There are some eye-popping numbers being posted in the current annual Keeneland auction for yearling thoroughbred horses. But they aren’t the usual kinds of numbers, with gross auction revenues 41% below last year’s total, and average prices 36% below last year’s.
It is a buyer’s market, assuming you have $500,000 to $1-million you want to spend on a top racehorse. Check the following figure to compare gross auction revenues at Keeneland’s annual yearling auction since 1994. 
As a bubble-ish aside, how many of the top ten all-time yearling auction prices at Keeneland were obtained since 2004? Care to guess? Seven – all between 2004 and 2007.
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