La Industria el Turf en Keeneland

Keeneland Final Average Up 20.6%
The 7-day Keeneland January Horses-Of-All-Ages Sale concluded in Kentucky with 1,493 lots sold for US$70,446,000 (down 3.3% from last year's 8-day auction when 1,862 sold for US$72,868,200). However the final average of US$47,184 was up 20.6% (last year US$39,134) & the final median was a record US$17,00 (up 13.3% from last year's US$15,000). Keeneland director of sales Geoffrey Russell summed up: "We are very pleased with the results given the variability of January sales. The sale unfolded as anticipated: buyers were very discriminating in their purchases in a continuation of what we saw in November." (Jan 15)

Keeneland Boss Warns Again On Over-Production
Meanwhile Keeneland director of sales Geoffrey Russell noted that, while Keeneland's 4 sales in 2007 realised a record US$814 million "with participating buyers representing almost every state & 45 countries" (up from 42 the previous year), he cautioned that "success was attributable to global economic factors rather than market strength". Russell warned: "Make no mistake, record sales last year were built on the weakness of the US dollar, which drove foreign spending. If not for that, we would have experienced a major market correction. One only needs to look at the recent downturn in European sales, which did not have the benefit of the favorable exchange rate. It will happen here too, unless breeders make some hard decisions." Using North American yearling sales "as a barometer of market health", Russell cited "disturbing trends that should be red flags for breeders: last year 57.8% of all yearlings sold for US$20,000 or less; 43.4% of which sold for US$10,000 or less. Keeneland yearling figures bettered the national average (34.1% sold for US$20,000 or less; 21.1% for US$10,000 or less) but still give cause for concern when it generally takes a minimum of US$20,000 in expenses (excluding stud fees) to get a horse to the sale." Russell also pointed to significant increases in Keeneland's annual sale days (27 in 2002 versus 39 in 2007) & the size of its September Yearling Sale catalogue (an increase of 1,200 yearlings since 2002) as indicators of "serious over-production of the commercial market". Russell summed up: "Our sales have expanded dramatically over the past 5 years, yet the size of the North American foal crop (37,900 in 2001 versus 37,300 in 2006) has remained virtually the same. That shows there are too many non-commercial horses being offered. We get questions about the number of days & number of horses we now catalogue, but as Keeneland is the marketing arm of the industry it is our role to catalogue what we are offered. We raise the issue of over-production out of concern for the long-term profitability of our commercial breeder clients." (Jan 15)

Steroid Test Requests Begin At Keeneland
Though Keeneland's January Horses-Of-All-Ages Sale was the first to be conducted under new policies allowing buyers the right to request testing for exogenous anabolic steroids in weanling & yearling purchases, there was only 1 such request during the 7-day auction at which almost 1,500 horses were sold. However Keeneland director of sales Geoffrey Russell told bloodhorse.com the low number of requests "does not indicate a disinterest in steroids testing, but is attributable to the fact yearlings sold at this time of the year are still essentially foals. (US foals of 2007 became yearlings on January 1.) Administration of steroids is more prevalent in yearlings & these 'short' yearlings are still foals for all intents & purposes." Russell said the marathon Keeneland September yearling sale would be "the litmus test for how much interest there is in testing for anabolic steroids in sale horses". Steroids testing will not be done at the Keeneland April 2YOs-In-Training Sale because that auction is conducted under rules of racing for the state of Kentucky (which currently permit administration of anabolic steroids). Under policies adopted by Keeneland & Fasig-Tipton Kentucky, administration of anabolic steroids to weanlings & yearlings is banned within 45 days of the date of sale; a purchaser can mark a box on the sales receipt requesting a blood test of a horse & if it tests positive for anabolic steroids, the buyer must notify Keeneland within 24 hours to rescind the purchase. (Jan 15)