According to BOATPro, superyacht sales have been steadily declining since the post-pandemic surge in 2021. This raises a key question within the industry: is the appeal of superyachting truly waning, or are we simply seeing a return to pre-pandemic levels? BOAT spoke with experts at global brokerage firm IYC to gain insights into their perspective.
According to CEO Raphael Sauleau, geopolitical uncertainties in Europe could be affecting the luxury sector. “The threat of recession, sanctions, inflationary pressures during 2023 and tightening interest rates in recent years have contributed to this slowdown.” But Sauleau says it’s not all doom and gloom. “The market seems to have stabilised in 2024 and we foresee a return to normalcy (pre-pandemic levels) rather than further declines,” he notes. “Overall demand has slowed down, particularly in the smaller yacht segments (24-60 metres), but larger yachts (over 60 metres) have remained resilient.”
He continues: “Several factors are driving this trend, primarily that ultra-high-net-worth individuals seem to have been less affected by economic headwinds. They do not rely on loans or financing, which shields them from rising interest rates. There have been many price corrections, which provided opportunities to buyers who are on the lookout for a larger yacht.”
Despite the challenges posed by this uncertain market, it also opens the door to new opportunities. IYC's recent major sales underscore this, including the resale of Admiral’s 72-metre Giorgio Armani-designed yacht currently under construction, Project Metamorphosis, and the record-breaking sale of three 70-metre Admirals to a single family. Sauleau explains IYC's strategy in navigating and capitalising on these market conditions. “The company has focused on several key areas to maintain resilience, such as expanding our global reach, recruiting new talents, trying to adapt to market shifts both on the sales and charter front, expanding our yacht management division and through technological advancements with an agile digital strategy.”
The secret to IYC's success lies in its robust market intelligence teams, which are adept at reacting swiftly and strategically. This agility enables the firm to secure numerous central agencies and empowers clients to make informed, data-driven decisions. “Keeping our clients on top of recent sales data and current pricing helps guide the proper pricing for purchase or sale,” says Mark Elliott, sales and charter consultant. “New yachts coming on the market, changing prices, charter specials and location changes are very helpful data. This helps establish current trends to best guide our clients.” For Filip Jerolimov, managing partner and sales consultant, the IYC market intelligence platform's ability to select sales yachts is particularly valuable. “Once a selection with specific parameters is made, our system informs the broker should a new entry come onto the market so that the broker can present it to the client,” he explains.
Chief digital officer Irini Sarantis adds: “We are meticulous in disseminating industry news and detailed market reports via various internal campaigns. Recently, we have begun investing in business intelligence solutions to enhance our data management and visualisation capabilities. This initiative is crucial for real-time market tracking.”
On the other hand, IYC offers shipyards global visibility through its strong partnerships with industry leaders, such as The Italian Sea Group and Cantiere Delle Marche, to name a few. This momentum has only accelerated in 2024, with the firm announcing exclusive dealership agreements with Sunreef Yachts in the UK and Moonen Yachts globally earlier this year. “When a shipyard and IYC consider a partnership, we generally focus on a niche market segment. An example of this is with Moonen Yachts,” explains Matthew Stone, managing partner California and sales consultant. “Like any client, these partnerships take time and hard work. You have to earn their trust, and with that trust comes the responsibility of proving your knowledge and experience.”
It's thanks to the firm’s dynamic marketing strategies and expansive global reach that buyers find exactly what they’re looking for while ensuring sellers stand out in a competitive market. As global marketing director Steve Bailet puts it: “Finding the right balance between attractive design, insightful information and immersive collaterals is the key to targeting and retaining clients in our market. It's not just posting on social media and spending hours on SEO to rank number one.”
However, when you speak to anyone at IYC, a common belief emerges: it’s the team culture that truly distinguishes the brokerage from its competitors. “We are a corporate company with a corporate structure but we still treat our clients like a family. The client is not just a number; they get a one-on-one approach,” says sales consultant Jamie Swaine. This success can be attributed to IYC’s team of young, energetic brokers who are actively shaping the future of the industry. Paired with its agile market intelligence and strong global partnerships, it's clear that even in uncertain times, IYC remains true to its guiding principle: “We help our clients make the right decisions.”
To find out more about IYC’s brokerage services, contact the team today.
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