The 5 steps to starting a yacht auction:
1. Retain Morley Yachts as auction administrators. By doing so you are setting the wheels in motion to get professional broker support for an accelerated listing and marketing campaign, and administration of an auction of your yacht ‘as is where is’, with a defined closing date for bids.
2. Instruct your crew and management company to assist Morley Yachts with creation of the full package of information to enable buyers to understand the value of the yacht; it’s strengths and weaknesses; it’s documentation; and it’s maintenance history. This will be a sale without sea trial or survey, so the information provided will be all the buyers have available to make a decision on their best offer.
3. Give final approval of the material and authorisation for the launch of the auction to the market. Morley Yachts will publish and advertise the sale, and circulate it to a worldwide network of clients and intermediaries to stimulate the necessary demand.
4. Respond to questions as they arise during the bidding phase, with full transparency to enable buyers to feel as confident as possible with their bidding. The bidding will start at a very low level, but it will rise to a real market price as the auction period draws to a close.
5. You will be able to reject the highest offer. If you accept, however, then the necessary Know Your Client A.M.L. will be done on the potential buyer, and all being well with that, there will be a contract with 10% deposit payable within 3 working days, and completion within a further 12 days. If the winning bidder does not perform then the auction can be re-opened for an additional period of 24 or 48 hours.