Historic Record at the Keeneland November Sale: The Market in Full Swing

The 82nd edition of the traditional mixed sale produced outstanding results, marked by tremendous buyer interest and strong demand across the board

Lush Lips topped the 2025 Keeneland Association November Breeding Stock Sale / KEENELAND

LEXINGTON, Kentucky (Special to Turf Diario)—The year 2025 will go down as one of the great milestones in Keeneland history, as the 82nd edition of its November Breeding Stock Sale concluded Tuesday with total receipts of $245.9 million, the highest gross achieved by the historic auction since 2007.

Over eight sessions held from November 4–11, 1,891 horses were sold in the ring for $237,456,400, representing a 26.6% increase over last year. Including post-sale private transactions, the aggregate rose to $245.9 million, capping an extraordinary auction season for the global Thoroughbred industry.

Average and median prices reached record levels. The average climbed to $125,572, up 37.25% from 2024, while the median surged 50% to $60,000. In total, 18 horses surpassed the $1-million mark—the most since 2017.

“This year marked a turning point for Keeneland,” said Shannon Arvin, the company’s president and CEO. “We followed a record-setting September Yearling Sale that surpassed $500 million, and these November results confirm the tremendous confidence that exists in the marketplace. These achievements belong above all to our clients—breeders, sellers, and buyers—who continue to place their trust in Keeneland year after year.”

Tony Lacy, Keeneland’s vice president of sales, described the atmosphere as “outstanding”:

“We anticipated a strong sale, but the enthusiasm exceeded expectations. The domestic market was particularly robust, U.S. breeders retained many top mares, and the weanling segment was exceptional.”

The sale topper was the British mare Lush Lips, recent winner of the Queen Elizabeth II Challenge Cup (G1) at Keeneland, purchased by Dixiana Farm for $3.7 million. She was followed by G1 winner Vahva (Gun Runner), bought by Killora/Linton, agent for Boyd Racing, for $3.1 million; Kilwin (Twirling Candy) for $3 million(purchased by Rick Howard); and G2 winner Buchu (Justify), sold to Payson Stud/River Oak for $3.3 million.

The weanling market was another highlight, posting a record average of $109,745 and producing the three highest-priced foals sold in the United States in 2025:

• a Gun Runner colt for $2.2 million (purchased by Zedan Racing),

• a Curlin filly for $1.25 million (Wesley Ward), and

• an Into Mischief colt for $950,000 (Gilded Age Stables).

Among stallions, Not This Time (Giant’s Causeway) led by gross, with nine mares in foal sold for a combined $8.175 million, while Into Mischief (Harlan’s Holiday) topped the average chart, with five mares in foal averaging $1.085 million.

For the 28th time since 1987, Taylor Made Sales Agency finished as leading consignor, selling 258 horses for a total of $42.17 million.

Once again, international diversity was a defining feature, with buyers from the United States, Europe, Japan, and Australia fueling a vibrant marketplace—further cementing Keeneland’s reputation as “the global Thoroughbred marketplace.”