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The superyacht industry remained highly competitive in 2010,with several price reductions and just over 300 new centralagency listings on the market. Sales picked up in the spring andslowed in the summer, but from September through to the end ofthe year the market was steady, particularly in Europe, in termsof the quantity of sales. CNI's Jillian Montgomery comments, "There are enough yachtscurrently under offer to give real confidence for the year ahead.Predictions are that the market will return to the levels of 2004 to2005, rather than the boom period of 2006 to 2008."FYBA reports that the US market has seen a significant level ofdeals closing in the last four months; with such an optimistic start tothe year the remainder of 2011 looks promising. CNI broker MichaelRafferty remarks about the US market, "We are seeing increasedinterest from buyers but it is still a battle to convert this into firm sales.People are still nervous about the economy. That said, good-quality,low-priced yachts are selling but buyers are certainly looking aroundfor deals." CNI broker Simon Goldsworthy believes, "There are still manybuyers expecting unrealistic opportunities, and many are not willingto make an offer." Goldsworthy's advice for sellers would be to pricetheir yacht realistically. "Yachts that are priced more than 5 to 10%above the competition do not receive interest from brokers andbuyers ready to pounce on realistically priced yachts that theyconsider to be a good deal."Thankfully, confidence has been regained in the new-construction market, which picked up towards the end of last yearfollowing the autumn boat show season. When considering the newbuild market, Goldsworthy believes that,"Those that did venture intothe new-build market in 2009 and 2010 achieved prices far belowpre-crisis level and these buyers, in particular, should be sitting prettyby the time their yachts are delivered in 2014-15." Delivery datesfor popular models like the new 37m (121') Benetti Classic nowextend to summer 2014, and although far from pre-crisis deliverytimes, this does in itself demonstrate a recovery of sorts. For largercustom yachts there are still a number of shipyards very keen to signdeals at low prices, although this is more true of the emergingshipyards and newer brands than the very established yards. Thereare also a few shipyards that have started building on spec again,and these builds will present great opportunities as they approachtheir cut-off dates for interior choices. Peter McCarthy heads up CNI's Yacht Management Division inEurope. "From a yacht management perspective, the market ishealthy," he confirms. "More and more owners, especially of largeryachts, recognise the benefits of good operational andadministrative support provided by a stable and respectedcompany such as CNI. "Aside from the all-important matters of looking after guests andowners, managing their crew and maintaining the yacht, captainshave to deal with a quagmire of complex regulations. Theselegalities continue to increase and I believe many captainswelcome, and need, the support of a good managementcompany to assist them."12Isea&iISPRING-SUMMER 2011BROKERAGE

SPRING-SUMMER 2011 Isea&iI 13newsandviewsFlying Eagle 48m (157'5) Bloemsma & Van Breemen 2005Asking price at time of sale ?26,000,000Alouette 42m (137'9) Benetti 1972 Asking price at time of sale ?3,500,000Asha 27.4m (89'1) Maiora 2006 Asking price at time of sale ?2,200,000Fidel 33.3m (109'3) Royal Denship 2002 Asking price at time of sale ?2,900,000Savannah 30.94m (101'5) Alloy Yachts 1998/2006Asking price at time of sale ?4,800,000Emotion 25m (82') Holland Jachtbouw 2002 Asking price at time of sale ?3,150,000RECENT SALES WITH CNI.