“It was the best of times; it was the worst of times…” So goes the oft-quoted line penned by Charles Dickens in A Tale of Two Cities, his 1859 novel that describes the days of the French Revolution and the proletariat’s fight against the aristocracy. The Thoroughbred breeding industry finds itself facing...

The Keeneland January horses of all ages sale is a barometer of, well, nothing. Most years, that is. Unless there is a major dispersal or unless the odd high-priced broodmare or two end up in the January sale rather than in the larger and more prestigious November auction, January normally contains a...