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