Makers of superyachts costing tens of millions of dollars each are urgently targeting new customers from emerging markets to compensate for the loss of clients in crisis-stricken Europe, according to manufacturers and brokers at the Monaco Yacht Show this week.
“Everyone here is hoping that the Chinese get into yachting quite soon,” said Jamie Edmiston, director of the Edmiston broking group. “There is a little bit of interest. There’s one or two Chinese buyers or owners, but it hasn’t really taken off yet.”
Superyachts – pleasure vessels more than 30 metres (100 feet) in length – have been slower than other, less capital-intensive sectors of the luxury goods market to bounce back from the collapse of Lehman Brothers in 2008.
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