GOODBYE NEGOTIATION. HELLO COMPETITION.
Gone are the days of endless negotiation and inevitable costs and depreciation. With its time-sensitive live online auction approach, Boathouse Auctions creates a sense of urgency in an otherwise sluggish traditional yacht market — reducing the sales timespan from months and years to six weeks or less.
Here’s how it works:
- Seller selects the date they would like to sell their vessel
- Seller selects the Reserve Auction or Absolute Auction option
- Brokerage responsibilities remain unchanged; commissions are paid
- The entire process takes approximately six weeks from start to finish
- Prospective buyers bid through an open and transparent platform
- Buyers pay a 5 percent “Buyer’s Premium”
frequently asked questions
The seller must provide hull and engine
surveys performed by well-known, respected surveyors. The survey is provided as an independent assessment of the vessel for prospective
buyers and will be posted in each auction listing in the “Vessel Detail”
box. Since all sales are final and unconditional, surveys give prospective
buyers a reasonable understanding of the vessel condition prior to performing
their own due diligence within the auction preview period.
The broker’s responsibilities remain unchanged. Brokers address questions, perform showings, attend sea trials, and manage the closing and financial transactions. It is important to note that all prospective buyer due diligence is conducted during the preview period. After the auction is complete, sales are final and unconditional.
Listing Brokers and Selling Brokers are compensated via commission terms outlined in the listing agreement. We do not conduct auctions without a Listing Broker and commissions offered to the broker representing the buyer. The results are simply better through collaboration with yacht brokerage professionals.
All auction participants must register prior to bidding on any vessels. Once registered, a deposit/escrow is required to bid. Details can be found within each auction listing. Should you have questions regarding registration or how to place a bid, don't hesitate to give us a call — 203.530.3870
Yes, vessels at auction are available for pre-auction sale. If a prospective buyer makes an acceptable offer, the vessel will be removed from the platform prior to the start of the auction.
Yes, all sales are final and unconditional. Unlike a traditional yacht sale where due diligence is performed after the initial agreement and price negotiations, all due diligence is performed prior to bidding. A seller’s survey report is provided with each listing to add transparency and aid prospective buyers in determining interest. Bidders are welcome to utilize a surveyor of their own to conduct a traditional survey, validate existing information, or provide further inspection.
When bids are placed within
the final two minutes of an auction, the clock is automatically reset to two
minutes. This functionality is in place to deter just-in-time, last-second
bidding while also allowing each bidder the time needed to consider and input
their next bid. Boathouse Auctions also reserves the right to extend or alter
final auction-end times, as necessary.
buyers are able to name their price via a straightforward, transparent bidding
process. The 5% Buyer’s Premium is Boathouse Auctions’ fee for managing,
marketing, promoting, and advertising each auction. This 5% fee is paid by the successful bidder, based on their highest final bid price.
Not quite — a deposit/escrow is required to bid on all vessels. See the auction listing for specific details pertaining to each particular vessel.
If there's a reserve price, the reserve is clearly stated in each auction listing. Bidding, however, will open slightly below the reserve price. If the reserve is met or exceeded, the vessel will be sold to the highest bidder. Should bidding finish below the reserve price, the seller holds the right to accept or reject the offer for a period of 24 hours following completion of the auction.
Anyone can view the current
bids as long as they are registered and logged in to the site.