Brokers on ‘two-speed market’, resilience and straight talking

The 65m ISA superyacht Resilience was asking $65m
The superyacht market is much like a chocolate orange; it is all about the segments. But in yachting’s case, the segments can be very different.
“It is a slightly two-speed market,” Simon Goldsworthy, a broker with Edmiston, tells us. “How good the market is depends on what you have got to sell.”
Goldsworthy suggests that nearly new yachts with good pedigrees will quickly receive multiple offers unless asking prices are “completely outlandish”. “There are plenty of people with money to spend,” he says. Conversely, the market for selling older boats in less than pristine condition, particularly in the lower production segment, is “challenging” with ample inventory driving down prices.
“It is a sellers’ market for recent boats and a buyers’ market for older boats,” says Goldsworthy. “If you want a recent 60m steel boat, you’d better pay up or you’re not getting one.”
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Simon Goldsworthy is a senior sales broker for Edmiston.
Opportunity
For Frank Grzeszczak Sr., founder and chairman of the FGI Yacht Group, the market is poised for significant momentum. Having recently sold the 50m Trinity Tsumat, and with several new construction projects under way in Europe, Grzeszczak sees “ample opportunity on the horizon”.
Goldsworthy and Grzeszczak recently joined forces to close the deal on the 65m ISA Yachts Resilience, asking €65m. The seller was a long-standing client of Goldsworthy’s and the pair had previously bought and sold a 50m, and commissioned the build of Resilience, which launched in 2021.
“It was a nice deal, straightforward,” says Goldsworthy. “Frank’s very experienced, as am I, and we had good lawyers on both sides, which always makes life so much easier.” Mark Needham of Hannaford Turner represented the seller, while David Maass of Alley, Maass, Rogers & Lindsay worked for the buyer, who was a charter client of Grzeszczak’s FGI partner Barbara Stork Landeweer.
“The deal was seamless, very professionally managed by both parties, and the seller fulfilled all his obligations without issue,” says Grzeszczak, an industry veteran of nearly 40 years and IYBA’s 2023 Broker of the Year.

Frank Grzeszczak Sr. is the founder of FGI Yacht Group.
American Grzeszczak spent a week with the client at the Monaco Yacht Show in 2023, looking at a range of yachts but mainly attracted by Resilience. They joined up again to view boats in the principality in September but came back to Resilience, which was newly on the market.
“There were a number of interested parties but fairly early on these clients became the most serious,” says Goldsworthy, who worked with Grzeszczak in a reversal of roles in the sale of the 60m Benetti Andiamo in 2021.
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With a good relationship, the pair were able to work through the negotiations efficiently to achieve a favourable outcome. “You need to stay calm and not get too excited,” says Goldsworthy. “People with less experience often tend to get emotional and jump at shadows.”
From Grzeszczak’s perspective, patience and effort played a critical role. “It takes a buyer and seller to want to make a deal. Some become unrealistic about what it takes to make it happen, some become unrealistic about what they think the value is,” he says.
“We knew the clients were very capable, and we put the time and effort in to make something happen.”
Controllables
Goldsworthy says his client was in some ways a “reluctant seller” but he needed the funds to finance a new build. The broker pointed out that selling Resilience at its three-year mark, before it reaches its five-year survey or needs a repaint, was an optimal strategy.
“If we waited another year, the price we could achieve would be very different,” he explains. “In the end, the yacht sold close to its asking price. Also in our favour was a lack of competition on the market.”
Even with a successful transaction, external factors often influence deals.
“There are all sorts of things going on in our clients’ lives that don’t involve your deal,” says Goldsworthy. “It could be illness, business matters or even a shipyard they’ve been talking to that offers them a big discount which tips them over the new-build line instead. You can only control the controllables.”
READ: ‘I thought I’d been absolutely brilliant’ – Goldsworthy
One of the most frustrating challenges, according to Goldsworthy, is when clients play one broker off against another.
“We try to build strong relationships with the client and make them understand that having a loyal relationship with one high-quality broker will serve them better in the long term than having multiple brokers who might be less loyal,” he says.
“Ultimately, you’ll have a better time in yachting, they will introduce you to good people and look after you and make sure it is easy and seamless and hassle-free.”
Long-term interests
On the purchase side, the Briton’s philosophy is to tell it straight to his clients, pointing out not only the good points of a yacht, but also the negative aspects. For example, he says, a yacht may be perfect for blasting from Monaco to St Tropez but not for the client’s stated desire for long ocean passages and Caribbean seasons. “You need to come across as someone who will properly advise them and has their long-term interests at heart, rather than a fly-by-night who wants to earn a quick buck,” he adds.
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Goldsworthy says his straight talking once earned him the loyalty of a new client who had been speaking to several other brokers as well. Asking why he got the nod, the client reportedly said: “I found the moment that I expressed any interest in a yacht to the other brokers it suddenly became the best yacht in the world, and in their view I should definitely buy it. That’s not what I want.”
Grzeszczak echoes the sentiment of a straightforward approach earning him the loyalty of many clients, stressing the importance of transparency. “No lies. And great follow up – that’s what makes the difference,” he says.
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