The Keeneland September Yearling Sale, which set its record gross with a full six sessions to go, concluded its 12-day run Saturday in Lexington with new highwater marks for, not just gross, but also average, median and total number of million-dollar-plus offerings.“What an incredible September sale,” Keeneland President and CEO Shannon Arvin said. “We definitely had reasons to be optimistic going in, but the strength of the results day after day exceeded even our highest expectations. From start to finish, the energy on the grounds never waned. Buyers from around the world were here in force, the sales pavilion was vibrant and the sense of community and excitement was palpable. You could feel that energy.”Arvin continued, “It cannot be overstated that the success of this sale is a direct result of the loyalty of the breeders, sellers, consignors and buyers who return to Keeneland year after year and place their horses and their trust with us.”Through 12 sessions, a total of 2,904 yearlings sold through the ring for a gross of $510,544,900–up from last year's previous record gross of $411,749,500 for 2,735 sold.The average of $175,807 was up 16.78% over last year's previous record figure of $150,548 and marked the fifth year in a row a new high average had been reached at the auction. The median rose 14.29% to $80,000 over last year's record figure of $70,000.Including post-sale transactions, 3,070 horses sold at the 2025 September sale for $531,520,400 for an average of $173,134. The median of $80,000 remained unchanged. Including post-sale transactions in 2024 figures, 2,894 horses sold for $428,097,000 for an average of $147,926 and the median remained at $70,000.“The results of this sale reflect a shared achievement for the industry and a powerful source of optimism for the future of racing and breeding,” said Keeneland Vice President of Sales Tony Lacy. “Many factors contributed to these record-setting results beyond the exceptional quality of horses on offer. Strong purses, favorable tax legislation, growing confidence in the sport and broader national visibility through broadcast, streaming and influencers all point to a bright future for our industry.”Cormac Breathnach and Tony Lacy | KeenelandCoolmore's M.V. Magnier, in partnership with Peter Brant's White Birch Farm and Winchell Thoroughbreds, made the auction's highest bid when going to $3.3 million for a son of Gun Runner from the Hill 'n' Dale at Xalapa consignment. The colt was one of 56 to sell for seven figures, smashing the previous record of 40 to hit that mark in 2005.The lofty standards set in the auction's Books 1 and 2 sections continued into its second week, with three million-dollar plus yearlings selling for the first time in the September sale's fifth session.Buyers, sellers and sales officials repeatedly credited much of the sale's strong early returns on new tax incentives which make owning racehorses more attractive to high-end buyers, but Lacy saw demand from buyers throughout every segment of the market.“We can attribute the rise in average and median to the various tax incentives, but I wouldn't necessarily think that that has been a major factor in the second week,” he said. “I think we just had a very consistent upswing across the board. It's been very, very consistent in every session.”The 2025 Keeneland September sale produced double-digit increases in average at all 12 sessions and in median at all but the final session. The buy-back rate was nearly identical to 2024 figures with 22.29% this year versus 22.72% a year ago.“It's really exciting to have 56 seven-figure horses and it's really exciting to have 120 buyers that spend at least $1 million,” said Keeneland Senior Director of Sales Operations Cormac Breathnach. “But ultimately, it comes down to the median and the RNA rate when you really look at the health of the sale, top to bottom. If you have a healthy median, like we did this year, and keep or better your clearance rate, that is as good an indicator of the health of the market as any. The averages and seven-figure horses are great for headlines and they do create that excitement, but looking at things like ROI and what money is going back to the breeders, those are the things that we want to see. And this sale was record breaking on all of those metrics–not just at the top, but all the way through the sale. That's the most gratifying thing to us and hopefully to the breeders.”The demand for horses throughout the second week of the 12-day September sale is indicative of increased optimism in the sport, both Breathnach and Lacy observed.“Supply and demand are in good balance,” Breathnach said. “Purses are healthy in many of the major racing jurisdictions. So when you get into week two and the horses aren't as expensive, there is real tangible return on investment when you buy an athlete from week two. So more people are available for that that in the past.”Lacy added, “It's been very encouraging seeing young people getting engaged. People who may have been on the sidelines for a little while, getting back into the game. I think the oversight and regulations [from HISA] has created a level of confidence in the racing product itself. Young people are starting to recognize that it's a fun sport. With Fox Sports, FanDuel, racing is getting more air time on more available channels, so people are more informed. People like Griffin Johnson, Jason Werth, Alex Bregman, Marshall Lynch, these are all celebrities and they are influencers with a broad reach. It's making it fashionable and trendy again for people to be involved and follow the sport. I think these are all really strong motivators for people to get involved.”Competition Strong in Deep Buying BenchA deep and diverse buying bench propelled the sale right from the start. Eighteen buyers spent $5 million or more, compared to 14 last year, while 120 buyers spent $1 million or more, compared to 96 last year. The 56 seven-figure horses sold to a record 34 unique buyers.Dean DeRenzo was among the many buyers finding bidding competitive throughout the September sale.“The selection was incredible,” DeRenzo said. “The horses that checked the boxes, so to speak, were very well received. The stallions that have had the credibility of having great racehorses have been tremendously well received. It looked like people had really done their homework.“We didn't buy as many horses as we would like to have, and we came home with, I think, 15,” DeRenzo added. “We were hoping to come home with 20 to 25. It was short of what we wanted, but we just kept getting outbid. I think other buyers were in the same position and not getting what they needed.”Bloodstock agent Lauren Carlisle said the difficulty in purchasing yearlings “can be frustrating at times, but I view it as a positive that so many people want to buy. It seems like a lot of new entities and different partnerships are buying, and that's a great thing for our sport. I thought the catalogue was very nice from top to bottom. Our team has had horses we liked every day. Between all of us, we've accounted for buying 50 horses in this sale.”The buying bench was punctuated by particpants from across the globe, with 33 countries represented on the results sheets.“American-breds have done so well globally,” Lacy said. “And our team has been traveling the world, recruiting buyers. Those efforts proved to be very fruitful as we saw more and more people from Europe, the Middle East, Japan, and Australia. It was extremely encouraging as we are a true global marketplace.”Gun Runner Takes the LeadIn addition to the $3.3-million sale topper, Gun Runner was also responsible for the co-second highest priced offering at the auction when Wesley Ward went to $2.2 million to acquire a colt from the Taylor Made Sales Agency. The Three Chimneys stallion, who had 12 yearlings sell for seven figures, was the leading sire by average with 40 horses selling for an average of $877,125.Not This Time, who had 14 seven-figure yearlings, had 55 horses average $701,455.A year ago, Curlin was the sale's leading sire with an average of $579,432.First-season sire Flightline was represented by eight seven-figure yearlings and was the auction's third leading sire by average with 44 sold for an average of $694,318.Fellow first-crop sires represented by million-dollar yearlings were Jackie's Warrior and Life is Good, who each had one.Mike Repole and Reiley McDonald | KeenelandRepole Back on TopMike Repole's Repole Stable was the auction's leading buyer, with 33 yearlings purchased for $14,155,000. A year ago, Repole was the third leading buyer with 25 purchased for $9,755,000.Repole, in partnership with Vinnie Viola's St. Elias Stable, was the leading buyer at the 2022 and 2021 September sale.Donato Lanni, as agent for SF Racing/Starlight/Madaket–who led all buyers at the September sale in 2023 and 2024–was the second leading buyer with 20 purchased for $12,950,000. A year ago, the stallion-making partnership purchased 18 head for $11,330,000.Taylor Made Repeats as Leading ConsignorTaylor Made Sales Agency was the leading consignor at the September sale for the second straight year and for the 26th time since 1988. The operation sold 333 yearlings at the auction for a gross of $68,515,000.“It's been a fantastic sale,” Taylor Made's Mark Taylor said. “I was optimistic it was going to be a good sale, but I didn't foresee it being this good. Last year we had an incredible sale, and this year we're up almost 30% over last year. I attribute it to, first and foremost, we have really good customers that give us really good horses. The September sale is the hub of the entire industry. It's very important for breeders.”Mark Taylor | KeenelandGainesway was the second-leading consignor with 142 sold for a total of $56,928,000.Clearsky Farms led consignors by average with six yearlings averaging $604,167.“We've been delighted with this year's result,” Clearsky's Bernard Cleary said. “Keeneland September is breeders' bread and butter, and there is great demand for horses. The results speak for themselves. We had a good group of physicals by the right sires. Purse money is strong, and the bonus depreciation helps.”Speaker's Corner Colt Leads September FinaleA colt from the first crop of Grade I winner Speaker's Corner (hip 4559) topped the final session of the Keeneland September sale when bringing a bid of $150,000 from Faris Breeding. The bay colt, bred by Springland Farm and Prime Bloodstock and consigned by Grovendale Sales, is the first foal out of the unraced City of Sass (City of Light). His third dam produced multiple Grade I winner Lord Nelson.Faris Breeding purchased 41 yearlings at the 12-day September sale for a gross of $4,888,000.During Saturday's session, 230 head grossed $3,600,000. The average of $15,653 was up 19.37% from a year ago, while the median declined 10% to $9,000. From a catalogue of 506 for the session, 289 yearlings were offered with 59 failing to meet their reserves for a buy-back rate of 20.42%.The post ‘An Incredible Sale’: Record-Smashing Keeneland September Sale Concludes appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.