The luxury yacht brokerage market can be an arduous process for sellers to navigate, and it’s not unheard of for beautiful, high-end vessels, even those of the “superyacht” class to sit on the market for months (or even longer). And while waiting for the right buyer to come along, carrying costs like dockage, crew, insurance, maintenance and fuel add up quickly, and are significant.
Elite Auctions is here to change the paradigm when it comes to listing or buying luxury yachts. A live, no-reserve luxury yacht auction provides sellers a cost- and time-saving alternative to the conventional list-it-and-wait approach. An auction guarantees a fast sale (often in under 45 days) with effective marketing and expert support provided along the way. For buyers, a no-reserve auction offers the tantalizing prospect of a great deal – and the thrill of competing with other ultra-high-net-worth individuals for the win on auction day.
If you’ve come to the point where you’re ready to offer your vessel for sale, or perhaps it’s already been on the market for some time, and are considering a luxury yacht auction, we’ve broken down the process for you, from the pre-listing stage to the final settlement. So, ready to sell? Let’s take a look!
1. Careful Yacht Selection
For every vessel we place for auction, we’ve already taken steps to ensure that it is in nothing short of “Bristol” condition, deserving of its luxury status, and positioned to impress the right buyer. During the initial consultation, we’ll discuss the seller’s goals, concerns, and priorities regarding the auction. This helps us to create an ideal timeline for the auction, one that meets the seller’s needs, and to begin crafting a strategic marketing plan that advertises the extraordinary opportunity to the right prospects.
2. Marketing Magic
Every successful yacht auction is the product of a marketing team that combines all of their skills, previous successes, and expertise together to get the vessel placed in front of
well-qualified, highly-motivated buyers. We work with the yacht broker to learn more about the unique characteristics of the yacht and speak with the owner to determine what they would like to achieve financially when the hammer drops and the auctioneer screams “SOLD!” at the conclusion of the auction. Then, we set our people to work. Videographers, photographers, media buyers, website designers, SEO specialists and many more, all working together to achieve the same successful outcome for the seller. Our market directors and project managers organize and schedule previews and private demo cruises, while in-house marketers ensure the incredible buying opportunity that a no-reserve auction represents is publicized as effectively as possible.
3. Building Competition
In the days leading up to the auction, prospective bidders iron out their financial arrangements for an all-cash purchase that closes quickly, perform any final inspections of the vessel, sign or return their terms & conditions, and prepare to make a deposit (usually in the form of a cashier’s check). Elite Auctions completely and thoroughly vets all bidders prior to the auction to ensure they are prepared for, and fully aware of, the legally-binding financial obligations they’ll be responsible for, which makes for smooth sailing on auction day.
The auction itself, run by professional and fully-licensed auctioneers with decades of experience, increases competition among buyers by essentially creating a “multiple offer” scenario, common in real estate, for example, and the result? A highly charged atmosphere of back-and-forth bidding with the auctioneer calling out the bids (and always asking for more) until the last call is given and the gavel drops.
4. The Final Sale
After that, the winning bidder provides the predetermined deposit up-front, and a final settlement date is set (usually within 45 days of the auction itself). This entire process is managed by the experts at Elite Auctions every step of the way. Our team has made it their life’s business to facilitate a simple and successful transition between sellers and buyers, and we’ll do everything we can to ensure both parties are satisfied.
Interested in learning more about selling with Elite Auctions? We’re here to answer your questions and to help you find a buyer for your luxury yacht at true market value, on a date of your choosing, in the shortest amount of time. Don’t hesitate to contact us today if you’re ready to sell. A member of our team will respond as soon as possible.
