Earlier this month, journalists gathered on Katya, a high-end superyacht by Burgess, to discuss the luxury market. Katya, a US custom design, boasts plush interiors and beautiful decks, listed at $34.9M in the US. The yacht will be available for charter in New England this summer from $161M-$196M
The purchases of uber luxury goods by the world’s elite signal trends in the global economy and also represent the latest and greatest in ultimate status symbols. Check out part of the interview held by CNBC’s Robert Frank, a wealth reporter, a Jonathan Beckett, Chief Executive of Burgess:
“Frank: How has the yacht market changed pre-crisis to now?
Beckett: A yacht owner phoned me the other day and said ‘What’s the market like?’ and I said, ‘It’s a fantastic market… if you’re a buyer.’ Pre 2008 it was very much a sellers’ market. There was huge demand and the supply wasn’t there to satisfy the demand. A number of owners were commissioning and building from two to five yachts and selling them during production for a premium. Today there’s a huge supply in comparison to demand so prices are under enormous pressure. Prices have reduced substantially and no one is building on spec any more. There are a lot of deals to be done. That’s the interesting thing about the American market. Americans understand about deals and there are fantastic yachts out there at fantastic prices.”