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Keeneland November Tops $240-Million Mark: “A lot of Happy People Walking Around”

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Keeneland rounded out its nine-day run of the 2026 November Breeding Stock Sale in Lexington Wednesday, surpassing the $240-million mark, the second-highest through-the-ring gross for the auction since 2007.

Tallying figures generated through the ring, the November Sale drew $240,897,200 for 1,892 head, averaging $127,324. Including post sales, the nine-day auction drew $253,091,700 in gross receipts for 2,025 sold at an average of $124,984. The median closed out at $50,000.

The average exceeded the $125,572 from last year to set a record for the sale, while the median is 16.67% below the sale record of $60,000 in 2025.

“Thankfully it has maintained strongly through to the end,” said Cormac Breathnach, Sr. Director of Sales Operations. “The sale itself has been extremely good. [At the conclusion of Tuesday’s session] we had [already] passed our growth from last year. That was very gratifying. This is the best since November Breeding Stock Sale since 2007. That shows the continued health in the marketplace and interest in mares and weanlings. Overall, the numbers across the board are very similar to 2025, year over year.”

Last year’s November sale generated $237,456,400 for 1,891 horses sold. The 2024 November sale generated $187,557,400 for 2,050 head sold (through the ring).

The 2007 November Breeding Stock Sale, which was held over 15 sessions, grossed $340,877,220. That year’s sale included horses of racing age, which was subsequently carved out into its own stand-alone sale in 2022.

“After session three [end of Book 2], we saw a little bit of polarity between the ones that people wanted and the ones they didn’t necessarily want,” said Tony Lacy, Keeneland’s V.P. of Sales. “The average was up and the median down, RNAs up a little bit, reflecting that selectivity, but it balanced out towards the later sessions where the RNA rate came down, the median stabilized back to last year. But, when we’re comparing 2025 to this year, we were up 45% in the median in one session last year.”

He continued, “I think sessions three or four are also difficult to match or compare. But I think when you’re looking at it over a three or four year period, there has been a steady increase. The trajectory of the sale, especially towards the front has been really, really healthy.”

Tuesday and Wednesday’s Book 5 sessions concluded with a total of 341 (through the ring) sold for $4,671,300. In 2025, Keeneland’s Book 4 spanned four sessions.

“[Tuesday] was a particularly strong day in terms of comparison to last year.” Breathnach said. “Just really good trade, low RNA rate, all the things you look for–some robustness to the lower end of the market.”

Book 1 Boon

Keeneland’s Book 1 kicked off in style, drawing a $5.2 million final bid for Quietside (Malibu Moon), offered as Hip 175, from the Stone Farm consignment. In foal to Nyquist, the MGSW and GISP was purchased by Erdenheim Farm Thoroughbreds LLC.

A total of 152 head sold through the ring for $95,929,000 while averaging $631,112 with a median of $400,000. The addition of $4,390,000 in post sales (14 head) boosted the Day 1 gross to $100,319,000. Including post sales, the average was $604,332.

Also in Book 1, a total of 23 horses brought $1 million and more compared to 18 during the first session last year. A total of 25 head realized over the $1-million mark over the course of the entire sale.

Keeneland November topping weanling: a colt by Justify | Keeneland photo

“Our big change for this year was that Book 1 was exceptional and including post sales crossed the $100-million mark for that session,” said Breathnach. “And so that was something that we take a lot of joy in because we put a lot of effort into that, but to get a sale off to the best possible start and then see the momentum continue through the end is dreams come true.”

The highest priced weanling of this year’s sale was featured on Day 1. Offered as Hip 105, a colt by Coolmore sire Justify drew $1.3 million from M.V. Magnier and Peter Brant’s White Birch Farm.

The top priced weanling filly of the sale was Hip 19, a daughter of Good Magic. Consigned by Nursery Place, agent, the filly was snapped up by Mandy Pope’s Whisper Hill Farm for $1,050,000.

“I think what you’re seeing is that the perceived quality, whether it’s physical and by sire and obviously pedigree, people are finding it very competitive,” said Lacy. “They’re taking each other on. At the beginning of the sale, we saw the fact that end users were very much at play.”

Two additional weanlings surpassed the seven-figure mark–Hip 119 a filly by American Pharoah and Hip 265, a colt by Gun Runner. The former, consigned by Clarkland Farm, went to Glen Hill Farm and the latter, offered by Lane’s End, was secured by Violet Stables. Both youngsters brought an even $1 million.

“[Buyers] are seeing the opportunity to buy weanlings of high quality for various different purposes,” offered Lacy. “I think we’re going to see a lot of the purchases [in November] come back September and next year. People are happy with what they got and in many cases, they felt like they had to really have to swing for them, which is a healthy market.”

He added, “Conversely, the horses that were perceived as not within the criteria of pinhooking probably just fell short for the sellers. But all in all, I think if they hit the market, breeders are well rewarded.”

Higher Selectivity Remains in Play

Continuing a trend witnessed in the marketplace through most of the 2026 season, the RNA rate rose through eight of nine sessions in this year’s November Sale.

“There’s a high level of scratches at certain points of the sale, but I think that was reflective of the selectivity and people were we want X amount and we don’t get it. We’ll wait till next year,” said Lacy.

Cormac Breathnach and Tony Lacy | Keeneland photo

At the conclusion of the final day of selling, a total of 617 head failed to find takers (2,509 offered), up from 486 (2,377 offered) one year ago, representing a 26.95% change year-over-year.

Breathnach addressed the disparity.

“There was a little more money at the top of the market and we had a lot of quality in catalog,” he said. “We had $23 million more just in Book 1 than last year, so what you end up seeing is when you have a few more of the bright lights, you get higher up, your spread between the average and the median gets a little greater. So the reality of the sale this year, there was a little bit higher buyback rate pretty much each session. There was still a lot of good trade [to the end], but RNAs kicked up a little in multiple sessions compared to last year. And that just signifies a little more selectivity. And I think that was born out in the foal trade. Foal trade was excellent. It was way ahead of where we were in 2024, which didn’t quite match 2025.”

Offering another reason for the increase in RNAs, he explained, “The market keeps shifting and is evolving constantly. So if you react too quickly to something..there’s multiple factors that are always in play. With a strong September, sometimes it doesn’t offer the same motivation to sell for some breeders.”

This year, the Breeders’ Cup World Championships were held at Keeneland, adding additional logistical considerations to the staging of the sale staged only a few days later.

“It’s been a very condensed calendar and we had the Breeders’ Cup at Keeneland, which puts a lot of pressure on the facility, but it also brings some new people in for a day or two,” explained Lacy.

Asked if anything obvious needs tweaking going forward, Lacy said, “I think we’ve got to be very pleased. Again, there’s going to be challenges in the marketplace. There’s going to be things that we can’t control, but there’s nothing glaring at this point that I think we should need to change.”

Day 9 Topped by $125K Volatile Weanling

On the ninth day of selling, a colt by Volatile realized the session’s top price when Malih Al Masti, Oracle Bloodstock agent paid $125,000. Consigned by agent Bridie Harrison, Hip 3405 is out of unraced Tenafly (Jersey Town). This represents the family of MGISW and top sire Medaglia d’Oro.

During Wednesday’s session, a total of 150 sold (through the ring) for an aggregate of $1,971,200. The day’s average was $13,142 and the median $9,000.

“When we look at the back second half of the market, it was encouraging that session six, seven, and eight, were pretty much were on par with last year, which was an incredible year,” said Lacy. “So that was very gratifying and I think we’ve got to be very satisfied that there is stability in the market at all levels.”

Commenting on the buyers following robust spending during Book 1 and 2, he added,  “We saw a lot of new people, another wave come in towards Books 3 onwards or especially in the second half of Book 3. I think that sort of bolsters the market, gives a new source of energy and just a very broad base of buyers, especially internationally, developing markets. It gives an outlet to a lot of stock and just allows breeders to be able to cash in at the time of the year and regroup for 2027.”

Horses of Racing Age Sale Thursday

With 136 horses, including supplements, catalogued in 2026, just under 100 horses are set to go under the hammer during Thursday’s November Horses of Racing Age Sale at Keeneland. The sale will begin at noon ET.

Graduates of the November Horses of Racing Age Sale include graded stakes winners: MGSW Bishops Bay (Uncle Mo), who topped this sale at $1.3 million in 2025, and dual graded stakes winner and GISP Phileas Fogg (Astern {Aus}), a bargain $55,000 buy at this venue in 2023.

Additional 2026 black type-winning graduates are Cornishman (Curlin), Tuscan Gold (Medaglia d’Oro), Avery Place (Vino Rosso), Rockville (Bernardini), Lured Away (Enticed) and Perfect La Combee (Bee Jersey).

“That sector of the market has an inventory problem. Racetracks need horses, sales companies need horses,” said Breathnach, explaining this year’s slimmer catalogued. “It’s a smaller catalog, but we have our typical levels of support from a lot of big operations. And it’s been a really good marketplace with a good clearance rate and people have been able to get immediate action and buy horses that can go on.”

He added, “We’d love to see the catalog grow again a little bit, but like I said, there is a shortage of people that are willing to sell horses that have a future. We take a lot of pride in it and, hopefully, we’ll have another good sale and people will see the viability of the live marketplace for these kinds of horses.”

Keeneland November Leaders

Erdenheim Farm Thoroughbreds paid $7.8 million for two horses (Quietside $5.2M and Kilwin $2.6M) to lead all buyers.

“I think we were very pleased with the quality that we had this year,” said Lacy. “One of our main focus is to make sure that there’s a healthy marketplace for both buyer and seller, that breeders feel confident about reinvesting as we saw a lot of reinvestment this week in new breeding stock.”

For the fourth consecutive year and 29th time since 1987, Taylor Made Sales Agency was the sale’s leading consignor, selling 287 horses for $45,910,400.

Taylor Made handled the Complete Dispersal of Aaron and Marie Jones, which brought a total of $3.22 million for seven horses. Purchased for $975,000 by Al Ruwais Stables, the top seller of the Jones horses was Sweet Kisses (Carpe Diem), a 9-year-old in foal to Into Mischief. Sweet Kisses is the dam of stakes winners Donut God and Hammond.

“I think one thing we take for granted a little bit the depth of the buyer base just because we see it here every year, but the diversity from every corner of not only the U.S. but around the world, the people feel very, very comfortable buying here because of the fact that it’s competitive, but it also is fair,” said Lacy. “It’s very transparent. I think that’s where it gains confidence.”

Gun Runner was the leading covering sire by gross and by average with seven in-foal mares bringing $12,750,000 for an average of $1,821,429. Among sires with their first pregnant mares at the auction, Sierra Leone was the leader with 19 in-foal mares bringing $6,740,000.

“There are a lot of happy people walking around the place,” said Lacy. “Some frustrated, didn’t get everything they needed, but that’s the nature of the sale as well.”

The post Keeneland November Tops $240-Million Mark: “A lot of Happy People Walking Around” appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Pappacap Heads Walmac Farm’s 2027 Stallion Roster

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Gary Broad’s Walmac Farm has set stud fees for its roster of stallions for the upcoming breeding season, led by Pappacap (Gun Runner), who will stand for $12,500 S&N. The roster is further bolstered by recently retired GISW Stronghold (Ghostzapper), who will stand his initial season at stud for $10,000 S&N.

Pappacap, winner of the GII Best Pal S. at Del Mar and runner-up in the GI Breeders’ Cup Juvenile, will have his first 2-year-olds in 2027. Pappacap’s first yearlings this year have sold for up to $185,000, and his first weanlings in 2025 commanded up to $170,000.

Stronghold won graded stakes from seven furlongs to 1 1/8 miles. He captured the GI Santa Anita Derby and GIII Sunland Park Derby at three and the GIII Triple Bend S. this year, running seven furlongs in a fast 1:21.36.

Walmac’s 2027 roster is rounded out by: Fulsome (Into Mischief), $7,500; Pinehurst (Twirling Candy), $7,500; and Core Beliefs (Quality Road), $5,000.

The post Pappacap Heads Walmac Farm’s 2027 Stallion Roster appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Keeneland November Tops $240-Million Mark: “A lot of Happy People Walking Around”

---

Keeneland rounded out its nine-day run of the 2026 November Breeding Stock Sale in Lexington Wednesday, surpassing the $240-million mark, the second-highest through-the-ring gross for the auction since 2007.

Tallying figures generated through the ring, the November Sale drew $240,897,200 for 1,892 head, averaging $127,324. Including post sales, the nine-day auction drew $253,091,700 in gross receipts for 2,025 sold at an average of $124,984. The median closed out at $50,000.

The average exceeded the $125,572 from last year to set a record for the sale, while the median is 16.67% below the sale record of $60,000 in 2025.

“Thankfully it has maintained strongly through to the end,” said Cormac Breathnach, Sr. Director of Sales Operations. “The sale itself has been extremely good. [At the conclusion of Tuesday’s session] we had [already] passed our growth from last year. That was very gratifying. This is the best since November Breeding Stock Sale since 2007. That shows the continued health in the marketplace and interest in mares and weanlings. Overall, the numbers across the board are very similar to 2025, year over year.”

Last year’s November sale generated $237,456,400 for 1,891 horses sold. The 2024 November sale generated $187,557,400 for 2,050 head sold (through the ring).

The 2007 November Breeding Stock Sale, which was held over 15 sessions, grossed $340,877,220. That year’s sale included horses of racing age, which was subsequently carved out into its own stand-alone sale in 2022.

“After session three [end of Book 2], we saw a little bit of polarity between the ones that people wanted and the ones they didn’t necessarily want,” said Tony Lacy, Keeneland’s V.P. of Sales. “The average was up and the median down, RNAs up a little bit, reflecting that selectivity, but it balanced out towards the later sessions where the RNA rate came down, the median stabilized back to last year. But, when we’re comparing 2025 to this year, we were up 45% in the median in one session last year.”

He continued, “I think sessions three or four are also difficult to match or compare. But I think when you’re looking at it over a three or four year period, there has been a steady increase. The trajectory of the sale, especially towards the front has been really, really healthy.”

Tuesday and Wednesday’s Book 5 sessions concluded with a total of 341 (through the ring) sold for $4,671,300. In 2025, Keeneland’s Book 4 spanned four sessions.

“[Tuesday] was a particularly strong day in terms of comparison to last year.” Breathnach said. “Just really good trade, low RNA rate, all the things you look for–some robustness to the lower end of the market.”

Book 1 Boon

Keeneland’s Book 1 kicked off in style, drawing a $5.2 million final bid for Quietside (Malibu Moon), offered as Hip 175, from the Stone Farm consignment. In foal to Nyquist, the MGSW and GISP was purchased by Erdenheim Farm Thoroughbreds LLC.

A total of 152 head sold through the ring for $95,929,000 while averaging $631,112 with a median of $400,000. The addition of $4,390,000 in post sales (14 head) boosted the Day 1 gross to $100,319,000. Including post sales, the average was $604,332.

Also in Book 1, a total of 23 horses brought $1 million and more compared to 18 during the first session last year. A total of 25 head realized over the $1-million mark over the course of the entire sale.

Keeneland November topping weanling: a colt by Justify | Keeneland photo

“Our big change for this year was that Book 1 was exceptional and including post sales crossed the $100-million mark for that session,” said Breathnach. “And so that was something that we take a lot of joy in because we put a lot of effort into that, but to get a sale off to the best possible start and then see the momentum continue through the end is dreams come true.”

The highest priced weanling of this year’s sale was featured on Day 1. Offered as Hip 105, a colt by Coolmore sire Justify drew $1.3 million from M.V. Magnier and Peter Brant’s White Birch Farm.

The top priced weanling filly of the sale was Hip 19, a daughter of Good Magic. Consigned by Nursery Place, agent, the filly was snapped up by Mandy Pope’s Whisper Hill Farm for $1,050,000.

“I think what you’re seeing is that the perceived quality, whether it’s physical and by sire and obviously pedigree, people are finding it very competitive,” said Lacy. “They’re taking each other on. At the beginning of the sale, we saw the fact that end users were very much at play.”

Two additional weanlings surpassed the seven-figure mark–Hip 119 a filly by American Pharoah and Hip 265, a colt by Gun Runner. The former, consigned by Clarkland Farm, went to Glen Hill Farm and the latter, offered by Lane’s End, was secured by Violet Stables. Both youngsters brought an even $1 million.

“[Buyers] are seeing the opportunity to buy weanlings of high quality for various different purposes,” offered Lacy. “I think we’re going to see a lot of the purchases [in November] come back September and next year. People are happy with what they got and in many cases, they felt like they had to really have to swing for them, which is a healthy market.”

He added, “Conversely, the horses that were perceived as not within the criteria of pinhooking probably just fell short for the sellers. But all in all, I think if they hit the market, breeders are well rewarded.”

Higher Selectivity Remains in Play

Continuing a trend witnessed in the marketplace through most of the 2026 season, the RNA rate rose through eight of nine sessions in this year’s November Sale.

“There’s a high level of scratches at certain points of the sale, but I think that was reflective of the selectivity and people were we want X amount and we don’t get it. We’ll wait till next year,” said Lacy.

Cormac Breathnach and Tony Lacy | Keeneland photo

At the conclusion of the final day of selling, a total of 617 head failed to find takers (2,509 offered), up from 486 (2,377 offered) one year ago, representing a 26.95% change year-over-year.

Breathnach addressed the disparity.

“There was a little more money at the top of the market and we had a lot of quality in catalog,” he said. “We had $23 million more just in Book 1 than last year, so what you end up seeing is when you have a few more of the bright lights, you get higher up, your spread between the average and the median gets a little greater. So the reality of the sale this year, there was a little bit higher buyback rate pretty much each session. There was still a lot of good trade [to the end], but RNAs kicked up a little in multiple sessions compared to last year. And that just signifies a little more selectivity. And I think that was born out in the foal trade. Foal trade was excellent. It was way ahead of where we were in 2024, which didn’t quite match 2025.”

Offering another reason for the increase in RNAs, he explained, “The market keeps shifting and is evolving constantly. So if you react too quickly to something..there’s multiple factors that are always in play. With a strong September, sometimes it doesn’t offer the same motivation to sell for some breeders.”

This year, the Breeders’ Cup World Championships were held at Keeneland, adding additional logistical considerations to the staging of the sale staged only a few days later.

“It’s been a very condensed calendar and we had the Breeders’ Cup at Keeneland, which puts a lot of pressure on the facility, but it also brings some new people in for a day or two,” explained Lacy.

Asked if anything obvious needs tweaking going forward, Lacy said, “I think we’ve got to be very pleased. Again, there’s going to be challenges in the marketplace. There’s going to be things that we can’t control, but there’s nothing glaring at this point that I think we should need to change.”

Day 9 Topped by $125K Volatile Weanling

On the ninth day of selling, a colt by Volatile realized the session’s top price when Malih Al Masti, Oracle Bloodstock agent paid $125,000. Consigned by agent Bridie Harrison, Hip 3405 is out of unraced Tenafly (Jersey Town). This represents the family of MGISW and top sire Medaglia d’Oro.

During Wednesday’s session, a total of 150 sold (through the ring) for an aggregate of $1,971,200. The day’s average was $13,142 and the median $9,000.

“When we look at the back second half of the market, it was encouraging that session six, seven, and eight, were pretty much were on par with last year, which was an incredible year,” said Lacy. “So that was very gratifying and I think we’ve got to be very satisfied that there is stability in the market at all levels.”

Commenting on the buyers following robust spending during Book 1 and 2, he added,  “We saw a lot of new people, another wave come in towards Books 3 onwards or especially in the second half of Book 3. I think that sort of bolsters the market, gives a new source of energy and just a very broad base of buyers, especially internationally, developing markets. It gives an outlet to a lot of stock and just allows breeders to be able to cash in at the time of the year and regroup for 2027.”

Horses of Racing Age Sale Thursday

With 136 horses, including supplements, catalogued in 2026, just under 100 horses are set to go under the hammer during Thursday’s November Horses of Racing Age Sale at Keeneland. The sale will begin at noon ET.

Graduates of the November Horses of Racing Age Sale include graded stakes winners: MGSW Bishops Bay (Uncle Mo), who topped this sale at $1.3 million in 2025, and dual graded stakes winner and GISP Phileas Fogg (Astern {Aus}), a bargain $55,000 buy at this venue in 2023.

Additional 2026 black type-winning graduates are Cornishman (Curlin), Tuscan Gold (Medaglia d’Oro), Avery Place (Vino Rosso), Rockville (Bernardini), Lured Away (Enticed) and Perfect La Combee (Bee Jersey).

“That sector of the market has an inventory problem. Racetracks need horses, sales companies need horses,” said Breathnach, explaining this year’s slimmer catalogued. “It’s a smaller catalog, but we have our typical levels of support from a lot of big operations. And it’s been a really good marketplace with a good clearance rate and people have been able to get immediate action and buy horses that can go on.”

He added, “We’d love to see the catalog grow again a little bit, but like I said, there is a shortage of people that are willing to sell horses that have a future. We take a lot of pride in it and, hopefully, we’ll have another good sale and people will see the viability of the live marketplace for these kinds of horses.”

Keeneland November Leaders

Erdenheim Farm Thoroughbreds paid $7.8 million for two horses (Quietside $5.2M and Kilwin $2.6M) to lead all buyers.

“I think we were very pleased with the quality that we had this year,” said Lacy. “One of our main focus is to make sure that there’s a healthy marketplace for both buyer and seller, that breeders feel confident about reinvesting as we saw a lot of reinvestment this week in new breeding stock.”

For the fourth consecutive year and 29th time since 1987, Taylor Made Sales Agency was the sale’s leading consignor, selling 287 horses for $45,910,400.

Taylor Made handled the Complete Dispersal of Aaron and Marie Jones, which brought a total of $3.22 million for seven horses. Purchased for $975,000 by Al Ruwais Stables, the top seller of the Jones horses was Sweet Kisses (Carpe Diem), a 9-year-old in foal to Into Mischief. Sweet Kisses is the dam of stakes winners Donut God and Hammond.

“I think one thing we take for granted a little bit the depth of the buyer base just because we see it here every year, but the diversity from every corner of not only the U.S. but around the world, the people feel very, very comfortable buying here because of the fact that it’s competitive, but it also is fair,” said Lacy. “It’s very transparent. I think that’s where it gains confidence.”

Gun Runner was the leading covering sire by gross and by average with seven in-foal mares bringing $12,750,000 for an average of $1,821,429. Among sires with their first pregnant mares at the auction, Sierra Leone was the leader with 19 in-foal mares bringing $6,740,000.

“There are a lot of happy people walking around the place,” said Lacy. “Some frustrated, didn’t get everything they needed, but that’s the nature of the sale as well.”

The post Keeneland November Tops $240-Million Mark: “A lot of Happy People Walking Around” appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Pappacap Heads Walmac Farm’s 2027 Stallion Roster

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Gary Broad’s Walmac Farm has set stud fees for its roster of stallions for the upcoming breeding season, led by Pappacap (Gun Runner), who will stand for $12,500 S&N. The roster is further bolstered by recently retired GISW Stronghold (Ghostzapper), who will stand his initial season at stud for $10,000 S&N.

Pappacap, winner of the GII Best Pal S. at Del Mar and runner-up in the GI Breeders’ Cup Juvenile, will have his first 2-year-olds in 2027. Pappacap’s first yearlings this year have sold for up to $185,000, and his first weanlings in 2025 commanded up to $170,000.

Stronghold won graded stakes from seven furlongs to 1 1/8 miles. He captured the GI Santa Anita Derby and GIII Sunland Park Derby at three and the GIII Triple Bend S. this year, running seven furlongs in a fast 1:21.36.

Walmac’s 2027 roster is rounded out by: Fulsome (Into Mischief), $7,500; Pinehurst (Twirling Candy), $7,500; and Core Beliefs (Quality Road), $5,000.

The post Pappacap Heads Walmac Farm’s 2027 Stallion Roster appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.