page 1
page 2
page 3
page 4
page 5
page 6
page 7
page 8
page 9
page 10
page 11
page 12
page 13
page 14
page 15
page 16
page 17
page 18
page 19
page 20
page 21
page 22
page 23
page 24
page 25
page 26
page 27
page 28
page 29
page 30
page 31
page 32
page 33
page 34
page 35
page 36
page 37
page 38
page 39
page 40
page 41
page 42
page 43
page 44
page 45
page 46
page 47
page 48
page 49
page 50
page 51
page 52
page 53
page 54
page 55
page 56
page 57
page 58
page 59
page 60
page 61
page 62
page 63
page 64
page 65
page 66
page 67
page 68
page 69
page 70
page 71
page 72
page 73
page 74
page 75
page 76
page 77
page 78
page 79
page 80
page 81
page 82
page 83
page 84
page 85
page 86
page 87
page 88
page 89
page 90
page 91
page 92
page 93
page 94
page 95
page 96
page 97
page 98
page 99
page 100

86Isea&iISPRING-SUMMER 2010From the end of 2007 to the end of 2008, the brokeragemarketplace experienced a sudden spike in the numberof listings coming onto the market, with a whopping 70per cent increase in the fleet available for sale.Correspondingly the number of interested buyers dropped sosharply that there was very limited superyacht sales activitybetween October 2008 and March 2009, particularly in themedium to large size range. Excess supply over demandincreased so abruptly that prices immediately started toplunge, yet with little impact on the number of yachts sold.Statistics indicate that it was the upper segment of the marketthat suffered most, with a 65 per cent drop that no one expectedand which affected the brokerage houses specialising in themedium to larger yachts market - who therefore lost overallglobal marketshare to companies specializing in selling smalleryachts. Although these companies were similarly strugglingto make sales, they fared better over this period as they hadbegun their recession earlier, well before October 2009. Thiswas especially true in the USA where prices had alreadydeclined steeply as they had entered an economic downturnearlier than Europe and the rest of the world. Adjustments made by the market during the first quarter of2009 and a number of distress sales being snapped up bywilling Buyers resulted in a bounce back for the industry in thesecond quarter, both in volume and value. This was the case inall size segments, and so figures overall were onlymarginally down from 2008. Interestingly, the larger yachtsmarket was then quite active, and many believed that thedownturn might already have bottomed out in this area. Themedium-range market segment remained affected, as supplyin that segment remained high, demand low, and pricereductions still very much the norm. The third quarter confirmedthis overall trend, with the larger brokerage firms catching upand the volume of business overall up 50 per cent on 2009 overthe same period - which although impressive, was actually nottoo difficult to achieve given the downturn experienced the yearbefore. But the market has remained unsteady. While the fourthquarter is, even in good times, generally a period of loweractivity, the fourth quarter of 2009 revealed that the upwardtrend of the six previous months had not been sustained.The activity remained chaotic, with no clear trend, andbusiness was done on the grounds of good opportunities andsome further market adjustment. Does this mean a W-type ofrecessional curve for yachting as well, as some people believemay occur to the finance markets? Or has the yachting marketalready fully bottomed out? The CNI (super)yachting Index 2010(due for release in May) will help its readers grasp the full realityof where things stand. Until then, all interested buyers shouldbe aware that there are still many good opportunities to buyfrom the 2,000+ superyachts for sale on the pre-ownedmarketplace; those recently listed by Camper & Nicholsons'brokers and displayed on the following pages being only a smallsample of what we have on offer.nEveryone in the yachting industry surely agrees that 2009 was anunexpected year, with much drama, business down on almost all fronts, andanxiety early on as to what the year ahead might hold. The reality, oncefigures are thoroughly reviewed, is both reassuring and concerning in equalmeasure, as the new CNI (super)Yachting Index will revealDOWN BUT NOT OUTsuperyacht brokerage

PRINCESS MARIANA 78.59m (257'7) Royal Denship, 2003/ 2006 marketplace