The Keeneland September Yearling Sale has settled into a reliable format over the last several years, starting off its first week with a two-day Book 1 and Book 2, followed by a dark day, before the sale resumes with two-day books through the remainder of the auction. Sales officials said that with an extra dose of quality entries this year, they have decided to conclude the 2025 auction with a four-day Book 5 separated into Parts 1 and 2.
Keeneland's Vice President of Sales Tony Lacy, Senior Director of Sales Operations Cormac Breathnach, and Director of Sales Operations Dean Roethemeier sat down with TDN to discuss the change, and to provide a behind-the-scenes look at how decisions on book placement are made for the industry's bellwether two-week yearling auction.
TDN: You're just coming off a season of yearling inspections and placements. What behind-the-scenes factors go into this process in how you construct the September Sale that people might not even be aware of?
Tony: The process begins with each consignor's wish list, and we move horses only when necessary to balance the catalogue.
Dean: We often get asked: “Why don't you just sell more horses earlier in the sale?” Simply put, session sizes are limited by stabling space. We also have to allow buyers the necessary time to look at yearlings, which is why we catalog fewer horses in Books 1 and 2 to provide plenty of time and space for inspections.
Cormac: Behind the scenes, we rely heavily on data to help us make informed, objective decisions. The make-up of the catalogue evolves year over year, and we do our best to adapt. This approach has contributed to record-setting results for the September Sale in recent cycles and shows the confidence of our customers in this marketplace.
TDN: We've heard a lot about the rise in overall “quality” in recent years. What impact has that had on commercial breeding and how has that changed the sale process?
Tony: Commercial breeders have become remarkably sophisticated. The cost of breeding and raising a yearling is substantial, making it economically challenging to produce anything less than a quality individual. Today's market demands quality at every level and breeders are consistently meeting that challenge. As a whole, the yearling crop is at a higher level than it was a decade ago.
Cormac Breathnach and Tony Lacy | Keeneland
TDN: How have larger stallion books and the presence of first-crop sires shaped your approach to organizing the catalogue?
Cormac: Our approach to organizing the catalogue has not changed, but this is a trend that we have seen over the last few years, particularly this year. This catalogue includes more than 1,400 yearlings by first-crop sires–compared to last year's figure of around 850. Eleven of those sires stood for $25,000 or more, compared to just five in the previous class. It's an exceptionally deep and commercially appealing group.
TDN: Beyond individual quality, what are some of the key considerations that determine book placement?
Dean: We treat every entry as an individual. We've seen well over 3,000 of these yearlings. Physical conformation and athleticism are the top priorities when it comes to book placement. But sire power, strength of female pedigree, and recent sales history are also significant factors. These indicators help us structure the books accordingly.
TDN: You've made the decision to divide Book 5 into two parts. Can you walk us through the thinking on this decision? How does this change better reflect the quality and structure of the sale?
Dean: This decision reflects the strength and depth in this year's catalogue. With so many high-quality yearlings, including a strong crop by first-season sires, we recognized that the level of quality extends deep into the later sessions–right through to the 12th day.
Tony: In 2021, we had an appropriate number of entries to offer a three-day Book 5. The horses in Book 6 were consolidated into a third session of Book 5, and it was well received. We're expanding on this concept this year. With a high volume of entries, we will have four sessions in Book 5 divided into 5A and 5B. While the shift in language is subtle, it's designed to recognize the rising standard of the yearlings in the later sessions.
Dean Roethemeier | Keeneland
TDN: How have buyer perceptions of Book 6 evolved in recent years, and how do you expect this update to influence how they look at Book 5?
Cormac: In the last three years, we've seen excellent activity in Book 6. Over 1,150 horses have been sold to 520 unique buyers, with a very healthy 10% RNA rate across those three years.
Tony: The broader perception of what constitutes a particular “Book” is shifting. With today's breeders producing quality stock more consistently across the board, the traditional notions of book segmentation are evolving. We believe buyers will approach all books–including the newly expanded Book 5–with strong engagement
Cormac: The later sessions continue to draw serious buyers, including many of the leading domestic trainers and agents, as well as international participants. In recent years, you've seen buyers like Kenny McPeek, Wesley Ward, Donato Lanni and many more among the names on the summary sheets to the very end of the sale.
TDN: Is there anything else you'd like to add about this change?
Tony: We're very excited about the group of yearlings that have been entrusted to us, and we think the market is going to be just as excited as we are. We'll be spending the rest of the summer actively recruiting buyers from the U.S. and around the world to participate throughout the entire sale.
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