Record $531.5M in Sales

Hip 177 $3.3 Million Gun Runner Colt Highest Price of 2025 Keeneland September Yearling Sale. (Keeneland Photo)

Keeneland September Yearling Sale Concludes 

Fifty-six $1 million yearlings among numerous high marks that define record-setting auction

Keeneland Release

LEXINGTON, Ky. – The 2025 Keeneland September Yearling Sale closed Saturday having achieved a defining industry milestone. Over 12 sessions, the sale rewrote records by selling 3,070 horses for a total of $531.5 million: the highest gross ever realized at a Thoroughbred auction worldwide. Historic highlights included 56 yearlings bringing seven figures, besting the previous record of 40 set in 2005 and led by a $3.3 million Gun Runner colt purchased by M.V. Magnier, Peter Brant’s White Birch Farm and Ron Winchell’s Winchell Thoroughbreds.

Held Sept. 8-20, the auction produced $510,544,900 in through-the-ring sales to finish 23.99% higher than last year’s $411,749,500. Gross sales increased to $531,520,400 when the additional $20,975,500 in post-sales reported to date are added. The combined figure also tops the previous record gross of nearly $428 million from 2024.

“What an incredible September Sale,” Keeneland President and CEO Shannon Arvin said. “We definitely had reasons to be optimistic going in, but the strength of the results day after day exceeded even our highest expectations. From start to finish, the energy on the grounds never waned. Buyers from around the world were here in force, the Sales Pavilion was vibrant, and the sense of community and excitement was palpable. You could feel that energy.

A record edition of The World’s Yearling Sale. #KeeSept pic.twitter.com/iTEU2udIbP

— Keeneland Sales (@keenelandsales) September 20, 2025

“It cannot be overstated that the success of this sale is a direct result of the loyalty of the breeders, sellers, consignors and buyers who return to Keeneland year after year and place their horses and their trust with us,” Arvin continued. “Our team works hard to honor that trust by striving for excellence in every detail: recruiting buyers from across the globe, providing unmatched hospitality and ensuring the highest standards throughout the sale. It’s the coming together of these efforts –along with the commitment of our participants – that makes moments like this possible. We are so grateful to everyone who helped make this the highest-grossing Thoroughbred sale in history.”

Additional September Sale records in sales through the ring were set in the following categories:

• For the fifth year in a row, a record cumulative average of $175,807 was established. The average increased 16.78% over last year’s previous record $150,548.
• Cumulative median price of $80,000 rose 14.29% over last year’s previous record $70,000.
• Record session average and median ($675,180/$550,000) were set on Day 2, which broke records in both categories set the previous day.
• Each of the first four sessions posted a record average and median for the respective sessions.
• Number of $1 million horses to sell during a single session (20 on Day 2).
• Week 1 (first four days/Books 1-2) total sales of $307,639,000 with 53 horses bringing $1 million or more.

In other key metrics:

• 18 buyers spent $5 million or more, compared to 14 last year.
• 120 buyers spent $1 million or more, compared to 96 last year.
• 56 seven-figure horses sold to a record 34 unique buyers.
• 266 horses sold for $500,000 or more versus 185 last year.

“(Buying in a record market is) a case of perseverance and really believing in the horses that you’re going to try to buy,” bloodstock agent Marette Farrell said. “Obviously you have to prep the owners that it’s a record sale and be careful: Don’t get caught up in just buying a horse. You still have to hold yourself ransom to all the parameters: value, what makes sense, pedigree, athleticism. And to not get carried away in the moment to bid more to try to get the one you want.” 

Our thanks to the leading buyers of the 2025 September Sale. With buyers representing 33 countries, your enthusiasm and participation created an unforgettable two weeks at Keeneland. #KeeSept pic.twitter.com/utqvU0HM6G

— Keeneland Sales (@keenelandsales) September 20, 2025

Buyers represented 33 countries with participation from as far away as Asia, the Middle East and Europe to underscore the size and scope of Keeneland’s deep buying bench.

“Keeneland has long been a destination for international buyers, and we work hard year-round to build relationships and attract buyers from all over the world,” Keeneland Vice President of Sales Tony Lacy said. “This is a sale where you can find an American classic winner or a European classic winner, like Ruling Court (winner of this year’s Betfred 2000 Guineas-G1 at Newmarket in England). We had incredible interest from European buyers, a wide array of Japanese participants and so many more.”

“The results of this sale reflect a shared achievement for the industry and a powerful source of optimism for the future of racing and breeding,” Lacy continued. “Many factors contributed to these record-setting results beyond the exceptional quality of horses on offer. Strong purses, favorable tax legislation, growing confidence in the sport and broader national visibility through broadcast, streaming and influencers all point to a bright future for our industry.”

“Keeneland having a big sale just puts more money into purses, more money into a world-class experience when you come race in Central Kentucky,” Taylor Made President and CEO Mark Taylor said. “These things are so positive and gives us a lot of optimism for the future. It is one ecosystem, and when those parts are healthy and they all come together great things happen.”

Buyers at the September Sale represented the world’s most prominent entities, with Mike Repole’s Repole Stable topping the category by acquiring 33 horses for $14,155,000. Following Repole on the list of leading buyers by total purchases were Donato Lanni for SF Racing/Starlight/Madaket; Case Clay Thoroughbred Management; Spendthrift Farm; CHC Inc., Maverick Racing and Go First Racing; MWG; Belladonna Racing, West Point Thoroughbreds and Woodford Racing; AMO Racing; M.V. Magnier and White Birch Farm; and Bradley Thoroughbreds.

“The selection was incredible,” buyer Dean DeRenzo said. “The horses that checked the boxes, so to speak, were very well received. The stallions that have had the credibility of having great racehorses have been tremendously well received. It looked like people had really done their homework.

“We didn’t buy as many horses as we would like to have, and we came home with, I think, 15,” DeRenzo added. “We were hoping to come home with 20 to 25. It was short of what we wanted, but we just kept getting outbid. I think other buyers were in the same position and not getting what they needed.”

Bloodstock agent Lauren Carlisle said the difficulty in purchasing yearlings “can be frustrating at times, but I view it as a positive that so many people want to buy. It seems like a lot of new entities and different partnerships are buying, and that’s a great thing for our sport. You expect that Keeneland is going to have good offerings. I thought the catalog was very nice from top to bottom. Our team has had horses we liked every day. Between all of us, we’ve accounted for buying 50 horses in this sale.”

Congratulations and thank you to our leading consignors from the September Yearling Sale.@TaylorMadeSales was the leading September Sale consignor for the 26th year since 1988 for an all-time consignor record of $68,515,000. #KeeSept pic.twitter.com/AtqHFdrhie

— Keeneland Sales (@keenelandsales) September 20, 2025

The dynamic results of Week 1 had a direct impact on the remaining eight sessions, each of which posted double-digit increases in total sales and average price for horses sold through the ring. Three additional $1 million horses came during Session 5. The landmark of $500 million in through-the-ring sales occurred in Session 10 when a Liam’s Map colt sold for a session-record $480,000. Session 11 through-the-ring gross of $6.7 million was 88.57% higher than the average for the corresponding session last year.

“The sale was strong, and it was consistently strong from the first session to the last,” Keeneland Senior Director of Sales Operations Cormac Breathnach said. “We saw remarkable depth and balance throughout. When you’re looking at the sale as a whole, it’s really exciting to have 56 seven- figure horses. It’s really exciting to have 120 buying entities that spend at least a million dollars. Those are the metrics that show the depth and breadth of this entire two-week period.

“But ultimately, it comes down to the median and the RNA rate when you really look at the health of a sale top to bottom because a median is the middle market,” Breathnach continued. “The middle market in Session 1 is different than the middle market in Session 12. If you have a healthy median or an improving medium, like we did this year, and an equal or better clearance rate, that’s as good of an indicator of the health of the market as any other — or better than any other.

“The sale has been record-breaking on all of those metrics, not just at the top, but all the way through today. And that’s the most gratifying thing to us and hopefully to the breeders that support us.”

Taylor Made Sales Agency, agent, was the leading consignor at the September Sale for the 26th year since 1988, selling 333 yearlings for an all-time consignor record $68,515,000 (including post sales). The consignment was topped by a Gun Runner colt purchased by Wesley Ward for $2.2 million.

“It’s been a fantastic sale,” Taylor Made’s Mark Taylor said. “I was optimistic it was going to be a good sale, but I didn’t foresee it being this good. Last year we had an incredible sale, and this year we’re up almost 30% over last year. I attribute it to, first and foremost: We have really good customers that give us really good horses. The September Sale is the hub of the entire industry. It’s very important for breeders.”

Other leading consignors by gross included Gainesway, Lane’s End Farm, Paramount Sales, Hill ‘n’ Dale Sales Agency, Warrendale Sales, Indian Creek and Four Star Sales. Clearsky Farms led consignors by average with six yearlings averaging $604,167, boosted by a $1.6 million Flightline colt purchased by Douglas Scharbauer.

“We’ve been delighted with this year’s result,” Clearsky’s Bernard Cleary said. “Keeneland September is breeders’ bread and butter, and there is great demand for horses. The results speak for themselves. We had a good group of physicals by the right sires. Purse money is strong, and the bonus depreciation helps.

“Obviously, you need the horses and to be placed in the right spot (in the catalog),” Cleary continued. “I give the Keeneland team a lot of credit because they’ve really upped their game in recent years, and it’s paying off.”

Hip 4705 is the last horse in the ring at the @keenelandsales September yearling sale 2025.
Glad to have gone wire”wire to wire” to our best September sale ever!! pic.twitter.com/TxxlhtsBi6

— Pedro Lanz Bloodstock Agent (@2yovar) September 20, 2025

Consignors who sold their first million-dollar yearling included Headley VanMeter’s VanMeter Sales, who made waves minutes after the sale start when he sold Stock Rising, a Flightline colt, for $1.5 million to John Stewart’s Resolute Bloodstock. Larry and Karen Doyle’s KatieRich Farms reached their own milestone when they sold a $1.15 million colt by Not This Time to Albaugh Family/Railbirds/West Point/St. Elias.

Not This Time was the September Sale’s leading sire by total sales. Fifty-five yearlings by the stallion sold for $38.58 million (includes private sales). They included 14 horses sold for $1 million or more, led by a $2 million filly purchased by David Lanigan, Ted Durcan, agent for Mrs. Cindy Heider. Not This Time was the leading sire of four sessions, Day 3-6.

During Week 1, 12 yearlings by Gun Runner brought seven figures or more, and his colts topped every session to help him to an average of $932,917 for 36 horses. For the entire sale, 40 yearlings by Gun Runner sold for $35,085,000 (includes post sales to date).

The September Sale catalog featured nearly double the number of yearlings by first-crop sires compared to last year. Leading the group was Horse of the Year Flightline, whose 44 yearlings –including eight seven-figure horses – brought a total of $30,550,000 (includes post sales to date). Gainesway, agent, consigned Flightline’s most expensive yearling, a filly purchased by LSU Stables for $2.2 million. The amount is a record price paid anywhere in the world for a member of Flightline’s first crop.

Fourth by progeny sales was Into Mischief, whose 41 yearlings sold for $26.9 million (including post sales to date). They included six seven-figure yearlings, led by a $2 million colt consigned by Gainesway, agent, and sold to Justin Casse/M.V. Magnier/White Birch.

During Saturday’s final session, Keeneland sold 230 yearlings for $3,600,200, up 35.24% from last year’s gross of $2,662,000 for 203 yearlings sold in Session 12. The average was $15,653, 19.37% higher than $13,113, and the median dipped 10% from $10,000 to $9,000.

Grovendale Sales, agent, consigned the $150,000 high seller, a colt from the first crop of Speaker’s Corner purchased by Faris Breeding. From the family of Group/Grade 1 winners Lord Nelson and Miss Linda (ARG), he is the first foal out of City of Sass, by City of Light.

A Moment to Say Thank You
This historic, record-breaking moment belongs to you – the breeders, consignors and buyers who made it possible. Your trust and loyalty in Keeneland helped us all achieve a milestone that will be remembered for generations. We are deeply grateful to… pic.twitter.com/5MunvbfctT

— Keeneland Sales (@keenelandsales) September 20, 2025

Racing resumes at Keeneland for the 17-day Fall Meet from Oct. 3-25. The season, which will award a meet record $10.85 million in stakes purses, opens with the prestigious Fall Stars Weekend that features 11 stakes worth $6.3 million. Eight Fall Meet stakes are Breeders’ Cup Challenge “Win and You’re In” races, which award each winner an automatic and free entry into the World Championships at Del Mar on Oct. 31-Nov. 1.

Keeneland’s second Championship Sale will be conducted the evening of Wednesday, Oct. 29 in the Paddock at Del Mar.

The 82^nd Keeneland November Breeding Stock Sale will begin Tuesday, Nov. 4 and run nine sessions through Tuesday, Nov. 11, followed by the November Horses of Racing Age Sale on Wednesday, Nov. 12.

The 13^th Sporting Art Auction will be held here Thursday, Nov. 13.