Unprecedented number of new buyers
01 October 2021 - By Rory Jackson, Superyacht News
The future looks bright with the boom period significantly characterised by new entrants to the market…
Attracting new clients to the superyacht market has always been one of the industry’s greatest challenges. For any number of reasons, both the new build and brokerage sales markets have been unable to keep pace with the rapidly growing numbers of UHNWIs globally. That being said, the current boom period has supposedly seen unprecedented numbers of new entrants joining the sales markets.
“I think 2020 came as a surprise to many, I don’t think even the shrewdest market commentators would have been able to predict a massive boom in sales off the back of a pandemic, because it is counterintuitive,” started Chris Cecil-Wright, founder of the eponymous brokerage house, Cecil Wright. “Fortunately, however, the strong performance has continued throughout 2021. As a business we focus on the 50m-plus northern European market because that is where we are able to add value, we aren’t trying to be all things to all people, and at a time in 2020 we were completely sold out, we literally had no central agencies.”
In the four weeks leading up to Monaco Yacht Show 2021, Cecil Wright added three new central agencies to its book, two Feadships and an Amels. Before the show had even come around two of the new superyachts were under offer, which stands to showcase how rapidly the market is moving at the moment for projects that have been priced correctly. Indeed, at the show itself, Cecil Wright concluded the off-market sale of the 1928 class motoryacht Fair Lady, as well as this week announcing the sale of Feadship’s 50m Herculina, which was one of the projects that was under contract ahead of MYS.
