BLOOMBERG’S MONEY MOVES ON SUPERYACHT MARKET GROWTH
Crispin Baynes, BURGESS sales broker in New York, was recently invited to take part in Bloomberg Television’s Money Moves programme. He spoke to Bloomberg’s Deirdre Bolton about who is buying superyachts, which regions have the biggest market and the influence of celebrities on the yachting industry.
Talking about the current state of the market, following the 2008 global financial crisis, Baynes said:
“People who want to buy a superyacht tend to be ok with spending money and conspicuous consumption. Their businesses have settled down, they feel a bit more positive and they think it’s ok to go out and have some fun.”
He explained that the majority of BURGESS clients are self-made, although the traditional client base of inherited wealth still remains strong.
Discussing where the majority of superyacht buyers are from, Baynes said that for BURGESS the USA is still the leading superyacht market, with strong business from the Middle East, Russia, and new emerging markets such as Brazil, Australia and Canada.
When superyachts are mentioned in the press it is normally in connection with celebrities but, as Baynes explained, this is only a small sector of the yachting clientele.
“People see celebrities involved with yachts and that works in our favour because people aspire to have that lifestyle as well. But there are other people who prefer complete privacy, just want to be on their own and enjoy their yacht in quieter places.”
With more 100m+ yachts under construction in 2013 than ever before (14 were on the Global Order Book on 1 September 2012, compared to eight the year before), Baynes says it is evident that the Ultra High Net Worth market is showing no sign of abating.
To hear more about the trend for building 100m+ yachts, see BURGESS President and CEO Joff Beckett’s expert panel discussion on board the impressive CAKEWALK at the Fort Lauderdale International Boat Show.
To find out more about buying or chartering a sensational BURGESS superyacht, please contact a Burgess broker now, or get in touch with one of our offices directly: London, Monaco, New York, Miami or all other locations.