A $900K Royal Slipper Leads Keeneland November Sale Finale

A weanling colt by Royal Slipper topped the final session of Keeneland’s November Breeding Stock Sale Book 2 on Thursday, selling for $900,000.

The sale concluded a three-day Book 2 section that saw 411 horses change hands through the ring.

Gross revenue for Book 2 reached $78,018,000.

The average price of $189,825 dipped 1.5% from last year’s $192,804.

The median of $150,000 fell 6.25% from the 2025 figure of $160,000.

During the 2025 Book 2 section, 474 horses sold through the ring for a gross of $91,389,000.

Keeneland Vice President of Sales Tony Lacy described the market as selectively competitive.

“I think it was interesting talking to the buyers,” Lacy said.

“They found very strong competition. On the flip side, the sellers said when you had something that hit the mark, it was great. And if you didn’t, it was tougher.”

Lacy noted that Thursday’s session felt more energized than Wednesday’s.

“It just felt like a more energized day [on Thursday], whether it was the weather or whatever, but it certainly had a little more consistency to it and it just had a better energy,” he said.

A total of 172 weanlings sold through the ring during Book 2 for a combined $27,149,000.

The weanling average for the book was $157,843.

The weanling median was $137,500.

Those figures represent a decline from the 2025 weanling market, when 200 weanlings sold for $34,496,000 at an average of $172,480 and a median of $150,000.

From 421 cataloged lots on Thursday, only 295 horses actually went through the ring.

Ninety-four horses failed to meet their reserves, producing a buy-back rate of 31.86%.

That RNA rate was up sharply from 24.37% a year ago.

Keeneland Senior Director of Sales Cormac Breathnach attributed the higher RNA rate to selectivity in the weanling market.

“There was a little selectivity in the market,” Breathnach said.

“I think when we compare it to last year, the mare market is very steady and very good. Last year’s sale was great, but in the weanling market, some of them are hitting the mark and some of them aren’t.”

Breathnach noted that the 2026 weanling results, while softer than 2025’s frenetic pace, still exceed 2024 levels.

“I looked back to 2024 and our weanling market is better than it was then,” Breathnach said.

“It’s just not quite as good as it was last year at this point in sales.”

He described Thursday’s energy as positive, with multiple bidding wars breaking out during the day.