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Perfect Pedigree
Michael Verdon
02/02/2004
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Profitable Pedigree
The dozen-odd pedigree yards are located in North America and Europe, and include resale-friendly brands such as Feadship, Delta, Benetti, Lürssen, Royal Denship, Perini Navi, Burger, Christensen, Trinity, Lazzara, Amels and Abeking & Rasmussen, among others. It is virtually impossible to compare yard to yard, but generally the U.S. yards (with a few notable exceptions) build yachts less than 150 feet, while a number of European yards specialize in superyachts more than 150 feet. The bottom line, however, is the yard’s reputation.
"Having a major brand name on a yacht supports its value because the yard has an established track record of building quality products," notes Phil Friedman, president of Port Royal Group, a consulting firm in Ft. Lauderdale, Fla., that works with yacht owners. "The buyer is putting millions in the hands of the yard, and the only real assurance you have is its history and what it has built before. That’s why its pedigree is so crucial."
But Gilbert notes that a yacht’s pedigree goes beyond its yard of origin. "The longevity and reputation of the company is certainly a huge contributing factor," he says. "But it also extends to the naval architect and designer. It’s not like a luxury automobile or jet, which can’t be structurally altered or customized. In the course of building a yacht, you can make 10,000 decisions that either add to or subtract from its pedigree."
Details such as the interior’s stonework and woodwork, and even the name of the designer, have an impact on the resale value. The same applies to its systems. "Yes, the reputation goes up if the owner has a Picasso on board," Gilbert says. "But it’s also reinforced by one captain bragging to another about the high-tech acoustic insulation in his yacht’s engine room."
Such extreme customization explains why yachts are
typically referred to by name. "You won’t find a car or
plane with a name like Ocean Princess," says Gilbert. "Yachts develop distinct reputations, even personalities, within the
marketplace."
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