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05 February 2010 - Interview with Super Yacht Auction
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By Liggie Pelekani
Super Yacht Auction (SYA) was launched in December 2009 and is a new site specialising in online and public auctions for superyachts 24m and over. To read the report of the launch on Synfo.com click here.
Starting a new business at 'a time like this' may seem like a discouraging thought, however the economic crisis actually gave the creators of SYA the idea to establish their new site. With the brokerage market showing signs of life, as reported by our U.S Associate Editor Kenny Wooton (click here for the full story), and prices dropping because sellers are slowly coming to terms with the fact that their yachts may never be worth as much as they once were, SYA may be the shining light at the end of a dark tunnel.
After just a month, the company have their very first online auction underway, a 32.80m Schooner. Synfo.com brings you an exclusive interview with Super Yacht Auction to find out more.
Who's idea was it and how did it develop?
SYA: Five years ago our team established Vessel Auction (Bootveiling). Vessel Auction is a Register Auctioneer for Ships & Yachts and specialises in the organisation of online and public auctions of boats, ships and superyachts. In the very first year we didn't auction any vessels at all. First we had to explain our idea/concept to various principals. Following this, we were experienced enough to organise online and public auctions in a professional way. Nowadays we auction (public and online) approximately 175-200 vessels a year (5-24 metres). In most cases we auction by order of yacht brokers (listings).
The idea for Super Yacht Auction actually developed because of the huge price reductions in the superyacht industry. We instantly got a brilliant response from the superyacht industry (brokers as well as owners).
How did the economic crisis affect its creation?
SYA: We feel we have created an auction service, which we believe can prosper in today's economic times, when sellers (super yacht brokers and owners) are looking for a swift and cost effective sale and buyers are bargain hunting.
This industry, affected by the economic decline, now has a new opportunity: a tool to reach a wide audience, and generate fast sales (short transaction period) in the superyacht industry as well as provide exclusive online and public auction services.
How does it work?
SYA: There are two different types of auction, public and online. Worldwide public auctions for the superyachts are under official supervision of a nautical notary public. The steps in the process are as follows:
step 1 - inspection days (Saturdays and Sundays 10:00 am - 6:00 PM)
; step 2 - public auction (Mondays 2:00 PM (UTC+1); step 3 - delivery day (within one week).
Exclusive online superyacht auctions are under official supervision of a nautical Bailiff Firm. Steps are as follows:
step 1 - inspection days (Saturdays and Sundays 10:00 am - 6:00 PM)
; step 2 - online auction (Mondays 2:00 PM (UTC+1); step 3 - delivery day (within one week).
In order to serve superyacht brokers and owners worldwide Super Yacht Auction is located in Amsterdam, Athens, Barcelona, Dubai, Fort Lauderdale, London, Marbella, Monaco and New York.
Tell us about the first super yacht auction lot
SYA: It's a new Schooner, length 32.80m (100 ft), beam 6.65m, draft 2.50/4.80m, year of construction 1997. The construction of the Schooner started as a ten year project by a team of technical experts to create a classic sailing Schooner for charters with living accommodation onboard. Due to medical problems of key project staff the project had to be abandoned, and the Schooner is now on auction.
Until today over 2.200.000 euro has been invested in the ship. The asking price was 1.300.000 euros and the ship will probably be auctioned for an estimated 800.000 ‐ 1.000.000 euros. The owner is looking for a fast sale. This superyacht auction runs up to and including March 1 14:00 hours (UTC+1). Viewing takes place Saturday 20 February 2010 from 12:00 to 18:00, which gives potential bidders every opportunity to inspect the Schooner before bidding. Address: Port Camargue, Qai Bonne Esperance, France.
Do you have any plans for any other ideas in the future?
SYA: YES, we will keep you posted.
Where do you hope Super Yacht Auction will be in the next few years?
SYA: We present the Super Yacht Auction concept as an aid to the traditional brokerage houses and not as a competitor. Super Yacht Auction is just a supplement tool for the superyacht industry to generate fast sales, we are not a yacht brokerage competitor but a yacht auctioneer.
Some sellers are just looking for a swift and cost effective sale. For Vessel Auction we auction for instance approximately 60 vessels per year for yacht brokers only. Approximately 5-10 % of the broker's listings are suitable for an auction. In some cases Super Yacht Auction can help the broker and owner in a very professional and effective way. In addition to that, any broker who brings a super yacht to the auction, is guaranteed to receive 50 % of the auction commission/buyers premium (on top of full broker commission).
The most common route for the sale of a super yacht is through one of the established brokerage houses, some yachts require just a rapid sale. Within a few years Super Yacht Auction should be a common professional extra tool for the entire super yacht industry.
Do you offer advice to potential buyers/sellers or do you solely monitor the auction?
SYA: SYA offers a total package (super yacht survey, finance, registration, mooring, transport) as well as attendance at the inspection days to provide assistance and answer potential buyer's questions. SYA manages the whole process.
Super Yacht Auction conclude the interview by telling Synfo.com that they are currently in negotiation with new a client for the next upcoming superyacht auction, so watch this space.
Related Links
Super Yacht Auction - company profile | company website
Vessel Auction (Bootveiling) - company profile | company website
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