training with Brendan Walsh.

“To have a horse that won the QE II at Keeneland come here and sell and bring $3.7 million, it doesn’t seem real,” said Phillip Shelton, Racing Manager of Medallion Racing, which raced Lush Lips in partnership. “All the stars aligned, and full credit to the team at Keeneland. Every major buyer in the world looked at her. Plenty of major buyers were lined up and didn’t get to bid because she brought so much money. Just an unbelievable feeling.”

Connections to Keeneland continued with the next three highest-priced horses — all sold as yearlings at the September Sale and all returned here to capture graded stakes. Grade 1 winner Vahva sold for $3.1 million to Killora/Linton, agent for Boyd Racing; Grade 1 winner Kilwin sold for $3 million to Rick Howard; and Grade 2 winner Buchu brought $3.3 million from Payson Stud/River Oak, agent. Vahva and Kilwin both were based at Keeneland, where each won a stakes.

Kilwin was consigned by Royal Oak Farm (Damian and Braxton Lynch), agent for BBN Racing.

“The market was so hot in September that we thought this was the right time to sell, and it all worked out,” Braxton Lynch said. “Keeneland has always been so good to us. Our horse trained right here so it was a natural fit.”

“Keeneland’s unique role as both a race track and a sales company creates a powerful cycle of reinvestment,” Arvin said. “Success in the sales ring directly fuels our racing program, and this year we saw that come full circle. Many of the top Book 1 mares held long Keeneland connections, and it’s incredibly meaningful to watch their success feed the future.”

The strength of the commercial market and the performance of the September Sale, which rewarded breeders for their efforts, had a carryover effect in November as breeders purchased mares to add to their operations.

“The September market was remarkable with a jump of about 25% on last year, which was also a record,” Keeneland Senior Director of Sales Operations Cormac Breathnach said. “That has spurred reinvestment. Pinhookers have been aggressive in restocking for next year’s yearling market, and breeders are seeing a lot of value in mares with attractive commercial covers. The September Sale drove a lot of the gains at the November Sale, which is encouraging because it’s how you want the industry to work: People continue the cycle and make money along the way. Thankfully, 2025 has been a good year in that regard.”

The November Sale showcased the dynamic weanling market with a record average of $109,745 (including post sales reported to date) and by producing the three highest-priced foals of 2025 sold at public auction in North America this year: a $2.2 million colt by Gun Runner, a $1.25 million filly by Curlin and a $950,000 colt by Into Mischief. This marks the 15^th time in the past 16 years that North America’s most expensive weanling has come from Keeneland’s November Sale.

The $2.2 million Gun Runner colt, consigned by Denali Stud, agent, and sold to Donato Lanni, agent for Zedan Racing, is the highest-priced weanling at the November Sale since 2015. Wesley Ward acquired the daughter of Curlin, who brought the highest price for a weanling filly at the auction since 2015, from consignor Hill ‘n’ Dale at Xalapa, agent. Gilded Age Stables bought the son of Into Mischief from Taylor Made Sales Agency, agent.

“When I think of the November Sale, the word ‘future’ really does come to mind,” said Conrad Bandoroff of Denali Stud, which sold 59 horses for $14,016,500. “Whether it be your next Book 1 yearling or your next foundation mare, it starts here. This is where people look to source them. The world comes together to buy the future of their broodmare band or racing stable.”

In addition, 58 weanlings sold for $300,000 or more compared to 28 last year.

Yaupon was the leading sire of weanlings by gross with $7,449,000 in total sales (including post sales) for 46 sons and daughters and was followed by Gunite, Practical Joke, Forte, Taiba, Elite Power, Jackie’s Warrior, Life Is Good, Gun Runner and McKinzie. Gunite, Forte, Taiba and Elite Power were first-crop sires.

Meanwhile, the buying bench for weanlings was extremely diverse. During Session 3, for example, 19 of the 20 highest-priced yearlings were by 19 different stallions and sold to 19 distinct buyers.

While domestic buyers led the marquee purchases overall, international participation was robust and diverse with active buyers from around the world, reinforcing Keeneland’s status as the global marketplace for Thoroughbreds. Horsemen from Australia and Japan, for example, supported the November Sale to obtain American bloodstock to infuse speed in the horses they breed.

Leading buyer Raging Torrent Syndicate spent $5,225,000 on five horses led by the Gun Runner mare Chatalas, in foal to Into Mischief, for $2 million and the Bolt d’Oro mare Anywho, in foal to Not This Time, for $1.3 million. Other buyers with total purchases exceeding $3 million were Wesley Ward; MWG; Dixiana Farm; Killora/Linton, agent for Boyd Racing; Albaugh Family Stable; and Rick Howard.

The November Sale also included the DJ Stable Curated Reduction, which resulted in sales of $6.443 million for 31 horses (including post sales). At $800,000, the high seller was Sputnik, a 4-year-old winning daughter of Uncle Mo in foal to Curlin who sold to Raging Torrent Syndicate. She was consigned by Hill ‘n’ Dale at Xalapa, agent. Taylor Made Sales Agency handled the stable’s remaining offerings.

“I’d be lying to you if I anticipated that we would get all 100% of the horses that we put in the sale sold and sold for roughly 33% higher than what our estimates were,” co-owner Jon Green said. “It was a great confluence of variables that came together. Keeneland and Taylor Made put together about as a strong marketing program you could ask for. The results far exceeded even our loftiest expectations.

“Of the horses that we put in there, they went to very different programs,” Green continued. “There was a unique buyer on every single one of our horses, which ranged from domestic farms to international farms. We have mares that are literally going across the world. We have two mares that are going to Japan and one mare that’s going to Australia. That speaks volumes to me of not only the regional breeders, Central Kentucky breeders, but breeders from around the world that came to Keeneland in hopes of buying horses and landed on mares in our consignment. That speaks very strongly to the depth of buyers that want American-bred horses but also the people that come to Keeneland to secure those mares.”

The auction’s leading covering sire was Not This Time, whose nine in-foal mares grossed $8,175,000. Into Mischief was the leading covering sire by average (with three or more sold) with five in-foal mares averaging $1,085,000. Other covering sires with more than $3 million in sales were Arabian Knight, Practical Joke, McKinzie, Vekoma, Nyquist, Flightline, Good Magic and Gunite.

For the 28^th time since 1987, Taylor Made Sales Agency was the November Breeding Stock Sale’s leading consignor. Including post sales to date, Taylor Made sold 258 horses for $$42,172,400.

Other leading consignors with more than $5 million in sales were Gainesway, Lane’s End Farm, Denali Stud, Hill ‘n’ Dale Sales Agency, Paramount Sales, Grovendale Sales, ELiTE, Claiborne Farm, Warrendale Sales and Vinery Sales.

Today was the final day of the November Sale, which encompassed Sessions 8 and 9. In Session 8, Keeneland sold 164 horses through the ring for $2,290,000, for an average of $13,963 and a median of $9,750. Gross sales for Session 9, which immediately followed, reached $913,400 for 76 horses sold through the ring, for an average of $12,018 and a median of $7,000.

Tuesday’s top seller was Judicial Ethics, a 3-year-old broodmare prospect by Constitution who sold in Session 8 to Sylvie Racing for $180,000. Consigned by Lane’s End, agent, she is out of stakes winner Midnight Soiree, by Include, and from the family of the aforementioned Vahva.

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On Wednesday, Keeneland will hold the November Horses of Racing Age Sale. Click here for the online catalog for the auction, which begins at noon ET.

The 13^th Annual Sporting Art Auction is Thursday in the Keeneland Sales Pavilion and starts at 4 p.m. Click here for more information.