14 superyachts over 24m were reported sold in February 2010 at asking prices totalling €203 million, but it would be pointless to make any direct comparisons with February 2009 when only three yachts were sold asking €32 million. The early part of 2009 saw the brokerage industry at its nadir as governments worldwide struggled to rescue failing financial institutions. Certainly no bank was prepared to lend money against a superyacht purchase.
A more apt comparison might be with January 2010 when 14 yachts were reported sold at asking prices totalling €113 million, headed by Lurssen’s 58.5m Capri. February saw more pedigree large yachts sold, ranging from Westport’s nearly new 49.93m Lady Kathryn IV to Feadship’s 71.6m Utopia DV and NB 54, a 72m superyacht currently under construction at Proteksan-Turquoise.
Kevin Merrigan, President of Northrop and Johnson, comments, “Pedigree yachts always seem to sell first. Higher quality building materials, superior engineering, a flatter learning curve at the yard and more man hours in the build deliver a more enjoyable yachting experience for the owner.”
Toby Walker, Sales Director of Camper & Nicholsons International adds, “There has been a noticeable improvement in the large yacht sales market with five yachts over 48 metres sold in February 2010. As summer approaches buyers have the confidence to commit to yacht purchases and to capitalize on the remaining attractive opportunities. In the smaller boat market there is still more product than there are committed buyers so, with the exception of one or two notable sales, this market is still dormant. And shipyard orders will also boost confidence.”
The statistics would appear to support Kevin and Toby’s observations. The charts below track brokerage sales over the past 14 months on a variety of measures. The overall patterns are similar and they all show an upward trend: Since January 2009 the average number of yachts sold each month has risen from 11 to 21; the average total sales value each month has risen from €97 million to €212 million; the average total length of yachts sold each month has risen from 413m to 764m; and the average price per metre each month has risen from €212,000 to €275,000.
However the editorial teams at Boat International and ShowBoats received no news of new orders from yards worldwide in February 2010. And here Kevin Merrigan poses an interesting question: “Fewer yachts are being built. As the economy regains momentum and other parts of the world look to yachting to invest their time and wealth, will we see prices rise dramatically as a result of less product?”
Four yachts were launched last month, the largest being Baglietto’s 42m wide body motor yacht, Lucky Me.
Kevin finishes by saying, “My crystal ball says that this will be a moderate year, better than last but not record shattering. We, as brokers will continue to have to work very hard to campaign our yachts and bring buyer and seller together. No time for slacking!”
We’ll let Toby Walker have the last word as he says that. “A clearing out of listings at both ends of the size scale would generate confidence across the market. We do not, however, expect a return to anything like the consumer spending from 24 months ago. It will take hard work, diligence and sound expertise to continue to sell yachts.
Looking at the details of yachts recently sold, please note that data presented is based on reported sales by brokers and the yachts’ asking prices at the time of sale and of course we have to remind readers that some sales are so discreet that they pass under the radar.
The following sales were reported by brokers in February 2010:
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Name: |
Deep Blue |
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Name: |
Delite |
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Name: |
Elysia |
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Name: |
Lady Kathryn IV |
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Name: |
Mariu |
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Name: |
Maverick |
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Name: |
NB 54 |
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Name: |
Nelson |
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Name: |
Northern Lights |
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Name: |
Pegaso |
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Name: |
Queen of Diamonds |
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Name: |
Sealion |
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Name: |
Storm Chaser |
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Name: |
Utopia DV |
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