As Economy Slips, Mega-Yacht Sales Skyrocket

by http://abcnews.go.com/ on 24 Feb 2008 Around the world the demand for megayachts is booming even as sharemarkets slip and house prices fall.

The most mega of the mega yachts is Tom Perkins' 88 metre (288 feet)Maltese Falcon.

What sets the Maltese Falcon apart from others is its sails. While most yachts have triangular sails, the Maltese Falcon has rectangular sails in the fashion of the old clipper ships like the Cutty Sark.

But there is nothing old about this ship. It has every modern convenience. The yacht's interior was even designed with the art collection of its owner, Tom Perkins, in mind, said Buckley.

'It's a man's yacht,' he said. 'It's a very much a man's yacht.' When the Maltese Falcon comes into a port, 'everybody stands and looks,' Buckley said. 'Everywhere it went, there was just a continuous spectator fleet. Anyone who is afloat is just bobbing along looking at this spectacular thing.'

Buckley was so taken back by the yacht that his magazine has published a 240-page book filled with photos of the boat. So those aspiring to own a yacht but can't afford it can spend roughly $100 to look at the Maltese Falcon. (The book is available at http://www.superyachtart.com/mfb/ )

But everything is not perfect for the owner of today's megayacht. For one, Buckley said, while shipyards have been ramping up operations to meet the explosive growth, there has not been a similar growth in good crews. Many owners are having trouble finding the people to man their ship.

Then there is the issue of where to put the yachts when in port. Buckley said that the popular ports in Monaco, Saint Tropez and Corsica simply don't have room for these ever-larger yachts. They could be anchored offshore and the owners could get to town on smaller tender boats. But Buckley points out that if you own one of these yachts, 'you want to be seen.'

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