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Now don’t be catty and ask which one. There is only one sale that matters, at least in the world of Kentucky Thoroughbred breeding: Keeneland September.

And one thing I can attest is that the auction is not a disaster. Pretty much everyone would agree to that.

But how good it is depends on who you are, I suppose.

For some of the consignors and some of the breeders, this has been a surprisingly and refreshingly good sale. They have made money against the highest tide of stud fees the market has to face over the coming years, and there is an acceptable volume of trade, with fewer buybacks than many had feared.

On the other hand, some breeders and consignors have been sweating hard for every dollar their horses bring. It has not been a cozy auction without great tension and considerable uncertainty. That also is widely agreed.

The tentative verdict at this early stage is that the general economy is probably better than many indicators are showing because the horse market is stable or a little better.

Room for hope, wouldn’t you say?