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Day: 2 September 2021

MYS Series: The Superyacht Broker

by:
02/09/2021

Key to the success of the Monaco Yacht Show are the guys that shake down the deals and act as the bridge between the buyer and the seller – The Brokers.
Patrick Coote is Managing Director, Europe, for the yacht broker firm Northrop and Johnson. With 25 years in the business, he has headed up operations at Fraser Yachts, the Azimut Benetti Group, Blohm+Voss and Vripack. He’s also been involved in initiatives such as setting up The Superyacht Show, Superyacht TV and the Explorer Yachts Summit.
Coote is upbeat and realistic as the Monaco Yacht Show (MYS) 2021 looms into view. “The MYS has become an annual celebration of the latest and greatest yachts and innovations from across the superyacht world,” he tells Monaco Life. “It brings together brokers, shipyards, designers and suppliers for four intense days of networking and socialising. This year, more than ever, we can sense that there is a strong appetite among the industry players to get out and about again and interest levels from professional visitors seems high. Conversely, we don’t really expect to see hordes of buyers on the quayside. Travel restrictions and health concerns are still a big factor and unnecessary trips are not exactly high on people’s priorities at the moment. That said, I think we’ve all pretty much given up trying to second-guess things given the current state of world affairs!”

Da Vinci will be presented by Northrop and Johnson at this year’s Monaco Yacht Show

For the professionals involved in the sector, the MYS is always a good opportunity to catch up with industry colleagues and strategic partners from other luxury sectors. The yachts are like honey, attracting interest from various fields such as wealth management, private aviation, automotive, high end jewellery and real estate. “The show effectively becomes the global epicentre for UHNW advisors for four days. It’s therefore a hive of activity for a wide range of stakeholders from the luxury world,” says Coote.
The last 18 months have seen record numbers of yacht sales and it is fast becoming a seller’s market. Good quality, well-priced yachts are not staying on the market for long at all. According to Coote, if marketed properly, yachts really should sell relatively fast. “The inventory we are promoting at the moment is extremely high quality and will not be available for long,” he reveals. “We are bringing a good number of qualified buyers to Monaco in September and have no doubt that a number of sales will be achieved.”
That said, Coote expects footfall to be lower than previous years, not only because of the pandemic restrictions, but a general lack of good quality second hand yachts will not draw the big crowds. Northrop and Johnson, however, have several yachts for sale this year and are expecting  very strong interest, particularly in the Feadship Gitana (48m) as well as Liberty (50m) by shipyard ISA.
Inside Gitana, which will be presented by Northrop and Johnson at the MYS

For obvious reasons, the Covid era boosted interest and sales in superyachts and ignited a Carpe Diem attitude among new buyers with a thirst for escape, adventure and good times, all of which a yacht can deliver in abundance. Coote adds, “The charter world has battled with its own frustrations due to travel problems, re-scheduling and positive cases among crew and guests but many charter yachts have still been booked and busy this summer.”
On the whole, shipyards are busy and order books are filling fast, so for the majority of key industry players the last 18 months could have been a lot worse. Beyond the horizon Coote believes there are strong signs that demand for large yachts will stay high through 2022 and possibly into 2023. Nothing suggests a major slow down at the present time. “Life is short and we’re living in uncertain times. If you’re thinking of buying a boat, why wait?”
The 48-metre Feadship Gitana

A stronger interest in new builds is gratifyingly matched with an increased interest in sustainability and green technology. Power generation systems are the big focus these days. “Large yachts are designed to travel the globe, give their owners access to every corner of the world’s oceans. It makes sense therefore that all stakeholders in the industry want to ensure the marine environment both above and below the water is maintained to be as clean and healthy as possible,” says Coote. Owners are also becoming more adventurous and there’s a rise in expeditions to the Artic or Antarctic regions and extensive world cruises becoming increasingly popular too.
A keen focus on super-responsible cruising is the key to the oceans’ fragile future.
 

Close Quarters with Patrick Coote:

What’s your advice to someone looking to break into a career like yours?
Any and all experience in the yachting industry is valuable. It doesn’t matter whether you work as crew, in a shipyard or as an office intern for a broker, just get started as it is all valuable.
Your worst career moment?
I have little or no regrets.
Most difficult part of your job?
Juggling both work and family life. They just seem to blend into one these days.
Best part of your job?
Seeing smiles on the faces of yacht owners and their children having the time of their lives onboard.
What are you most proud of?
Pursuing and realising my childhood dream of doing what I do today.
Favourite meal?
I’m making a sincere effort to become vegetarian but my favourite meal is still a juicy steak!
A figure you admire?
Nobody more than my own father.
If you weren’t a yacht broker what would you be?
A property developer
Hobbies?
Polo and riding motor cycles.
Favourite Monaco restaurant?
Quai des Artistes.
What’s yours called?
MY If Only!
 
 
Photos courtesy Northrop and Johnson
 
 

Alberto Giacometti exhibition draws 32,500 visitors

by: Cassandra Tanti
02/09/2021

Despite all of the hurdles posed by the Covid pandemic, the Grimaldi Forum has reported strong visitor numbers at this year’s summer exhibition, while revealing an exciting line-up for the years ahead.
The Grimaldi Forum Monaco’s (GFM) summer exhibition was the largest retrospective of the work of sculptor and painter Alberto Giacometti ever seen in the world, presenting nearly 230 works over the space of 2,500 m2.
It has now been revealed that the GFM hosted, on average, 600 visitors each day coming from mainly France and Monaco, but also further afield in Europe, totalling more than 32,500 visitors over two months.
“In the actual context, we are delighted with such a result,” said Sylvie Biancheri, General Director of the GFM. “Despite the announcement of the arrival of a fourth wave (of Covid) and uncertainties related to the health pass during its start, the exhibition welcomed visitors similar to the Bacon exhibition in 2016.”
‘Alberto Giacometti – A retrospective. Marvelous reality’ was inaugurated on 1st July by Prince Albert and came to a close on 29th August. It was curated by Emilie Bouvard, Director of Collections and Scientific Programme at the Fondation Giacometti in Paris. The exhibition devoted a significant part to all periods in the artist’s life and to all media – sculpture (plaster, bronze), painting, drawing and print. It allowed for a complete view of Giacometti’s creative output, from early works to his surrealist period, from the return to figuration to his post-model work, and to the invention of the great icons of the post-war period.

© Grimaldi Forum Monaco 2021 – Succession Alberto Giacometti (Fondation Giacometti, Paris + ADAGP, Paris)

For Francesco Grosoli, CEO of CMB Monaco, the longstanding official partner of the Grimaldi Forum, “This retrospective was exceptional, in line with the great artist monographs already presented by the Grimaldi Forum Monaco – Dali, Bacon, Picasso or even Warhol.  Our clients and prospects, who are often great art lovers, have greatly appreciated it. Its quality reflected our ambition in terms of patronage, that of contributing to the cultural influence of the Principality.”
In revealing visitor numbers for this year’s event, the Grimaldi Forum Monaco also unveiled an exciting line-up of summer exhibitions for the years ahead. In 2022, the forum will host an exhibition dedicated to the world-famous fashion designer Christian Louboutin entitled ‘The Exhibitionist’, retracing the universe of the man who became famous for his high-end stiletto footwear with ehri shiny, red-lacquered iconic soles.
Then in 2023, the Grimaldi Forum will present ‘Monet: Capturing the sun’, featuring around a hundred paintings by the emblematic impressionist artist thanks to a substantial loan from the Marmottan Monet Museum and the support of international public and private collections.
Come 2024, the forum will present the exhibition ‘Turner’s sublime legacy’ based on the collections of the Tate Gallery, bringing together the iconic works of William Turner and those of the contemporary artists he has inspired in the field of landscapes.
 
 
 
Top photo © Grimaldi Forum Monaco 2021 – Succession Alberto Giacometti (Fondation Giacometti, Paris + ADAGP, Paris) 
 
 

Rentrée under Covid cloud in France

by: Stephanie Horsman
02/09/2021

It’s back-to-school for France’s 12 million plus students, who need to adhere to a raft of Covid-prevention rules befitting the level two alert status of the nation. 

Masks, limitations on mixing, social distancing for sports activities and constant hand washing are the hallmarks of the 2021-22 return to school in France.

Though the rules may seem rather restrictive, they are far better than the alternatives and are meant to give parents and educators a certain level of comfort.

“You must first have a feeling of serenity, the start of the school year is prepared, the students will be there, the teachers too, the (health) protocol is clear,” said the Minister of National Education, Jean-Michel Blanquer, on France Inter Wednesday.

The ministry has put the health protocol at level two out of four, which means even primary school age children from six years must wear masks indoors for face-to-face learning. A single case of Covid in the primary schools will result in closure, as it was at the end of the last academic year.

In the middle schools and high schools, only students who are unvaccinated and who have been in contact with someone who has tested positive will need to isolate for a week. To try and keep the number of students forced to distance learn as low as possible, mobile vaccination centres will be sent to certain schools to vaccinate those who had not had a chance to do so prior. The jabs will, as ever, be voluntary.

“The question of the progress of vaccination is the key to this return to secondary school,” said Sophie Vénétitay, general secretary of the National Union of Secondary Education (SNES-FSU). “But vaccinations do not protect completely,” she says. “We know that the virus will circulate. The question is to know in what proportions and to what extent (the fact) of having vaccinated pupils will play.”

Minister Blanquer, though hopeful of being able to keep schools open, has warned that “It is possible that there is an increase in contamination” which could lead to a toughening of the sanitary protocol in schools, with stricter limitations on the mixing of students or of a gauge limiting the number of people present in class, on a local or national scale.

Despite all precautions, the teachers’ unions are not entirely satisfied.

We had asked for program adjustments but it was not,” Ms Vénétitay laments. “We act as if the last two years had been normal and this is not at all the case.

“This start of the school year would have required the establishment of an emergency plan and the massive creation of posts for education, in a context which made the progression of learning more complicated.”

As a result, the union is planning a strike on 23rd September to demand more resources to schools.

 
 
Photo by Kelly Sikkema on Unsplash
 
 
 

Rosberg X Racing lose out in thrilling Arctic X Prix

by: Luke Entwistle
02/09/2021

Nico Rosberg’s X Racing (RXR) team’s efforts at securing a third consecutive Extreme E victory were foiled by technical issues in a thrilling spectacle. The Arctic X Prix, the third race in the novel Extreme E series and the first motorsport event to take place in Greenland, saw victory for the Andretti team, with RXR finishing last.
RXR came into round three of the inaugural Extreme E series with high expectations, thanks to victories in both of the previous rounds which took place in Senegal and Saudi Arabia. This most recent installment saw the environmentally-conscious electronic rally series head to Greenland. The racing took place against the breathtaking backdrop of the ever-retreating Russell Glacier in Kangerlussuaq, Greenland. Whilst enthralling, it also sought to raise awareness of the impact of climate change on the Arctic region.

Arctic X Prix final. Molly Taylor (AUS)/Johan Kristoffersson (SWE), Rosberg X Racing Catie Munnings (GBR)/Timmy Hansen (SWE), Andretti United Extreme E Mikaela Ahlin-Kottulinsky (SWE)/Kevin Hansen (SWE), JBXE Extreme-E Team. Photo credit Colin McMaster

Former F1 driver Nico Rosberg’s team got off to a promising start after coming through a difficult semi-final race in difficult, sodden conditions. Having taken the lead early on, things quickly changed for RXR, with driver Johan Kristoffersson picking up a 10-second time penalty for taking out a flag on the first lap, putting them firmly on the back-foot. Kristoffersson, a two-time FIA World RX champion, managed to keep pace with the leaders and on the approach to the pit interval took the lead thanks to some brave late braking. Molly Taylor, taking over on lap two, managed to match the pace of the impressive Andretti team, finishing only a second behind, but with the added 10 second time penalty. The result was, however, sufficient to take them through to the final.
Weather conditions improved for the final race, with the persistent rain and thick mist of the semi-final rounds giving way to slightly clearer skies. Fans can be grateful, for this greater visibility allowed us to witness the enthralling, topsy-turvy battle that ensued. Legendary French rally driver Sébastien Loeb, racing for Lewis Hamilton’s X44 team, quickly opened up a large lead. By the pit interval, he had opened up the gap to over 15 seconds on the nearest driver. It was, however, during this pit interval that disaster struck for the X44 team, with a puncture and subsequent tyre replacement costing them their lengthy lead and demoting them to the back of the field in fifth position. The second lap was closely contested by RXR and the Andretti team, with some breathtaking wheel-to-wheel racing. RXR’s chances of victory were thwarted though when Kristoffersson’s car launched into the air on a bumpy section of track. The subsequent landing was heavy, and the damage sustained relegated them to last place, where they ultimately finished.
Molly Taylor (AUS), Rosberg X Racing crashes. Photo credit Colin McMaster

The Andretti team took the chequered flag, and in doing so claimed their first victory of the Extreme E series. This moved them up to third in the championship and closes the gap to the leading teams. RXR, despite a disappointing weekend, still lead the championship with 93 points, and Hamilton’s X44 team are close behind on 84 points. Hamilton and Rosberg’s respective Extreme E teams have so far mirrored their on-track rivalry, with only a fine margin separating them.
The official RXR twitter account said that the weekend was “a bittersweet experience”, adding that they were “proud of the team for overcoming extreme challenges”. They also vowed to “come back stronger for Sardinia” – the next round, which takes place on 23rd to 24th October. Despite the inevitable disappointment, Rosberg was notably upbeat on social media. Following the result, he sought to point out that RXR are still in P1 in the championship, despite what he described as a “rollercoaster weekend”.
Rosberg was understandably in high spirits having received the European Culture Award for Environment prior to the race. He revealed the receipt of the award in a video posted on Twitter in support of his RXR team, where he wished the team good luck ahead of the race. The award highlights the importance of the RXR team both on and off the track. Whilst they continue to entertain and amaze on-track amidst these harsh, extreme environments, they also continue to inspire and inform off track, through raising awareness about the environmental issues that pose an existential threat to our planet.
 
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Nico Rosberg receives European Cultural Award
 
 
Top photo: Catie Munnings (GBR)/Timmy Hansen (SWE), Andretti United Extreme E , 1st position, race winners in front of the Russell glacier. Credit Sam Bagnall
 
 

Italy expands Green Pass usage

by: Stephanie Horsman
02/09/2021

The Italian government has extended the mandate for its Green Pass, making it now obligatory for anyone travelling on airplanes, buses, ferries and trains within the country.
Italy’s Green Pass is the equivalent to the Monaco Health Pass, and it was introduced earlier this summer by Prime Minister Mario Draghi as a way to encourage more people to get vaccinated. It is a paper or digital certificate proving that a person has either had one dose of the Covid vaccine, has tested negative for the virus or has recently recovered from it.
Previously, it was only required for entry into cultural and leisure spots, but it has now been widened to include anyone wishing to travel by most forms of public transportation, such as high-speed trains, airplanes, ferries and inter-regional buses.
The move has attracted some protests, including a threat to block rail traffic on Wednesday, however only a very small number bothered to turn up at demonstrations.
That probably because around 70% of all Italians over the age of 12 are now inoculated, and the majority of people are either on board or resigned to the need for the pass to keep the wheels of the country moving forward.
“They are right to ask for a Green Pass. If you don’t want to get the vaccine then stay at home and don’t travel,” Rome resident Alessia Colombi said to Reuters at the city’s main train station.
However, Italian Foreign Minister Luigi Di Maio, medical experts and other politicians have received threats on social media from the anti-vax brigade, spurring the minister to denounce a “climate of hatred” surrounding the jabs.
The government of Italy, like that of other countries such as France, has said that teachers will need a Green Pass when schools reopen and are considering extending the rule to those who work in supermarkets or in an office setting.
Italy has lost 129,239 people to the virus since the start of the pandemic, second only to the United Kingdom in the number of deaths. Whilst new cases have been in a holding pattern this summer, health care workers worry the return to school and work after the summer holidays will cause a spike, leading to more deaths.
 
 
 
Photo by Marco Chilese on Unsplash