Russian oligarchs can’t buy superyachts but rich Americans are helping to fill the void [Video]

Both new and used superyacht sales of vessels longer than 100 feet fell again 2023 — in part due to sanctions imposed on Russian oligarchs.

But steady sales in America are helping to split at least some of the difference.

A total of 203 superyachts were sold globally in 2023 — a 17% drop from the 245 sold last year, according to the SuperYacht Times’ annual State of Yachting report.

That’s down from 2021’s peak of 313 superyacht sales — though the report notes the market still remains high above its pre-COVID levels, and that “any number over 200 is historically still a high number.”

Sales for superyachts over 200 feet slowed more than their smaller counterparts due to high pricing and longer build times, according to the report. And the fallout from Russian sanctions will likely impact the market for years to come, especially with respect to the larger ships that Russians have purchased in the past.

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