
Each year Keeneland hosts three sales. Its two signature sales are the September Yearling Sale and the November Breeding Stock Sale. In January it also holds an All Ages Sale.

At Keeneland's 2018 September Yearling Sale, more than 4,500 thoroughbreds will go under the hammer. For 13 days, hundreds of people visit its grounds inspecting each horse. "They're looking at how they walk, they look at their coat and how shiny it is, they look at their muscular confirmation," Bob Elliston, Keeneland's vice president of racing and sales, tells CNN Sport.

Elliston expects to see more than $300M turned over during the event. In 1985 Seattle Dancer, sired by Nijinsky, sold for $13.1M, making it one of the most expensive yearlings ever sold at auction.

When it comes to purchasing a horse, Elliston says some buyers wait until the very last moment -- the horse's final test is whether it can stay calm amidst the bidding excitement. "It's indicative of how a horse may behave on a big race day," he says.

With graduates like 2018 Triple Crown winner Justify, Elliston says people trust Keeneland for its caliber of horses.

According to Keeneland, it has sold more graded stakes winners at the September sale than all other North American sales companies combined.

"Buyers are selective and they're looking for perfection," Elliston says. "If you have that horse that is perfection they're willing to pay significant amounts of money, but if there's something off -- if the walk isn't just right, or there's a physical confirmation issue or a gap in the pedigree it's touch to bring the top dollars."