Yacht auctions are an invaluable way of buying or selling a boat. For sellers it can be a fast way of gaining a sale and guarantees that all buyers are serious. The sale is protected too – the auction house will help you retrieve your money if a buyer is slow to pay.
For buyers, it is a method of acquiring a yacht with the minimum of fuss. All of the investigative work has been done beforehand, you simply have to view the yacht and then place a bid.
Those held in person and led by an auctioneer, and those held online with a sealed bid system which often require you to register beforehand. Boat Auctions held in person are typically very simple; you simply study the information beforehand and then place your bid on the day. Those that are held on the internet however, usually involve you having to register your interest in advance.
Some companies charge a deposit upon registration in order to minimise fake bids.
You can find yourself paying less than in mainstream auctions or through brokers because the company wants a quick sale. These boats are the result of foreclosures so the sale is often fairly straightforward too. Prior to the auction, the auctioneers will present information to potential buyers. This usually includes the marine surveyor’s report and an invitation to watch a sea trial.
And are not necessarily for everyone. Prices can be hit or miss; you can bag a complete bargain if you happen to be at the right auction on the right day at the right time. However, you can end up paying much more than you wanted to or even lose out on a boat you had your heart set on. Because somebody else wants it just as much as you do and you end up entering a bidding war.
If you are interested in more traditional methods of sale then have a look at Livingonaboat.net . Here you may be able to find your ideal boat without having to worry about other people bidding on it.
If you want to read more about how Yacht Auctions work and checkout some inventory of boats and yachts coming up for auction, here is www.YachtAuctions.com. There are a few others on our resources page here and you can always try Ebay in the UK, USA Europe and Australia