b'salesY e a r L I N G S|million or more in 2017) was a Pioneerof the Nile filly purchased by Mandy Popes Whisper Hill Farm for $1.9 million at Fasig-Tiptons November sale, a sale record weanling price. Consigned by Taylor Made Sales Agency on behalf of Three Chimneys Farm, the filly was produced from three-time grade 1 winner Stopchargingmaria, who also was bought by Pope for $4.4 million.The mixed sale season doesnt fit neatly into a calendar year, with this market blending the fall and winter seasons. Strong fall sales in 2017 carried over to this years Keeneland January Horses of All Ages Sale, which concluded with the overall average up 28.5% and the median Anne M. eberhArdtup 14.3% from the previous year.Within the January results, however, were signs of a market correction ahead. The aver-age price of broodmares sold at the January sale dropped 11% to $29,611 from $33,151Coolmore Stud took home the top-priced yearling of 2018, going to $2.4 million for a War Front colt consigned toin 2017. These results do not include brood- Keeneland by John Sikuras Hill n Dale Sales Agency. mare prospects, only sale horses identified as broodmares.This softening of the market continuedHISTORICAL LOOK Historical lookthrough the prominent U.S. mixed sales in November. YEARLINGSOverall the number of broodmares sold at2013 2014 2015 2016 2017 2018 from 17North American sales increased 1.6% to 2,854 and gross sales of $237,340,889 and averageGross Revenue $411,128,630 $412,411,193 $425,371,657 $404,200,550 $466,748,034 $543,888,881 16.5%price of $83,161 were essentially flat, with theNumber Sold 6,417 6,516 6,244 6,199 6,250 6,441 3.1%gross inching up 0.8% and average slippingAverage Price $64,069 $63,292 $68,125 $65,204 $74,680 $84,442 13.1%0.8%. The minor decline in average, however,Median $25,000 $25,000 $24,000 $20,000 $22,000 $23,000 4.5%followed two previous years of growth withWEANLINGS2016s average up 12.5% and 2017s average2013 2014 2015 2016 2017 2018 from 17increasing another 7.9%. The median for 2018Gross Revenue $61,711,281 $65,526,322 $73,014,462 $61,172,257 $73,590,850 $76,697,470 4.2%also fell nearly 12% to $15,000 from $17,000Number Sold 1,163 1,195 1,134 1,025 1,140 1,203 5.5%in 2017. Average Price$53,062 $54,834 $64,387 $59,680 $64,553 $63,755 -1.2%Taking a longer view, the average NorthMedian $28,000 $25,000 $21,000 $25,000 $28,000 $27,000 -3.6%American mare price of 2018 is 43.6% higher2-YEAR-OLDS IN TRAININGthan it was at the start of the Great Recession2013 2014 2015 2016 2017 2018 from 17in 2008, when 4,477 mares averaged $57,901.Gross Revenue $154,098,850 $175,654,000 $181,801,800 $175,841,800 $196,148,000 $187,515,100 -4.4%During the five years prior to the Great Reces- Number Sold 2,087 2,423 2,218 2,227 2,053 2,094 -2.0%sion (2003-07), an average of 5,293 mares soldAverage Price $73,837 $72,494 $81,967 $78,959 $95,542 $89,549 -6.3%for an average price of $43,033. Compare thatMedian $35,000 $35,000 $37,000 $35,000 $40,000 $40,000 0.0%with the last five years (2014-18) when an aver- BROODMARESage of 3,054 mares brought a $83,207 average price. 2013 2014 2015 2016 2017 2018 from 17The value of auction mares can vary greatlyGross Revenue $257,394,582$254,115,256$226,283,725$235,153,228$235,390,920$237,340,889 0.9%year to year because quality varies, but oneNumber Sold 3,080 3,302 3,278 3,029 2,809 2,854 1.6%trend seems certainthe mare market is un- Average Price $83,570$76,958$69,031$77,634$83,799$83,161 -0.7%likely to get much bigger, if at all. The JockeyMedian $20,000$20,000$18,000$15,000$17,000$15,000 -11.8%Club reported 30,274 mares bred in 2018,CUMULATIVE which is about half the number bred in 20002013 2014 2015 2016 2017 2018 from 17and is the smallest mare population in NorthGross Revenue $917,555,518 $941,652,660 $941,038,637 $908,686,182 $997,193,129 $1,077,606,299 8.1%America since the mid-1960s.Number Sold 13,968 14,723 14,030 13,714 13,423 13,692 2.0%Average Price $65,690 $63,958 $67,073 $66,260 $74,290 $78,703 5.9%84 11_Sales_use.indd 84 3/20/19 4:47 PM'