Two of the yachting industry’s significant trade associations have sent a letter to the organizers of the Monaco Yacht Show stating that their members do not intend to exhibit at the 2020 show, set to run Sept. 23-26.
First reported yesterday by Superyacht Times, the letter from LYBRA and SYBAss identifies two main reasons for the groups’ decision not to participate: the state of public events with COVID-19, but also the increased costs to exhibit.
“We have these huge investments in Monaco, and the show has very little ROI,” said one broker with a LYBRA-member brokerage firm. “We’d all like to see costs reduced. … The show needs to make money, and we need to make money, but it feels like we’re fueling the spectacle. We all enjoy boat shows, but they should be run more like a business and not a dynasty.”
The Monaco show is produced and owned by Informa Markets, which also produces the Fort Lauderdale International Boat Show and the Palm Beach International Boat Show, and is a part owner of the Miami Yacht Show.
This broker, who asked not to be named but is known to The Triton and who has been in the industry for decades, suggested that pricing similar to what exhibitors pay in Palm Beach would be more palatable. He would not say if the groups are considering a similar move for the Fort Lauderdale show, scheduled to be held about six weeks after Monaco.
“The Fort Lauderdale show is meaningful to all of us, it’s not as expensive as the Monaco show, and there’s a higher ROI,” he said. “We all want to see the Fort Lauderdale show come off, I can tell you that.”
This year’s Monaco show is set to be its 30th edition. The show now features 125 superyachts with an average length of 49m.
LYBRA (the Monaco-based Large Yacht Brokers Association) is made up of brokerages with a fleet of central agency yachts with an LOA greater than 30m. Current members include Burgess, Edmiston, Fraser, IYC, Northrop & Johnson, Ocean Independence, YachtZoo and Y.Co, according to its website.
LYBRA has its own sales and charter show, The Superyacht Show in Barcelona, typically held the second week of May. What would have been the third annual show this year has been cancelled.
SYBAss, the Monaco-based Superyacht Builders Association, unites and represents superyacht builders around the world. According to its website, its 21 members represent 60% of yachts over 40m. Current members include Abeking & Rasmussen, Benetti, Burger, Amels, Delta, Feadship, Lurssen, Oceanco and Perini Navi.
Lucy Chabot Reed is publisher of The Triton. Comments are welcome below.