The marathon Keeneland September yearling sale drew to a close Sept. 28 with some of the biggest declines in key statistical categories in recent history as the gross receipts fell 41.5%, the average was down 33.2%, and the median was off 40.5% for the 14 sessions.

Keeneland reported 3,159 yearlings were sold this year for a total of $191,859,200, compared with a 2008 gross of $326,863,500 when 3,459 horses changed hands. This year’s cumulative average was $60,734, compared with $94,579 last year, and the 2009 median was $22,000, compared with $40,000 in 2008. This year, 27.5% of the horses through the ring did not sell, compared with a reserve not attained rate of 24.8% last year.

Geoffrey Russell, the Keeneland sales director, said the downturns are a market correction resulting from overproduction, production costs that have been at their highest levels in history, and the effects of the worldwide financial crisis.

“The buyers were here, but they weren’t able to spend because they didn’t have credit (lines at banks),” Russell said. “I don’t think anyone was surprised that we were down, but I don’t think anyone thought it would be this much. But no one could have imagined that we were going to have an international financial calamity