The 2025 Keeneland September Yearling Sale closed Saturday, achieving 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.
“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. 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.”
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 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.
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.
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.
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.
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.
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.