ESPN Horse Racing

LEXINGTON, Ky. -- Fasig-Tipton Kentucky started the 2008 November mixed sales Sunday with a world-record broodmare price of $14 million for 2007 Broodmare of the Year Better Than Honour.

Southern Equine Stables bid that to buy out its partnership with Hill 'n' Dale Farm owner John Sikura, raising its ownership stake from 70 percent to 100 percent in an electrifying bidding performance that lasted just under two minutes.

Better Than Honour's $14 million price soared past the previous record of $10.5 million that Darley Stud paid for Playful Act at the 2007 Keeneland November sale. Like Playful Act, Better Than Honour was not in foal at the time of sale.

The record price boosted the auction's bottom line. The single session sold 91 horses for $70,279,000, up 35 percent from last year's gross for 107 horses. Average price leaped 59 percent, from $486,318 to $772,297, and median climbed 39 percent, from $180,000 to $250,000. But the buy-back rate also increased, from 26 percent to 39 percent.

Among the more startling buy-backs were Backseat Rhythm, bought back at $2.5 million, and Miraculous Miss, who failed to reach her reserve on a $1.1 million bid.

Better Than Honour entered the auction ring as the last horse of the sale, and amid expectations that she would shatter the world record. As the only mare ever to produce consecutive Belmont Stakes winners - Jazil in 2006 and Rags to Riches in 2007 - she was a unique commodity. The bay Deputy Minister mare also is the dam of Peter Pan Stakes winner and Japanese star Casino Drive. She has, apparently, only one flaw.

"I have only one thing to say, and I think we can forgive her," auction announcer Terence Collier said before bidding opened. "She is a cribber."

That clearly didn't matter. Auctioneer Walt Robertson cheekily asked for $20 million, but bidding opened at a more sedate $1 million before skyrocketing to $10 million. That was Sikura's final bid, put up as a statement as much as a serious offer.

"I bid to $10 million because I thought she was deserving of the world record," he said. "I guess if they came to me with the ticket for $10 million, I would have stammered a little bit, but I would've signed it. But for me it was really a statement that I thought she should eclipse the record."

Asked what his bidding strategy was, Southern Equine principal Mike Moreno said, "Take her home. She's the best mare in the world. We're in this thing for the long term, and you can't build a long-term operation without blue hen mares. She's it. She's a Picasso. You can't sell a mare like this."

Better Than Honour's stratospheric price put everything else in the shade. But the evening produced 18 other seven-figure horses. Four horses, including Better Than Honour, sold for $3 million or more.

One of those was recent Breeders' Cup Juvenile Fillies winner Stardom Bound, who brought $5.7 million from IEAH Stables.

Underbidders included her owner, Charles Cono, who was on hand with his wife, Karen, and Stardom Bound's trainer, Chris Paasch.

"We bid $4 million, and they kind of took over for themselves after that," said Paasch. "We were going to go to five, but they went on on their own. We wanted to let them know who they were bidding against."

When Cono dropped out, the bidding quickly settled into a battle between IEAH's Michael Iavarone inside the pavilion and an unseen opponent, reported to be a representative for Frank Stronach, in the back walking ring.

After a lengthy bidding duel, Iavarone was ready to fold at $5.6 million and shook his head. But before the hammer fell, Iavarone turned to look at trainer Rick Dutrow seated in the row behind him, then turned back to the auctioneer's stand and gave one more nod.

"Rick wouldn't let me say no," Iavarone said. "He wanted to have her. She came in at a little more than we thought, but I guess if you're going to spend $5 million, you might as well spend $5.7 million. We were getting pretty close to the end. One more might have been the end of it.

"She's got plenty of residual value, so I see a couple million dollars of risk here. We've taken more risk than that before."

Stardom Bound will head to a farm in Kentucky - possibly Three Chimneys, Iavarone said - for some R and R before shipping to Florida. IEAH plans to race the filly at 3, but she will not be part of the hedge fund-style group that IEAH launched during the Triple Crown.

"We've got some celebs in this group," Iavarone said, coyly refusing to identify them despite Dutrow's best efforts to get him to spill the names.

For Cono, the sale marked the beginning of the end of his racing stable. Both he and Paasch will get out of the game after gradually dispersing the Conos' horses over the next few months.

"I hate to lose the horse, but there comes a time in your life when you fish or cut bait," Cono said. "We had eight years of good fun and a lot of good horses. If I had to do it over again, I'd do the same thing.

"I got three companies I own, so I'm busy all the time. I've got a full plate already."

Also selling above $3 million was Madcap Escapade, who sold in foal to A.P. Indy to John Sikura from his own consignment to dissolve his partnership with Southern Equine; and $3.1 million Crystal Current, who sold in foal to Distorted Humor to Southern Equine, also to dissolve the partnership with Sikura.

Kentucky's November mixed sales were to move to Keeneland on Monday, where the sale is scheduled to run through Nov. 17. Sessions begin daily at 10 a.m.