INSIDE THE WORLD OF SUPERYACHT AUCTIONS
By: Beatrice Chiardi
23rd March, 2022
The 120-meter conversion project Y910 has been made for sale at auction, a quite unique and out of the ordinary way to sell a yacht. The auction got officially underway in December 2021 and was extended until March 31st 2022, to allow all potential buyers and bidders enough time for due diligence, including visiting the vessel at the Fincantieri shipyard in Trieste (Italy). At this current stage, and taking into consideration the opening bid, all additional bids will have to now exceed €1.5M to be considered valid.
Y910 is for sale across a solid partnership between the auction house Concierge Auctions and the brokerage firm Althaus Luxury Yachting. Concierge Auctions is overseeing the auction in collaboration with the US based online yacht auction platform Boathouse Auctions. Even though the core business of Concierge Auction is selling houses, the EMEA advisor Charlie Smith explains that their desire was to shift from luxury houses into “floating homes”, being a “natural progression” for the company. The profile of buyers looking for a vessels or a luxury villa is the same and the main advantage for Concierge Auctions is to increase their product portfolio and offer a wide range of luxury products for their clients.
The auction of Project Y910 has been promoted for the first time, to yachting professionals and clients, during the Monaco Yacht Show 2021 (September 2021), which was done in partnership with Althaus Luxury Yachting and Symphony Marine, both of which are acting as the listing brokers to the project.
From an auction standpoint, we may observe a range of advantages concerning the sale of Y910. A reduced timeline is surely the first factor to consider, to be able to do it with speed and create opportunities to transition between vessels and not have a significant lag. Furthermore, the yacht auction is a slimline, simplified process that requires the seller to provide a hull survey and engine survey, as well as a rig survey, if the sale involves a sailing yacht. The result is a “turnkey” sale, with buyers “having all the information there to make a decision.
Auctions are the “final act”, guaranteeing to the Seller that their yacht or property will be sold.
Up to now, the auction process of Y910 has seen interaction with 27,000 “campaign members”, and 1500-2000 direct contacts have actively “downloaded the diligence material”. The project has definitely generated a significant interest from all over the world. An estimate of 1500 serious enquiries are predicted, boiling down to two or three prospects lined up to register to the final auction.
Althaus Luxury Yachting is highly satisfied with partnering with Concierge Auctions for the sale of Y910. We believe that the auction market can be an interesting way for the sale of yachts, therefore partnerships and solid collaborations between brokerage firms and auction houses can result to be interesting for the nearby future.
The real estate market is already well developed in the auction world, and there are numerous similarities between the real estate world and the yachting one. The profile of clients are very similar, as well as the price and level of luxury of the product. The confidentiality is very high and the documents required are very alike. There is a strong belief that these two worlds will get nearer to each other more and more, with time, with the same aim of making sure the buyer is satisfied and the right level of service is offered.
*read full article of BOAT International by clicking on this link: https://www.boatinternational.com/business/superyacht-insight/superyacht-auctions?fbclid=IwAR1fxSorq53bnr9sXwFsGGT2Pv76FvTRBe-y4IgR6shuF4HmA0ynxPLqoQs