Keeneland’s 81st November breeding-stock sale closed Wednesday following nine days of vibrant trade from a global buying bench that yielded healthy across-the-board gains, led by gross sales through the ring of $187.5 million and a record median of $40,000 to signal continued buyer confidence and market stability.

Demand for quality spurred competition at all levels of the market, highlighted by nine horses sold for more than $1 million and topped by $2.4 million for Grade 2 winner Roses for Debra. A strong November sale foal market produced the two most expensive weanlings sold at public auction in North America for the 14th time in 15 years.

“This fall at Keeneland has been a testament to forward momentum and confidence in the future of our sport globally,” Keeneland president and CEO Shannon Arvin said. “The optimism and excitement around the grounds has been palpable, from the September Yearling Sale through the Fall Meet, at Del Mar for our first Championship Sale and now into November Sales. We thank our sales participants from across the U.S. and around the world and look forward to sharing the new Paddock Building and associated amenities with them in 2025.”

During the November sale, held Nov. 5-13, Keeneland sold 2,050 horses through the ring for $187,557,400, an increase of 6.22 percent from last year’s nine-day auction, when 2,128 horses sold through the ring for $176,571,000.

The average price of $91,491 was up 10.26 percent from $82,975 in 2023.

Cumulative median price rose 25 percent from $32,000 to $40,000, exceeding the record of $37,000 set during the 2021 November sale.

The clearance rate was nearly 80 percent.

Additionally, as of Nov. 13, post-sale receipts for horses that did not meet their reserve price in the ring but sold privately afterward totaled $8,885,500 to push gross sales to $196,442,900.

“Overall, this was a very strong, fair market from start to finish,” Keeneland vice president of sales Tony Lacy said. “Book 1 gross jumped nearly 15 percent from last year with a much improved clearance rate and that momentum powered the sale through the final days.

“Our strategy for recruiting international buyers and attracting buyers from domestic and regional areas is really paying off,” Lacy said of Keeneland’s year-round efforts to offer a deep and diverse buying bench. “In addition to major buyers from established racing markets, buyers from developing breeding programs around the world come here to source their bloodstock because American pedigrees are highly sought after. We’re the major sellers of dirt pedigrees in the world and a lot of evolving jurisdictions are racing on dirt, whether as a primary surface or a secondary surface. As with any product, it’s important to have a market for what you’re producing. It’s Keeneland’s responsibility to generate that marketplace, and these results are very encouraging.”

Depth of trade coupled with an improved clearance rate and a record median were all positive indicators of a bullish market even as the sale moved into the middle and latter days.

“The median, or the middle price in each session, is the barometer for the health of the market that we always come back to,” Keeneland senior director of sales operations Cormac Breathnach said. “The average is great for headlines, but year to year, when you’re looking at how a sale compares, the median and the RNA rate give a more objective viewpoint. The median rose in most sessions of this sale compared to last year and ended up a record for the sale. The RNA rate is a point lower than last year. This shows that these horses are marketable and there’s a buyer base here to pick them up at a very high rate.”

“This November sale has been very good from the start,” Breathnach said. “Book 1 was up about $8 million in gross, and the clearance rate was a lot higher than last year. But more than that, the level of trade day to day and the number of horses changing hands in a productive manner has been very satisfying.”

The competitive environment was reflected in the mix of major domestic and international buyers, which included participants from resurgent racing markets around the world. The top 12 highest-priced horses were purchased by 10 different interests.

Mandy Pope’s Whisper Hill Farm paid $2.4 million for the sale-topping Roses for Debra, a 5-year-old daughter of Liam’s Map consigned by Candy Meadows Sales, agent. Whisper Hill was the sale’s leading buyer with 13 purchases for $6,635,000.

The strength of the November sale weanling market was borne out in the results, topped by colts by Into Mischief and Curlin sold for $900,000 and $725,000, respectively, during Book 1.

Craig Bernick’s Glen Hill Farm acquired the son of Into Mischief consigned by Taylor Made Sales Agency, agent for the Complete Dispersal of Solera Farm (Ed Seltzer), and AMO Racing USA purchased the Curlin colt from consignor Denali Stud, agent. Leading buyers of weanlings included pinhookers and end users. Spending $1 million or more were Cherry Knoll Farm, BT Stables, Glen Hill Farm and Cavalier Bloodstock.

“Some major weanling buyers said they struggled to buy yearlings, and so some of these top-priced weanlings went to end users too, which is a healthy sign,” Breathnach said. “The first-crop sires this year are particularly strong. They’re always popular at market, but there was great depth this year. There’s a lot of a lot of promise in that class of stallions, which reflected well here.”

Twenty-eight weanlings sold for $300,000 or more. Fifteen of those 28 weanlings were by seven first-crop sires: Flightline, Olympiad, Life Is Good, Jackie’s Warrior, Jack Christopher, Golden Pal and Epicenter.