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Are the rich becoming humble? Sales of superyachts are collapsing

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Are the rich becoming humble?  Sales of superyachts are collapsing

Sales of both new and used superyachts longer than 30 meters fell again in 2023. 3PhotoFilipposFilippou/Getty Images

Superyacht sales fell 17 percent in 2023, but were still above pre-Covid-19 levels.

Sanctions imposed on Russian oligarchs dampened the market, but America helped make up the difference.

Florida, where most U.S. owners base their boats, has performed particularly well, one expert said.

Sales of both new and used superyachts longer than 30 meters fell again in 2023 – partly due to sanctions imposed on Russian oligarchs.

But steady sales in America are helping to make up at least some of the difference.

A total of 203 superyachts were sold worldwide in 2023 – a 17 percent decline compared to the 245 vessels sold last year, the annual report said Message the “SuperYacht Times”.

That’s a significant decline from the peak of 313 superyacht sales in 2021. However, the report notes that the market is still well above pre-Covid-19 pandemic levels and that “any number above 200 historically is still a high number.”

Sales of superyachts longer than 60 meters have slowed more than their smaller counterparts due to high prices and longer construction times, according to the report. And the impact of the sanctions imposed on Russia will likely continue to impact the market for years to come, particularly for the larger ships the Russians have purchased in the past.

“Russian buyers are largely staying away from the new shipbuilding market, which primarily affects the market for large new yachts,” the report says.

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In the USA, demand for superyachts is not decreasing

Ralph Dazert, head of news at SuperYacht Times, told Business Insider (BI) that the sales in America would help fill some of the gap.

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“The strength of the U.S. economy continues to exceed expectations, and Florida (where most U.S. owners base their boats) has performed particularly well,” said Dazert. “The top end of the market was hit by the Russian withdrawal, but it is starting to recover, especially with inquiries from the US.”

The U.S. share of total superyacht ownership remained constant at 23.6 percent from 2023 to 2024, according to the report, while Russian ownership fell from 8.1 percent to 7.8 percent over the same period.

And while Americans have historically been more likely to buy slightly smaller yachts than the Russians, Dazert said they are gradually moving up in size.

For new superyachts longer than 40 meters, Russia’s share (now six percent) has declined over the past decade, while the U.S. share (29 percent) has continued to increase, the report said.

The report concludes that the superyacht market could experience a “further slowdown” in 2024, citing the conflict in the Middle East and the US presidential election – an event that is sometimes thought to be on affects sales.

Other luxury goods are also affected

The “Süddeutsche Zeitung” reportedthat, according to the figures for the first quarter of 2024, sales of the French luxury group LVMH in the “Wine and Spirits” division fell by 16 percent compared to the same quarter of the previous year.

One could assume that there is a connection because fewer new yachts are being sold and there are fewer ship christenings in which a champagne bottle is occasionally smashed on the hull.

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This article was translated and edited from English by Jonas Metzner. You can read the original article here read.

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