All the economic indicators were down at Monday’s opening session of Keeneland’s bellwether September yearling sale — to no one’s surprise. The world economy is slumping, financial markets are turbulent, the American racing industry is going through hard times and even the U.S. dollar’s recent strengthening was a case of bad timing for breeders hoping that foreign money might make up for a shortfall of American investment. Also to no one’s surprise, oil money from Dubai dominated the early action, accounting for 27% of the gross receipts. 

(Note: An early version of this post incorrectly reported Dubai interests were responsible for 37% of the day’s gross receipts.)

When the final horse went through the ring, Keeneland reported sales revenue of  $56,047,000, a 16.8% decline from the $67,395,000 sold during last year’s opening session. Average price of $363,942 was a 7.7% decline from the $394.123 from last year, with median holding steady at $300,000. There were fewer horses sold this year, 154 to 171 in 2007, largely because of a spike in the percentage that failed to exceed their reserve price. There were 63 yearlings not sold from the 217 offered for an RNA rate of 29.0%. Last year’s buyback percentage was 24%.

(Keeneland did not report the number or percentage of RNAs in results sheets handed out after Monday’s session.)

One of those RNAs, an A.P. Indy colt out of Horse of the Year Azeri, was the talk of the sale when he was bought back by Michael Paulson for $7.7 million, which set a new record price for a buy-back. The previous record of $7.5 million was established in 1985 at the now-defunct Keeneland July selected yearling sale that also resulted in a $13.1 million world record price for a yearling sold. The 1985 buyback was for a Northern Dancer colt, Ajdal, who became England’s champion sprinter.

Paulson told Bloodhorse he is looking for partners with whom to race the colt.

The A.P. Indy-Azeri colt was consigned by Hill ‘n’ Dale Sales Agency, agent, which also was listed as the seller and buyer of a $1.2 million Storm Cat filly out of Starrer. That yearling was listed as a sale but was a buy-back by breeder George Krikorian, according to an adviser to Krikorian. That filly was one of five Keeneland listed at prices of $1 million or higher, a decline from the 11 seven-figure yearlings sold on day one last September.

The Darley and Shadwell operations of Dubai’s Sheikh Mohammed and Sheikh Hamdan, respectively, bought 21 yearlings for $15,045,000, which represents 27% of the first day’s gross receipts. John Ferguson, Sheikh Mohammed’s chief bloodstock adviser, signed the tickets on nine yearlings for $8,825,000 (another bought for $160,000 was listed in the name of Darley Stud), with Shadwell purchasing 12 for $6,220,000.

Among those purchased by Ferguson was an A.P. Indy filly out of Chimichurri that he went to $3.1 million to buy from Gainesway, agent for Jess Jackson’s Stonestreet Thoroughbred Holdings. The filly was the highest price among yearlings sold on Monday.

Legends Racing, a new partnership organized this year by Gaines-Gentry Thoroughbreds, was the leading domestic buyer with five purchases totaling $2,005,000. Two American buyers went to seven figures for yearlings: Jon Kelly bought an Empire Maker filly out of Aurora for $1.7 million and Briggs and Cromartie Bloodstock Inc, as agent, bought a Giant’s Causeway colt out of Voodoo Dancer for $1 million.

Demi O’Byrne bought two yearlings for $1,375,000 on behalf of John Magnier’s Coolmore operation.

Taylor Made Sales Agency sold 40 yearlings for $13,065,000 to be the day’s leading consignor by gross, with Eaton Sales next with 19 sold for $7,810,000 and Gainesway third with seven sold for $5,090,000.

Copyright © 2008, The Paulick Report

Visit the Paulick Report for all the latest news throughout the racing world. 

Sign up for our Email Flashes to get the latest news, analysis and commentary from Ray Paulick