Luxury Mangusta 92, up to 12 guests, from euro 7,500 until 1st May, 2013

Monday, November 10, 2008

Superyacht market trends: what to do before the thunderstorm...

Aelbert Cuyp 1640-1645 -Thunderstorm over Dordrecht

About the luxury goods...
A recent article published by the Wealth Report reported that "the Lamborghini Orange County–which typically sold 10% of the world’s annual production of Lamborghinis and counted NBA stars Kobe Bryant and Dennis Rodman as clients–has shut its doors."
The same goes for luxury accomodation and luxury travels.

About the clients...

Meanwhile, the Russia Profile website explains that "
Just like ordinary citizens, Russia’s oligarchs have so far been unable to escape the tide of the global financial crisis. Having found themselves owing billions of dollars in loan payments, they are now turning to the government for help, willing to transfer ownership of parts of their businesses or even the firms in their entirety to avoid total bankruptcy."

In terms of figures, Bloomberg estimates that in the last two months, Russia’s 25 richest people (Roman Abramovich and Oleg Deripaska among them) lost no less than $230 billion due to the financial crisis. Many Russian oligarchs are also the proud owners of the biggest superyachts like A or Pelorus.

About the superyacht market...
According to a famous website dedicated to the superyacht charter business, "there are a fair number of boats that still have availability for Christmas charters which is an unusual situation this late in the season".

Most of the biggest yachting companies organise brainstormig meetings to grow their margins...or simply to keep their existing clients from looking elsewhere.

Time will tell...

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