Keeneland declines 'underscore market reset'
KEENELAND director of sales Geoffrey Russell has said that declines in receipts at the company's January Horses of All Ages Sale, which concluded yesterday, are symptomatic of a wider market readjustment.
The five-session auction registered an aggregate figure of $23,895,100, down 27 per cent on the 2009 renewal, which was held over six days.
The sale average decreased one per cent to $24,333 and the median fell 16 per cent to $8,000.
The declines come on top of a market crash at the 2009 January Horses of All Ages Sale, when each of the key indicators of the auction's economic health were down between 44 and 54 per cent.
Russell said: "The January sale strongly underscores the market reset that is taking place, both within our industry and the larger global economy.
"Buyers are understandably discriminating in their purchases and that's been reflected in the results throughout the week. Quality continues to sell, as demonstrated in a seven-figure sale and several high six figures.
"However, as others have pointed out, in this economy where credit continues to be significantly constricted, buyers are being extremely careful as they make decisions about how much or whether to spend dollars.
"I think that's to be expected and is simply a reflection of continued anxiety over the state of the larger economy and the adjustment taking place to a new market reality within our industry."
Friday's final session of the sale was topped by the three-year-old Empire Maker filly Unbridled Empire, who was purchased by Chromedome Partners for $55,000.