$1 million Into Mischief colt tops Keeneland’s day four offering
Session-topping yearling another example of Spendthrift stallion’s prowess
If there has been one certainty about the Keeneland September Yearling Sale taking place in uncertain times, it’s that horses bred by Stonestreet Thoroughbred Holdings and offspring of Spendthrift Farm’s Into Mischief (Harlan’s Holiday) are in high demand.
Those forces combined on Thursday when a striking son of Into Mischief was purchased by Peter Leidel for $1 million (approx. AUD$1.37 million) to top the fourth session of the auction when sent through the ring by Warrendale Sales, agent for Stonestreet Bred & Raised.
The colt was produced from the Grade 2-winning mare Teen Pauline (Tapit), who set a track record at Saratoga for five furlongs and is a half brother to Cambria (Speightstown), the Kentucky Downs Juvenile Turf Sprint Stakes (Listed, 6.5f) winner trained by Wesley Ward for Stonestreet.
“He is a lovely horse; ticked all the boxes as they say,” said Hunter Simms, a partner and director of bloodstock services for Warrendale.
“(He) has a great walk. The Into Mischiefs have been on fire at this sale and on the racetrack.
“The mare was a new track record holder. Stonestreet did a nice job prepping him, and he showed himself well at the barn. He is a classy animal. Stonestreet has been very supportive of us over the years, and we greatly appreciate it. We have had good success for them.”
Leidel, who made his winning bid via telephone, is head of Yorktown Partners, which has invested in over 100 gas and oil companies in the US over the past 25 years.
Among the best horses he has been associated with was multiple Group 1 winner Lady Aurelia (Scat Daddy), campaigned in partnership with Stonestreet and George Bolton. Lady Aurelia was purchased by Stonestreet for $7.5 million at The November Sale, Fasig-Tipton’s selected breeding stock sale.
The session topper came late in the day, adding a sense of excitement as Leidel outlasted underbidders believed to be WinStar and Winchell Thoroughbreds, whose representatives were on-site.
For the session, Keeneland reported 195 head grossed $34,507,000 (approx. AUD$47,238,000) for an average price of $176,959 (approx. AUD$242,246) and a $135,000 median (approx. AUD$185,000). The 131 yearlings that went unsold represented an RNA rate of 40 per cent.
Cumulatively, through the first four days of the auction that continues daily through to September 25, from 1,218 catalogued, Keeneland has reported 622 horses sold for total receipts of $165,853,000 (approx. AUD$227,043,000), a $266,645 average price (approx. AUD$365,022), and $200,000 median (approx. AUD$274,000). The cumulative RNA rate is 36 per cent.
Through the first four sessions a year ago, 561 horses had grossed $214,692,000, an average of $382,695 and a $300,000 median price.
Geoffrey Russell, Keeneland’s director of sales operations, said demand for the quality lots continues to drive the market, as it has in every sale for the past several years.
“There was a lot of depth to the market,” he said. “As we have said before, it is very selective. The ones they alight on are bringing great money, and the ones that just miss the mark by a little bit are having a hard time to get sold. The people who should be looking at the horses and making the decisions are here, and we are very happy that they are committed to this industry.”
Russell said the RNA rate reflects the decision by sellers to have a ‘Plan B’ coming into the sale and a comfort level with finding other options for horses that did not find new homes in the ring.
“They knew the market was going to be a little off, and they had already planned on Plan B, so they brought it to market, hoping to get it sold, and if it didn’t, they had other plans in mind,” Russell said.
With the top-priced horse on Thursday coming via a phone bid, the session showed the benefit of Keeneland’s efforts to expand bidding opportunities, including internet bidding, as an added convenience to buyers who could not or did not want to attend the sale in person.
Shannon Arvin, Keeneland’s president-elect and interim head of sales, said there were more than 160 internet bids during Thursday’s session that led to ten horses being purchased via that format.
In an obviously difficult market brought on by the Covid-19 pandemic, buyers were gravitating toward the same individuals – those perceived to have the best chance of future success on the track – as sellers were working hard to get their stock moved to new homes.
Aidan O’Meara of Stonehaven Steadings said the group of yearlings he and his wife, Leah, brought to Keeneland on Thursday were the best yearlings they’ve consigned to Book 2 and were pleased to see three sell for $1,225,000 (approx. AUD$1,676,000).
While those returns likely would have been higher in a normal market, O’Meara said he and other sellers appreciated the opportunity to conduct trade, considering the circumstances.
“It just shows how if you get one issue like Covid-19, it can turn everything on its head,” O’Meara said. “We’re thankful to Keeneland and everybody else who managed to get this show on the road in the first place.
“Two or three months ago, we didn’t know if we would even be out here selling horses and what we would do with a crop of 25 yearlings. It is a credit to everybody involved. It could have been a whole lot worse.
“You’ve got to believe in your own horses and bring them in with some confidence. This was the best Book 2 we’ve brought here, and we thought a lot of them coming here. It was obviously a tough market that could have dampened those thoughts really quickly.”