The auction room is full of expectation as lot no 11 takes center stage. There is that palpable energy and excitement that makes you feel like anything could happen. The sale has been strong so far but few lots in the sale have the quality of this one. All the big buyers are present and ready to spend very large sums. A small man with white thinning hair in the aisle seat nervously folds his catalog in expectation of the most important moment of his life, he is, without a doubt, the consignor. The bidding starts at 1 Million and quickly climbs;2,5,8 and then reaches the final number ; 11.2 Million, the crowd watches silently;the hammer falls;the man with the white hair looks down to his catalog;in disappointment!

That is not a scene from a Keeneland sale but rather this is what happened on May 2 at Christies in New York during the Impressionist Evening Sale. Christies is one of the leading auction houses in the world. This sale sold 50 lots in one evening for a total of 180,280,000 that is an average of more than $3,600,000 per lot. It took Keeneland two select books and close to 500 cataloged hip numbers to arrive at a similar gross figure (182,860,000). Sure, horses are not fine art paintings but more and more the prices demanded for the very best equine prospects approaches the type of prices fetched by the elite of the art world. With these kinds of prices, should buyers expect more from top sales companies like Keeneland? Read the rest of this entry »