Morley aims to renew yacht auctions for VIPs
Fighting against the traditional perception of yacht auctions as fire-sales, Tim Morley has assembled a broad inventory of quality yachts, assembled a roster of connected agents to draw in buyers and has the big brokerage houses on board for his first auction in Antibes.…
Tim Morley is hoping to bring the high glamour and drama of art auctions to the Antibes Yacht Show in April. The owner of Morley Yachts, a Monte Carlo-based charter and brokerage house, has assembled an inventory of over 20 boats, including four 30m+ superyachts like the 2011 55m Dubois-styled Proteksan-Turquoise build Turquoise and the iconic 77m salvage tug-turned superyacht, Lone Ranger.
Though a bank that asked for his help to sell a repossessed yacht sparked the idea, Morley wants to distance the Prestige Yacht Auction from previous attempts to offload distressed assets. “There is no reason why a yacht auction can’t be every bit as sophisticated as an art auction,” Morley insists. “We will auction a 2011 yacht with an asking price over $30 million.” France’s leading auctioneers, Cornette de Saint Cyr, highly established in the worlds of fine art and design, will administer the sales.
Morley has pulled together both the inventory of yachts for auction and potential buyers through a carefully assembled cadre of personal contacts. “I really feel that with something like this, word of mouth is the most effective method, so I’ve identified over 50 people that are the best connected to bring in buyers,” Morley says. “Some of them are incentivised; some are just doing it as a favour.” Along with the main auction at a VIP tent in the Antibes Yacht Show, the auction will also include a private live-feed room at the Star Deck in Monaco, where telephone bids can be placed to the main auction.
“We wanted to bring in something for everyone,” Morley says of the range of yachts that will come up for auction. “We’ve got 16 boats under 20m and along with the four we have over 30m, we have a 48m with Fraser Yachts that looks likely to come in. Edmiston have a bunch that they are going to put in but they haven’t been confirmed yet.” Berths and a helicopter are also expected to be up for bid.
“Without the brokerage community get on board with this auction, we wouldn’t have the range of offerings we do,” Morley says. The commission of 9%—paid by the seller in its entirety—is shared between the sales broker, the auctioneer and Morley Yachts as organizers of the auction.
To enhance the VIP sensibility, a hosted bidders program will provide ticket holders with accommodation and transfers to the auction. Successful bidders will be directed to a Champagne bar in the room to sign a Memorandum Of Agreement, based on MYBA terms, setting the date for a completion meeting when all the necessary documents have been prepared, and the funds for full payment are ready to transfer. Token deposits will be paid by credit card, pending a bank transfer of the remainder of the deposit. Completion should be in time to enjoy the 2013 summer season.
Auctions are fascinating when they work because of what they suggest about the state of the wider market. With a broad inventory and a good selection of bidders, in an auction’s quick-fire environment one gets a sense of where people’s emotional and financial sensibilities are with regards to the value of a yacht. Morley’s auction is a formidable endeavour to undertake, though if successful, a profile-enhancing move that should be well worth the risk.
With a marketing campaign that includes radio spots in Moscow, Doha, London, Amsterdam, Geneva, Miami, the Balearics and others, Morley is hoping to generate significant buzz around the event. No doubt, some interested parties will wait to see how this first auction goes. Morley’s plan is to do two a year: one in April and a second in September—conversations with the organizers of both the Monaco Yacht Show and the Festival de la Plaissance de Cannes are being held shortly.
The Prestige Yacht Auction will be held on 20 April 2013 from 3pm. Bidding starts at 3.20pm, and is expected to last until 6pm.
Though a bank that asked for his help to sell a repossessed yacht sparked the idea, Morley wants to distance the Prestige Yacht Auction from previous attempts to offload distressed assets. “There is no reason why a yacht auction can’t be every bit as sophisticated as an art auction,” Morley insists. “We will auction a 2011 yacht with an asking price over $30 million.” France’s leading auctioneers, Cornette de Saint Cyr, highly established in the worlds of fine art and design, will administer the sales.
Morley has pulled together both the inventory of yachts for auction and potential buyers through a carefully assembled cadre of personal contacts. “I really feel that with something like this, word of mouth is the most effective method, so I’ve identified over 50 people that are the best connected to bring in buyers,” Morley says. “Some of them are incentivised; some are just doing it as a favour.” Along with the main auction at a VIP tent in the Antibes Yacht Show, the auction will also include a private live-feed room at the Star Deck in Monaco, where telephone bids can be placed to the main auction.
55m Turquoise will be one of the yachts up for bid at Morley's Prestige Yacht Auction
“We wanted to bring in something for everyone,” Morley says of the range of yachts that will come up for auction. “We’ve got 16 boats under 20m and along with the four we have over 30m, we have a 48m with Fraser Yachts that looks likely to come in. Edmiston have a bunch that they are going to put in but they haven’t been confirmed yet.” Berths and a helicopter are also expected to be up for bid.
“Without the brokerage community get on board with this auction, we wouldn’t have the range of offerings we do,” Morley says. The commission of 9%—paid by the seller in its entirety—is shared between the sales broker, the auctioneer and Morley Yachts as organizers of the auction.
To enhance the VIP sensibility, a hosted bidders program will provide ticket holders with accommodation and transfers to the auction. Successful bidders will be directed to a Champagne bar in the room to sign a Memorandum Of Agreement, based on MYBA terms, setting the date for a completion meeting when all the necessary documents have been prepared, and the funds for full payment are ready to transfer. Token deposits will be paid by credit card, pending a bank transfer of the remainder of the deposit. Completion should be in time to enjoy the 2013 summer season.
77m Lone Ranger, one of the world's great expedition yachts, is also up for bid
Auctions are fascinating when they work because of what they suggest about the state of the wider market. With a broad inventory and a good selection of bidders, in an auction’s quick-fire environment one gets a sense of where people’s emotional and financial sensibilities are with regards to the value of a yacht. Morley’s auction is a formidable endeavour to undertake, though if successful, a profile-enhancing move that should be well worth the risk.
With a marketing campaign that includes radio spots in Moscow, Doha, London, Amsterdam, Geneva, Miami, the Balearics and others, Morley is hoping to generate significant buzz around the event. No doubt, some interested parties will wait to see how this first auction goes. Morley’s plan is to do two a year: one in April and a second in September—conversations with the organizers of both the Monaco Yacht Show and the Festival de la Plaissance de Cannes are being held shortly.
The Prestige Yacht Auction will be held on 20 April 2013 from 3pm. Bidding starts at 3.20pm, and is expected to last until 6pm.
Profile links
Proteksan Turquoise Yachts Inc.
Edmiston & Company (Brokerage)
MYBA (Mediterranean Yacht Brokers Association)
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