The Middle East, markets, mantras: Worth Avenue’s Bardon
Bardon is a regular visitor to Dubai as the Middle East market expands.
Being multilingual is a handy skill but just as important is fluency in deciphering different cultures, says Mathieu Bardon, managing partner Europe, Worth Avenue Yachts.
The Monaco-based Bardon sits at the crossroads of major yacht markets in the US, Europe and the Middle East and says having a knack for their cultural nuances is a valuable art.
From Americans, who are more into telling their friends, to French clients preferring more discretion, knowing what works well in one part of the world versus what may be inappropriate is key.
“Successful brokerage is as much about emotional intelligence and timing as it is about product,” Bardon tells us.
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His expertise is particularly valuable in the Middle East, where Worth Avenue Yachts has gained traction. He sees the market expanding rapidly, both from established local wealth and a swelling expat population, notably in the United Arab Emirates.
“Liquidity in the market and an increasing appetite for leisure assets make the region one to watch,” says Bardon, who had the listing for the 91m Dubawi. “There’s a generational evolution happening – many younger buyers are entering the space with a preference for contemporary design and flexible use.”
He is seeing a change in attitude in Europe, too, with younger members of established yachting families preferring to move on from legacy yachts to modern vessels. “They care a bit less about the pedigree and more about innovation, layout and technology,” he says. “We’ll see a lot of boats on the market in the coming 5-10 years because of the switch of generation.”
The 36m Silver Yachts Reduce is for sale with Worth Avenue yachts.
Market reality
As the general market continues to recalibrate after the Covid highs, Bardon thinks brokerage prices “still need to go down”.
“We only take listings when we believe the asking price aligns with market reality,” he says. “Rather than focus on what’s listed, we prioritise what has actually sold. That’s how we help clients make informed decisions.”
The unique structure of Worth Avenue Yachts – founded in the US in 2011 by industry veterans Michael Mahan and Brian Tansey – means the brokers routinely collaborate across markets to have a local presence. When he got the listing for the 52m Palmer Johnson Sanam, Bardon suggested to the owner they add his US colleague Kevin Ralph as he had sold the yacht’s sister ship DB9 and knew all about the model, the yard and the US landscape.
“We feel it’s better to share the commission and do a good job for the owner,” says Bardon.
As a privately owned and privately managed company, Worth Avenue focuses on its core skills of brokerage and charter, using trusted partners for other functions.
“Management and brokerage are two different businesses,” he says. “It’s like if you build cars and motorbikes. They both go on the road, but they’re not the same.”
Equally, the company steers clear of giving VAT or tax advice. “They are such a niche, and it varies so much depending on the client profile, the yacht, how they’re going to operate,” he says.
‘Everything is possible’
Among Bardon’s golden rules for brokers, the first is to “listen more than you speak”.
“Understanding the client’s preferences, how they interact with family, how they respond to detail, helps us tailor the experience,” he says.
Always being available is another – “it’s almost 24/7, you have to deal with it” – while being prepared to admit you don’t know something is better than bluffing and getting it wrong, he adds.
One fundamental mantra for Bardon is that there is always a solution to a problem, whether it is financial or something time can fix. Transparency is huge in retaining clients, he adds.
“Everything is possible,” he says. “Being able to find the right solution and guiding the people to agree on it is one of the keys. There aren’t many deals where there are no obstacles and you’re closed in four weeks.
“If the yacht has an issue, you shouldn’t push to close the deal. If your only goal is making money, you won’t be in the industry for the long term.”
Clash of egos
Bardon recently closed on a Princess 95 but only after a protracted drama when the yacht hit a submerged log cruising from Antibes to San Remo to undergo a survey. There was significant damage to one of the stabilisers, the drive shaft and propeller which was going to take money and time to fix.
“I said to the client you can step out of the deal, no problem,” says Bardon. “But there is nothing on the market in your budget of this size with the space. So you can take the risk of getting the boat delivered late, or you can take the risk of not finding a boat.
“It was a complex structure but now the client is super happy with the yacht.”
Bardon explains that many yacht sales fall through not because of technicalities, but because of interpersonal dynamics with the broker needing to act as a shock absorber.
“Often, it’s a clash of egos between stakeholders,” he says.
“Our job is to mediate and maintain momentum without escalating tension. You have to know when to relay a message directly and when to translate it with diplomacy.”
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