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This preference for the latest and greatest has put great
strain on the charter market, particularly during high season in the
Mediterranean, where there aren’t enough big, sleek new boats to meet demand.
And Russia’s short history with luxury boating means that few natives are
interested in sailing yachts, which tend to appeal to people with a taste for
sailing traditions and classic sailing-yacht styles, thus further reducing the
inventory. The squeeze is particularly notable in light of recent history.
The Mediterranean’s charter business dropped severely after Sept. 11, as many
Americans opted against overseas travel. But new money in Eastern markets meant
new clients, and those neophyte boaters literally helped keep the Med’s
charter industry afloat during the last five years. With Americans again
traveling, demand is up and so are prices. And while chartering is often the
means of entry into yachting, the charter-market shortfall is actually pushing
many Russians to buy before they try.
Moscow classics: Right photo: An ancient cathedral. Far Right Top photo: A salty trawler-style vessel at the boat show. Far Right Bottom photo: Lenin's tomb. Photographs by Brian Courtney. (Click images to enlarge) |  |  |  |
"The entrepreneurs who have become successful in the new
economies of the former Soviet states have a certain fearlessness," says Fabio
Ermetto, the Viareggio-based sales manager for Benetti. "They have the resources
and the desire, so many are just going directly to ownership." The company, working in conjunction with Edmiston & Company
in Monaco, recently signed contracts with Russian nationals for the construction
of four 59-meter yachts. It also signed Eastern European clients for an Andrew
Winch–designed 57-meter vessel and a 59-meter yacht with an interior by Redman
Whiteley Dixon.
Feadship’s Ecstasea is also Russian-owned. (Click images to enlarge)
The fact that Benetti’s signings are in pairs (and pairs of
pairs) is no coincidence. According to Ermetto, most of his Russian clients come
with friends. Sometimes it is an "experienced" sailor introducing someone new to
yachting; other times both are beginners looking for mutual support in a new
endeavor. "Most buyers from this region are quite worldly. Yet, it seems very
important to most that their entrée into yachting be shared with someone with
whom they are personally close." Fraser sales broker Dennis Frederiksen, agrees. "Their networks are very important to them. But at the same time, there is a
great deal of one-upmanship among them. The first-time buyer will want a bigger,
better boat than his friend who brought him into yachting in the first
place."
 The National History Museum guards the
entrance to Red Square and the Kremlin. Photograph by Brian Courtney. (Click image to enlarge)
As fast as the Russians picked up on the free-market economy,
they also are beginning to understand yachting, says Frederiksen. "Three years
ago I wouldn’t even consider showing a used boat to a Russian client. Right now
I’m working with one who is ready to buy a ten-year-old refit Feadship. He
understands Feadship’s lineage. This is evolution at work."
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