January 2010 saw 14 superyachts over 24 metres sold at asking prices totalling over €113 million against only four reported sold in January 2009 at asking prices totalling €33 million (see chart 2 below). The largest yacht transaction last month was, of course, Lürssen’s 58.55m Capri sold by Moran Yacht & Ship and asking $65 million. Interestingly, every boat sold was a motor yacht, the same scenario as in January 2009.

So, is the market starting to look up? Not really, according to one broker who tells me that for each sale there are many more stories about dashed hopes. Investors new to yachting know it’s now very much a buyer’s market and are putting in low bids which are sometimes reluctantly accepted by keen sellers. After weeks or months of negotiation and just when it seems the deal is wrapped up, the buyer realises that he has no interest in yachting and pulls out, leaving a team of very frustrated brokers who’ve seen their investment in time and money completely wasted. The second Golden Age of Yachting is increasingly becoming a distant memory to all of us.

Peter Insull at Peter Insull’s Yacht Marketing says, “While actual numbers of sales look promising in recent months, I think that, generally, the overall picture of sales achieved is sad for the sellers and even more so for those sellers who have not been able to move their yachts along at all at a fair market value.” He blames politicians and financiers on both sides of the Atlantic as, “These incompetent fools have shaped our current and future yachting industry as well as many other industries to boot!”

Peter goes on to say, “Our little industry had created a wonderful level of competence in the yacht building world. The dramatic reduction in new construction of yachts over 40 metres will have a serious knock-on effect for years to come.”

And his words are borne out by the fact that we recorded only four new build orders in January 2010 against seven in the equivalent period of 2009. The largest order placed in that period was for a 65m motor yacht from Tankoa Yachts, while the largest so far this year is a 64 metre motor yacht at Palmer Johnson.

Launches of new superyachts are also down, from nine in January 2009, including the 61.8m Candyscape II at Viareggio Superyachts to seven in January 2010, the largest being Feadship’s 55.5m Kahalani.

Looking at the details of yachts recently sold, please note that data presented below 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.

View superyachts sold in January 2010

Chart 1: Superyacht Sales Index by Value: January 2009 – January 2010

Chart 2: Comparison of sales in January 2009 and January 2010 by Value

Chart 3: Comparison of sales in January 2009 and January 2010 by Length