2026 News

Summary of Thoroughbred Sales in Japan for 2025

By The Japan Bloodhorse Breeders' Association (JBBA)

Note: Figures in bold exceeded the previous year result

General overview of Thoroughbred foal sales in 2025
◆ Combined total sales across two markets surpassed 23.64 billion yen -- a 19.6% year-on-year increase and a record-breaking figure that exceeded 20 billion yen.
◆ The highest-priced lot was a colt by Equinox out of Midnight Bisou (USA) that sold for 638 million yen.

Two auctions for Thoroughbred foals were held in 2025: the Select Sale, organized by the Japan Racing Horse Association (JRHA), and the Mixed Sale, organized by Northern Horse Park. A total of 306 foals were cataloged (201 colts, 105 fillies), with 294 sold (191 colts, 103 fillies). This corresponded to a sales vs. offered ratio of 96.1%, a 1.2 percentage point drop from the previous year. Total sales reached 23,645,600,000 yen, representing 119.6% of the previous year's figure (an increase of 3,872,000,000 yen). The average price was 80,427,210 yen (115.1% of the previous year, up 10,555,832 yen), the median price was 55,000,000 yen (119.0% of the previous year, up 8,800,000 yen), and all figures were record-setting. Additionally, 159 foals sold for 50 million yen or more (25 more foals than the previous year), with 58 from the total number sold bringing ¥100 million or more (an increase of 11 foals).

The highest price for a horse at the Select Sale was 638,000,000 yen, for a colt by Equinox out of Midnight Bisou (USA) that was purchased by Nebraska Racing of Osaka. This figure surpassed the previous record of 630,000,000 yen from the 2006 Select Sale and set the record for the most expensive foal ever sold at a Japanese auction. The highest price paid for a filly, also recorded at the Select Sale, was 187,000,000 yen. The price was shared by two fillies: one by Equinox out of No One purchased by Toshiko Tabata of Hyogo Prefecture, and another by Equinox out of Bella Sofia (USA) purchased by Toshio Terada of Osaka.

In terms of total sales by sire, Equinox (whose first crop of foals was represented here) topped the list with 27 foals sold for a total of 4,425,300,000 yen. Equinox was followed by Kitasan Black (15 sold for a total of 2,955,700,000 yen) and Contrail (20 sold for a total of 1,934,900,000 yen). Among sires with five or more foals sold, Kitasan Black achieved the highest average price at 197,046,666 yen, followed by Equinox with an average of 163,900,000 yen, and Epiphaneia (13 sold) with an average selling price of 142,069,230 yen. Among sires with their first crop of foals and reviewed in terms of average price, the afore-mentioned Equinox led (ranking third overall), while Pixie Knight (four foals sold) came in second (16th overall) with an average price of 65,450,000 yen. Additionally, by sires based overseas, a foal by Frankel (GB) sold for 330,000,000 yen; two foals by Kingman (GB) went for an average of 119,350,000 yen; and a foal by Flightline (USA) was valued at 97,900,000 yen.

General overview of Thoroughbred yearling sales in 2025
◆ Total sales amounted to 35,203,630,000 yen, with 2,383 horses sold and an average price of 14,772,819 yen — all record figures.
◆ The highest-priced lot was a colt by Kitasan Black out of Mosheen (AUS) that sold for 462,000,000 yen.

Thoroughbred yearling sales in 2025 were held at seven auctions throughout the archipelago for a total of 17 days, starting from the Kyushu Yearling Sale on June 17 and finishing with the Hokkaido Autumn Sale on October 14. All auctions were conducted as hybrid auctions. The number of horses cataloged rose by 172 from the previous year to 3,008 (1,562 colts, 1,446 fillies) and marked the first time the figure surpassed 3,000. The number of horses sold also increased by 17, reaching 2,383 (1,314 colts, 1,069 fillies). Although the sales vs. offered ratio fell to 79.2% (down 4.2 percentage points from the previous year), total sales reached 35,203,630,000 yen and set a record for the 16th consecutive year. The Japan Racing Association (JRA) purchased 74 horses (37 colts, 37 fillies) for a total of 722,920,000 yen. Across all sales, 123 horses (one more horse than the previous year) sold at an individual price of 50 million yen or higher.

The highest price overall at the JRHA-organized Select Sale was 462,000,000 yen for a colt by Kitasan Black out of Mosheen (AUS) and purchased by Nebraska Racing of Osaka Prefecture. Among the fillies, the highest price was 264,000,000 yen for a daughter of Saturnalia out of Wavell Avenue (CAN), purchased by TM GROUP of Tokyo at the same sale. Meanwhile, the highest-priced horse at the Hokkaido Selection Sale Yearlings was a colt by Kitasan Black out of Secondary Market (USA) and purchased by Wiseman Co., Ltd. of Tokyo for 96,800,000 yen.

In terms of total sales by sire, Kitasan Black topped the list with 23 progeny sold for a total of 3,253,800,000 yen. Following him were Contrail (17 sold for 1,905,200,000 yen) and Saturnalia (36 sold for 1,642,300,000 yen). Among sires with five or more progeny sold, Kitasan Black commanded the highest average price at 141,469,565 yen, followed by Contrail at 112,070,588 yen and Kizuna (14 sold) at 92,989,285 yen. Among sires with their first crop of foals, Hot Rod Charlie (USA) led with 17 sold at an average of 25,468,235 yen (ranking 19th overall), followed by Efforia with 49 sold at an average of 23,257,142 yen (ranking 24th overall). As for overseas-based sires, three offspring by Flightline (USA) sold for an average of 174,166,666 yen, while one by Jackie's Warrior (USA) sold for 126,500,000 yen. American Pharoah (USA), who was set to join the JBBA Stallions roster starting in the 2026 season, saw three of his progeny sell for an average of 38,133,333 yen. All 16 listed progeny of Caravaggio (USA), those constituting their sire’s first Japanese crop, sold for a total of 302,830,000 yen.

General overview of Thoroughbred 2-year-old sales in 2025

◆ Total sales reached 2,102,870,000 yen (up 11.2% from last year), while the average price was a record high at 18,128,189 yen.
◆ A colt by Nadal (USA) out of Fuchsia went for the highest price of 88,000,000 yen.

As in the previous year, the 2025 Thoroughbred 2-year-old market consisted of two auctions held over two days each, both hybrid. The number of horses cataloged rose by 10 to 143 (83 colts, 60 fillies), and the number sold increased by 8 to 116 (68 colts, 48 fillies). Although the sales vs. offered ratio of 81.1% was 0.1 percentage points lower than the previous year (which had held the second-highest ratio in history) the ratio remained in the 80% range for the fourth year in a row. Total sales amounted to 2,102,870,000 yen, representing 111.2% of the previous year's figure (an increase of 211,310,000 yen) and a return to the 2 billion yen level for the first time in two years. While the average price hit a record high of 18,128,189 yen (103.5% of the previous year), the median price was 8,525,000 yen, down 2,475,000 yen from the year before.

At the Hokkaido Training Sale, 94 horses were cataloged and 68 sold for a total of 504,460,000 yen. At the Chiba Training Sale, 49 horses were put on the block and 48 were sold for a total of 1,598,410,000 yen. The widening gap between the two markets is reflected in the average and median price figures.

The highest-priced lot was a colt by Nadal (USA) out of Fuchsia and consigned to the Chiba Thoroughbred Sale. Originally purchased by Shadai Farm at the 2024 Selection Sale and subsequently trained there. During the public breeze at Funabashi Racecourse, the colt clocked times of 26.8 seconds over 2 furlongs and 12.6 seconds over 1 furlong. The colt was purchased by Tatsuya Akimoto of Tokyo for 88,000,000 yen. Among the fillies, a daughter of Al Ain and Square Gold recorded impressive breeze times of 25.3 seconds over 2 furlongs and 11.6 seconds over one. The filly was sold to Yoichi Aoyama of Tokyo for 55,000,000 yen. Also at the Hokkaido Training Sale, the Yamaguchi Prefecture-based Life House Co., Ltd. purchased a Contrail colt out of Teorema that had previously been on the books at the Selection Sale. The colt sold for 68,200,000 yen, marking the fifth-highest price overall.

In terms of total sales by sire, Mozu Ascot (USA) topped the list with 147,950,000 yen from three horses sold. He was followed by Mind Your Biscuits (USA), with a total of 129,690,000 yen from six horses sold, and Al Ain with 120,340,000 yen. The aforementioned Nadal (USA) led the field for an average price with 88,000,000 yen from one horse sold. Contrail and Lord Kanaloa followed, each with one horse sold and averages of 68,200,000 yen and 55,000,000 yen, respectively. Among first-crop sires, Contrail ranked first (second overall), followed by Indy Champ at 44,000,000 yen from one horse sold (seventh overall).

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