The market for 60m Benettis – and those there or thereabouts in length – has been a very price-driven and lethargic sector of the brokerage market in recent years. And while some of the newer, better designed and better maintained boats of this lineage have fetched final asking prices between €30–35 million in the past, there is now an ageing fleet in this market sector, exemplified by recent sales prices.
In March 2017, The Superyacht Intelligence Agency conducted brokerage market analysis only to find the average 57.5–62.5m Benetti for sale at the time had been on the market for two-and-a-half years – one of which had been for sale for over 1,500 days!
Clearly, some of the listings at the time were a far cry from a fair market value, however, two significant sales in the past two weeks have catalysed a much-needed call to action for this sector: M/Y Mine Games was sold for $29.95 million (approx. €25.95 million) by Galati Yacht Sales, Northrop & Johnson and Worth Avenue Yachts, and M/Y St David was sold for €22.5 million by West Nautical and Morley Yachts.
If you break down the selling prices by the gross ton, the two sales – €23,220/gt for St David and €24,366/gt for Mine Games – are actually the lowest ever recorded for Benettis at this size. This is likely the result of an ageing fleet in this sector and a more realistic approach on the part of the sellers, as opposed to being indicative of an unhealthy market. That said, 59.3m Lady Luck managed to fetch a final asking price of €36,232 (€35 million) when she was the same age as Mine Games in January 2017.
The delivery of Galkynysh in 2007 set a trend for the delivery of four more Benettis bordering 60m and 1,000gt, with a Stefano Natucci/Studio Massari design collaboration, before the end of 2010. However, in the last four years, the only 57.5–62.5m Benetti to hit the water was 61.9m Waku in 2016, so it seems this specific size range has fallen out of favour at the yard.
For the moment, the only two Benetti listings that remain on the brokerage market at this size are the 59m Iman, formerly I Dynasty, which sold in August 2017 for €29.5 million and came back onto the market in September 2018 with an asking price €26 million.
The other is 61.5m Swan, which was initially listed for sale with Fraser for €37.5 million in June 2014. Having been through the hands of multiple central agents, she is now for sale with IYC for a much more realistic $29.95 million.
While slightly larger in size, Peter Thompson of Thompson Westwood White Yachts recently listed prolific superyacht owner, John Staluppi’s, 69.3m Spectre for sale for €65 million. The yacht, which will be delivered in early 2019, provides the market with a newer, larger option from the Benetti fleet.
For a comprehensive analysis of the current state of the brokerage market, download The Superyacht Annual Report 2018: Brokerage.
How brokerage relates to ‘The Perfect Customer Journey’ will form an integral part of the discourse at The Superyacht Forum in Amsterdam from 12-14 November. To view the programme, click here, and if you haven’t booked your place yet, click here.
Images: M/Y Mind Games (image one) and M/Y St David (image two)
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