Keeneland January: Day Two

The Azeri circus is over, and horse trading has resumed here in Lexington.

This sale feels a lot like the November sale, except the stock is weaker and decreased expectations have taken some of the sting out of the declines.

In most cases the sellers and consignors have done a good job adjusting their reserves, as evidenced by yesterday's buy-back rate of 26.5%, which was an improvement on opening day last year (33%).

There is widespread recognition that mares are available for a discount, but there just aren't that many operations in a position to capitalize.

I thought the buyers of Island Fashion (Katsumi Yoshida) and Almonsoon (Southern Equine Sables) picked up a couple great broodmare prospects. Reports are that Island Fashion's first foal, a Storm Cat filly that will sell this fall, is a nice one. And Almonsoon is just a beautiful mare in pedigree and physical. Both would have brought over $1-million had they sold during the last couple years.

The first mare on my short list for today (Hip 473, Lady Attack) just sold for $105,000 to Hill 'n' Dale Bloodstock. I'd classify that one as a potential steal.

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Consignors are (rightfully) scratching a lot of the horses, but the sale seems to have settled into a rhythm.

I just asked Hidden Brook's Sergio de Sousa how things were going, and I think his reply sums up the day pretty well on the selling side.

"They’re selling cheap, but we’re moving them. It’s hard to be too brave with the reserves."