Keeneland’s January Horses of All Ages Sale closed Wednesday following three days of steady trade that produced solid results and signaled continued demand for quality individuals and confidence in the yearling market. Three horses sold for the top price of $700,000: broodmare prospect Delahaye and broodmare Pretty Birdie, carrying her first foal by Candy Ride (ARG), during Monday’s Book 1 and racing or broodmare prospect Love to Shop during Tuesday’s second session.

This year’s auction was three days versus four days in 2024.

Gross sales for horses sold through the ring during the January Sale, held Jan. 13-15, were $33,444,900 for 685 horses, down 13% from last year’s $38,330,300 for 831 horses. Cumulative average price of $48,825 rose 6% from $46,126 in 2024. Median price climbed 47% from $15,000 to $22,000. The RNA rate was 24% versus last year’s 20%.

Additionally, as of the close of the final session, 38 horses that did not meet their reserve price in the ring were sold privately for a total of $1,681,000 to push gross sales to $35,125,900.

“Overall, it was a good sale,” Keeneland Senior Director of Sales Operations Cormac Breathnach said. “We have to look at it in the context of the different format. If you look at through-the-ring numbers from last year’s four-day sale to this year’s three days, we have a much higher median. It was up 47% from $15,000 to $22,000, a significant showing that the lower end of the market has some substance to it. The RNA rate was a tick off; up 24% from 20% last year. This is all through-the-ring activity. We already have 38 horses sold for $1.6 million in post-sale with more to come. Average is off a tick with fewer horses. We’re down 13% in gross. So really results are in step with last year.”

“It’s encouraging in that nothing is overheated; the market is very steady, very consistent,” Keeneland Vice President of Sales Tony Lacy said. “Sellers for the most part have been very happy. It’s been very fair, and that’s something everyone is pleased with. Consistency is the key.”

The strength of the January Sale was evidenced by its deep and diverse buying bench, which included a healthy blend of domestic and international buyers. The 16 highest-priced horses sold to 16 different buying interests and were offered by 12 different consignors. Major domestic buyers included Three Chimneys Farm, Pin Oak Stud, Dixiana, Cherry Knoll Farm, D.J. Stables, Catherine Parke, Calumet Farm, Mike Repole and Foundation Bloodstock, among others. The sale also attracted broad-based, global attention, the result of the year-round international outreach strategy employed by the Keeneland sales team, and featured participation from buyers based throughout Europe, the Middle East, Asia, South America and Australia.

“There were a lot of international buyers,” Lacy said. “More so from Europe than we expected. Great participation from buyers from the Middle East, Australia and Japan. Broad-based support. The winter weather didn’t stop anybody from being here, and that was very encouraging.”

“There are a lot of reasons to feel good about the yearling market for this year based on what we saw here, and that plays into the international participation,” Breathnach said. “We hear from people from other countries who are interested in diversifying into some pinhooking and other activities in the U.S. because the market’s been solid and consistent, the racing product is good and purses are good. It feels like there’s positive momentum. There are always ways to find value in the market. You can come to this country and own a horse and do your own thing. That appeals to a lot of people, and that bodes well.”

Nathan McCauley, buying for his new Foundation Bloodstock venture, was among the January Sale’s leading buyers by number purchased, taking home 15 mares for a total of $670,500.

“There is a concentration of quality here,” McCauley said on closing day. “I thought the November Sale had a lot more quality than the previous year, but this has been a great place for me to buy mares. I came in hoping to buy 10 or 12, and I think I’m going to end up with (a few more). I think that is a reflection of the depth of the catalog and the quality. If you work hard, you can find value.

“When you own your own farm, there is critical mass,” McCauley added. “You have to have a certain number of horses on your farm to make it make sense. For us, our sweet spot is 40 to 60 horses. I was about halfway there coming in from November, and we will have a full farm after this sale.”

The mix of domestic and international buyers was reflected in the trio of talented, well-bred mares who brought the sale-topping price of $700,000 each.

Three Chimneys Farm paid the amount to acquire Delahaye, a 5-year-old daughter of Medaglia d’Oro who won the 2024 Old Forester Mint Julep (G3) at Churchill Downs. She was consigned by Four Star Sales, agent.

“This has been a very fair January market,” Kerry Cauthen of Four Star Sales said. “January doesn’t always have the sizzle that November does but overall, the market has been very fair.”

On behalf of David Nagle of Barronstown Stud of Ireland, Avenue Bloodstock acquired 6-year-old Pretty Birdie, a Grade 3 winner by Bird Song from the family of champion Bird Town and Belmont (G1) winner Birdstone. She was consigned by Gainesway, agent for the Estate of John Hendrickson.

Jim and Dana Bernhard’s Pin Oak Stud paid $700,000 for listed stakes winner and Grade 2-placed Love to Shop, a 5-year-old daughter of Violence cataloged as a racing or broodmare prospect. Claiborne Farm, agent, consigned Love to Shop.

Pin Oak, which also paid $30,000 for Cafe Night in foal to Gunite, was the January Sale’s leading buyer with $730,000 in total purchases.

In other sales, Greenwell Thoroughbreds spent $525,000 for Prettiest, a 6-year-old winning daughter of Dubawi who is carrying her first foal by Justify. Eaton Sales, agent, consigned the mare.

The yearling market remained highly competitive as pinhookers and end users alike sought quality individuals. Continued strength in this segment of the market was supported by the fact that 48 yearlings sold through the ring for $100,000 or more, exceeding the 42 yearlings sold through the ring for six figures during last year’s four-day sale.

“Maybe the single biggest positive is the yearling market was really tough to buy in,” Breathnach said. “Plenty of strength and depth in the market to look forward to in the year. We’re off to the right start.”

Book 1 produced the sale’s top-priced yearling, a colt by Tapit sold to JPM Bloodstock, agent, for $400,000. Consigned by Gainesway, agent, he is out of stakes winner Maybe Wicked, by Mizzen Mast.

Two yearling fillies each sold for $300,000. D.J. Stables/VBS, agent, paid the amount for a daughter of Justify out of Canadian graded stakes winner Chart, who raced for D.J. Stables. A daughter of Golden Pal from the family of Japanese champion Agnes Digital went to Rock Bloodstock for $300,000. The fillies were consigned by Stoneriggs Farm, agent, and Clarkland Farm, respectively.

“I like this sale,” said Kim Valerio, who signed the ticket for the Justify filly as agent for D.J. Stables. “It’s a value sale, so I prefer to load up here. I’ve bought some great horses out of this sale, so I’m never going to miss it.”

McKinzie was the leading sire of yearlings with 10 horses sold for a total of $1,075,000. His top seller, at $260,000, was a colt consigned by Warrendale Sales, agent, to Session 2 and purchased by Rag’s Bloodstock.

The leading covering sire with three or more broodmares sold was Life Is Good, whose five in-foal mares grossed $655,000.

Taylor Made Sales Agency was the January Sale’s leading consignor for the 22nd time since 2001. Taylor Made sold 97 horses for $4,080,200.

On Wednesday, Keeneland sold 243 horses for $4,503,600, for an average of $18,533 and a median of $10,000.

Leading the final session at $200,000 was the racing or broodmare prospect Lil Drummer Girl, a 3-year-old filly by Street Sense sold to Iapetus Racing. Consigned by Denali Stud, agent for River Bend Farm, she is a half-sister to Grade 2 winner Dynamic One and from the family of champion Storm Flag Flying. Her dam is Beat the Drums, by Smart Strike.

“I want to thank our crew here at Keeneland and all the consigners and agents who went out there and worked the sale because the winter weather made it a little challenging,” Lacy said. “I’m really proud of our crew and the consignors who got the sales grounds ready so we were able to present the sale in a good environment.”

“This is the end of our sales cycle,” Breathnach said. “We effectively run from summer all the way through the September Sale until now. We want to thank everyone for what’s been a terrific year. Now it gets really busy for a lot of our clients because they’re foaling mares and the weather’s not great for that either. We wish them well and hope to see them at the races in the spring and through the sales here later this year.”