As we near the halfway point of 2023, it is an opportune time to assess the state of the second-hand brokerage market. While the past couple of years have been characterised by a surge in activity and transactions, the market is cyclical and exclusive BOATPro data has shown indications of a slowdown.
According to the BOATPro data, there were 86 superyacht sales completed in the first quarter of 2023. This figure is just 63 per cent of the 136 transactions recorded in the last quarter of 2022 and 54 per cent of the 160 sales in the first quarter of 2022.
This level of activity is reminiscent of the pre-pandemic market in 2019 and 2020 – hinting at a return to normalcy that was anticipated by many in the brokerage market. The most recent data, however, is contradictory to this. Data from BOATPro revealed brokerage sales in May hit a total value of €863.2 million, dramatically up from April’s €259 million.
While this figure was bolstered by the sale of the 115m Lürssen AHPO (now LADY JORGIA), which had an asking price of €330 million, it shows a healthy level of demand from buyers ahead of the summer season. This is positive considering industry speculation that increasing global economic uncertainties could have a detrimental impact on the market.
Another significant sale in May was the 75m Feadship ARROW, which had an asking price of €139.9 million. Time will tell if this calibre of sales will be maintained for the rest of the year, but the 63 new listings with a total value of €805.8 million added to the brokerage market in May is a promising amount of inventory to work with.
What is evident is that more clients are entering the market in recognition of the unique experiences that yachting can facilitate. Prospective buyers and sellers are welcome to contact the Moravia Yachting brokerage team to discover the optimal way to approach today’s market.