Burgess Yachts recently hosted an event aboard the 150-foot Delta Katya in New York City to discuss the state of the luxury market. CEO Jonathan Beckett made clear that the post-recession world of yachting is still a buyer’s paradise, stating, “There’s a huge supply in comparison to demand, so prices are under enormous pressure.”
Traditional markets such as America, Europe and the Middle East remain a part of the yachting scene, but Europe is struggling economically, Beckett said, while the most active new market is Russia. For the largest yachts, the Gulf region is showing a lot of interest.
In fact, Beckett says, there is “big demand” for yachts of at least 328 feet with costs of at least $250 million. He said that 15 to 18 such yachts are currently in production, some costing as much as $500 million to build.
Even with that top-tier market segment booming, he said, millionaires and billionaires are value conscious nowadays, and there are lots of deals to be made on more traditionally sized megayachts, especially in the United States.
“That’s the interesting thing about the American market,” Beckett said. “Americans understand about deals, and there are fantastic yachts out there at fantastic prices.”
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