Brokerage News

Superyacht Auction - Apoise Sold for $46 million

The luxury 67m Lürssen superyacht Apoise has been sold to a UK bidder for a below market price sum of $46.6 million dollars at an auction in Grand Cayman.

The yacht was held at an unreserved auction today with bidders from all over the world arriving at the Ritz-Carlton or logging on to the Ritchie Bros. site in order to take part in the auction.

Apoise is a widely celebrated superyacht with a powerful and sophisticated design from Espen Oeino. Built in 2006 and benefitting from a refit in 2009, the superyacht offers style, comfort and performance.

Evidently the auction for this particular yacht has proved a great success for the buyer with the sale coming in way below the estimated worth. When delivered, Apoise topped $90 million in 2006, before her refit in 2009. Sold for $46.6m the Apoise created a gap of $43.4m, going for almost half of its estimated worth before refit.

Kim Shultz, Manager of Commercial Communication with Ritchie Bros. Auction House reported “We really didn't have any expectations on what the Apoise will sell for ... A Wall Street Journal article speculated that it would sell for at least $40 million US dollars and noted that it could go for much less given the large number of yachts currently on the market. Apoise sold for $46.6 million US dollars at our unreserved auction today. So I'd say the auction was very successful.”

For those who sell a superyacht under the hammer there is always a risk, especially in an unreserved auction. Today's bids failed to reach the estimated worth, generally, a loss can be incurred at auction with the added cost of the auctioneer commission on top. However, Stephen Branch from Ritchie Bros. auction has stated that the auction was a success, following their belief in the auction system “It was very good for us, the owner is extremely happy with the outcome”.

Buyers who acquire a superyacht for a greatly reduced price through auction will clearly see the immediate benefits but a superyacht should be a personal acquisition that requires great consideration.

Jaime Edmiston from brokerage firm Edmiston Yacht Company commented "If he had gone through a broker he would have certainly achieved considerably more than €34million"

However, Apoise will not disappoint as her palatial interior and powerful performance make her an extraordinary superyacht, ready to traverse the seas.

Photo Gallery:

  • Superyacht Auction - Apoise Sold for $46 million

By: B. Roberts
Published: 30th Mar 2010

If he had gone through a broker he would have certainly achieved considerably more than €34million
Jamie Edmiston