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76Isea&iIWINTER 2012

WINTER 2012I sea&iI77brokerageThe fourth edition of Camper & Nicholsons (super) Yachting Index, launched in August, reviewed the year 2010. Herewe look at fresh figures from 2011, which show a gradual but significant upturn in the market ByAnne DixonASSESSINGTHE MARKETTimes may have been hard over the past few years,but in a welcome turn of events the third quarter of2011 (July to September) showed an increase in thevalue of yachts sold in the 24-metre-plus (78'-plus)size range, when compared to the same period in 2009 and2010. On an equally positive note, the value of yachts soldsince the beginning of 2011 was also up overall in the sameperiod compared to 2009 and 2010, proving that this wasn'tjust a blip, but rather a gradual and significant upturn overall. The market is certainly not roaring away and can still not bedescribed as being buoyant by even the most optimistic, butbuyers and sellers are finding more common ground and aremore readily able to agree sales prices than has been possibleover the last two years. Most sellers now appreciate that ifthey want their yacht to sell they have to price it competitively,while, for the large part, buyers have stopped talking exclusivelyabout distress deals and bank repossessions. They are nowlooking for more genuine, value-driven deals where they cansee that they are getting an appreciably better deal than theywould have a few years ago. They also want assurance that theyacht they are buying has been well maintained and is a goodinvestment overall.The upturn is not just in terms of value but also the volume ofyachts sold. From the first quarter to the third quarter, this rosefrom 207 units in 2009, and 235 units in 2010, up to 270 to datethis year. It needs to be noted, though, that these figures are forknown sales and don't take account of certain brokerage salesthat remain private and unknown. However, this has alwaysbeen the case so is unlikely to be significant statistically. However, while a general upturn is welcome news, it is onlywhen analysing the details that it is clear that the marketis still segmentally split by size and type, and that theimprovement is confined to certain very specific areas,with others trailing behind.?industry report