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Interview: Patrick Coote, Northrop & Johnson

10/10/2021

We speak to Northrop and Johnson Managing Director of Europe Patrick Coote about artificial intelligence in the yachting industry, whether this year’s Monaco Yacht Show lived up to expectations, and what it’s like to head the fastest growing yacht brokerage in the continent.

Monaco Life: Where did Northrop and Johnson begin?
Patrick Coote: Northrop and Johnson (N&J) was started in the United States in 1949, to service the needs of wealthy New York clients, and it gradually spread throughout the US over the course of the next few decades.
About four years ago, the company came to Europe for the first time and set up offices in France, Monaco and Palma. I joined last year with the remit to significantly expand our operations across the whole of Europe. We now have a growing presence in those territories, plus representation in Istanbul, Malta, Italy and soon in London.
What are the key strategies to achieving such rapid growth in Europe?
It is through an absolute focus on three things that underpin our entire brand strategy. Firstly, our exceptional brokers. There are no minimum requirements, standards or qualifications needed to become a broker. It is as easy as getting a business card at the local print shop.
But we don’t want to put anyone in front of a client unless they are highly experienced and knowledgeable, can add value to the conversation, and know exactly what they’re talking about – not in a sales sense, but in a technical sense, from a financial, operational, legal, and taxation perspective, etc. So, we’re being highly selective in who we bring on, and we’re starting to see an appreciation that N&J does add value and is highly professional.

Secondly, our exceptional marketing, particularly marketing in a technological and digital sense. Yachting is a highly traditional space where it takes a long time for a new approach to get traction. In the yachting sector in the past, it’s been all about brochures and advertising in magazines and boat shows – very traditional activities. But we are virtually a fully digitally-focused company; we are 90% focused online. So, when we are either seeking new clients or marketing the yachts that belong to our clients, we are achieving significantly greater visibility for those yachts and generating significantly more leads for our brokers through significant investment in new technology and digital applications.
Thirdly, we are very focused on ocean conservation, because that is the playground where our clients go to have fun, so it’s imperative that we play our part in looking after the ocean to ensure that it is there for our clients to see, swim and dive in. There are numerous initiatives that we are undertaking in this area. Internally, we ensure that our own qualities and practices are sustainable, whether it is travel related, single use plastics related, carbon offsetting our operations, or whether it is providing onboard operational guidelines for the yachts in our charter fleet to try and ensure that onboard practices are as sustainable as possible.
We are also actively encouraging our yacht owners and charter guests to participate in philanthropic endeavours, to go and visit research centres during a charter, to take their children to coral regeneration fields to try and educate those who really have the means to make a financial impact on those philanthropic initiatives.

Is your company’s focus on digital technology a direct response to Covid?
No, it is something of a luck of coincidence. We were moving in this direction over the last few years, and the fact that the whole world has moved fully online in the last years is simply to our benefit, but it is a path we were on well before Covid. But the pandemic has certainly kicked us on – we have had to do five years of development in 12 months, but that’s fine we had the people already in place to embrace that.
What specifically are your advances in technology?
We’re particularly advanced in terms of Artificial Intelligence. We maintain close communication with our prospective clients and all of those who enquire about our listings initially through AI. So, whilst we are creating a huge volume of leads, those leads are communicated with and nurtured via AI technology before being passed to a broker. We don’t want to swamp brokers with leads until we’ve established the quality and true viability of those leads and enquiries, so all of the first stage of communication is via AI.
Can you tell us more about your new Monaco office?
Our new office is twice the size as the one we had previously, and our sales and charter activity is approximately 50% up on last year. We have 18 people in our office here in Monaco.
How do you feel the Monaco Yacht Show went this year?
All of the feedback has been very positive. We saw limited numbers and less boats than usual, but the quality of visitors was high, the level of interest was strong, and you can’t ask for more than good inquiries from qualified buyers. We had a lot of interest in the listings that we had on display, quality listings that were realistically priced, but you never truly know the outcome of a show until a few weeks after when you’ve sifted through the offers and negotiated with the owners. However, initial indications are very positive and the word on the dock amongst the industry was overwhelmingly positive. I think the increase in the ticket price has limited the numbers in a positive way.
As a side… N&J is a member of the Leading Yacht Brokers Association (LYBRA).

Superyacht Solo, recently sold by Northrop & Johnson

Do you feel the organisers of the MYS delivered on their promise to provide something new and better this year?
We had several meetings with the MYS over the past 18 months and I think they took onboard a lot of the industry’s concerns about the quality of visitor, quality of the experience, and the overall return on investment (ROI) for those participating in the show. Therefore, the quality of visitor was better this year, the quayside experience was better, and I think we will see a significant improvement on ROI compared to previous years.
How are you finding the yachting industry in general, given the fact we are just starting to emerge from a year and half marked by the pandemic?
There has definitely been a carpe diem attitude to yachting, and increasingly so over the last 18 months. People who thought they would get a boat ‘one day’, have realised perhaps today is that day because we don’t know what is around the corner, life is uncertain, so let’s go and have some fun. And that sentiment is prevalent across the whole industry. We see very strong sales this year, a very strong market; we see ongoing interest from buyers, and we see shipyards that are full or are filling up and the interest is not waning at all. That’s for both sales and charter. So, right now the prospects for the industry over the next 12 months, at least, are still very positive and very strong.

NFT drop: Monaco-inspired art in new TIMEPieces series

by: Cassandra Tanti

09/10/2021

Digital artist Houda Bakkali, recently featured in Monaco Life, is among the first in the world to be selected for an NFT drop by the acclaimed TIME media group, with her digital art inspired by Monaco.
As of Thursday 23rd September, collectors have been able to purchase digital artworks, under the title TIMEPieces, via a randomised, blind drop on nft.time.com. The drop consists of a variety of editions totaling 4,676 pieces, with each TIMEPiece priced at 0.1 ETH.
“While many of the NFT drops that have happened to date within the media space have focused on high-end single editions or multiple versions of collectables, the release of TIMEPieces marks the first time a major media brand has taken on a Web3 approach toward building community and using this technology as an innovative extension of our current Digital Subscription efforts,” said TIME in a statement.
The international artists for the genesis collection of TIMEPieces were selected by TIME Creative Director D.W. Pine and include a mix of experienced NFT artists and traditional artists. They use a wide variety of approaches to their work including photography, illustration and painting. Nearly a quarter have produced covers for TIME in the past, while half have never produced a NFT. Some of the pieces are still, some are animated, and all are original to TIME. Each piece in the collection is themed around the idea of ‘Building a Better Future’.
One of the artists is Houda Bakkali, a Spanish-Moroccan digital artist who regularly exhibits in the Principality of Monaco.
“When I received the invitation to take part, it seemed like a unique opportunity in many ways,” Bakkali told Monaco Life, “especially, as a way to get into the NFTs cosmos through an iconic magazine with almost 100 years of history. The ‘Building a Better Future’ campaign was also an ideal opportunity to unite synergies with other artists and show the world that together, with energy, passion and attitude, a better future is possible.”

‘Apasionadamente’ (Passionately) by Houda Bakkali

Titled ‘Apasionadamente’ (Passionately), the piece, says Bakkali, was inspired by the colours of the Mediterranean, from Monaco to San Remo. “The polka dots beat to the rhythm of the heart and play with the psychology of colour, drawing worlds where goals are met. The ideas move in gentle undulations, like the sea when it is calm. The flowers, which pay a tribute to nature, embrace the woman, who represents strength, serenity, sensuality, beauty and life. This piece represents the desire of a dynamic future, without limits, full of creativity, fantasy, partying and fun. The desire of a better and passionate future based on accomplished dreams.
Houda Bakkali, who is also known for her work in augmented reality, says she is excited at the potential NFTs hold for artists – those who are willing to let go of their fears, to research the field, and to look to the future.
“The NFTs cosmos, in addition to being exciting – almost addictive – presents many opportunities for artists,” she says. “But like everything in life, we have to work, know the rules of the game, be patient and, fundamentally, enjoy the ride.”
Collectors will be also able to purchase TIMEPieces on the secondary market via OpenSea once the initial drop is completed.
Meanwhile, the collection will be turned into a hardcover book available later this year and will also be on display at Dreamverse, the world’s first NFT Art and Music Festival in New York City on 4^th November.

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Artist Houda Bakkali: “Digital is not a trend, it is the future”

Resilient nature of coral reefs highlighted in new report

by: Cassandra Tanti

07/10/2021

As Monaco handed over the chair of the International Coral Reef Initiative to the US, a new report revealed that 14% of coral reefs have disappeared since 2009. But there is hope if drastic action is taken.
After a three-year mandate, Monaco, Australia and Indonesia passed on their Joint Presidency to the United States of America, one of the founding members of the International Coral Reef Initiative (ICRI) alongside the Principality.
The virtual ceremony was an opportunity to take stock of the results of an action plan adopted by the ICRI in 2018, a plan based on four tenets: to promote effective solutions to improve the protection of coral reefs, to understand the evolution of coral reefs, to improve understanding of the live reef fish trade for food, and to reduce anthropogenic threats to coral reefs.
As a result, policy makers have been made aware of the ecological, social and economic values of coral reefs and the cumulative threats they face.
Meanwhile, the Global Coral Reef Monitoring Network (GCRMN) officially presented its sixth report at the meeting, the largest ever analysis of the health of coral reefs around the world.
It showed that in the last decade, the world lost about 14% of its coral reefs, with ocean-acidification, warmer sea temperatures and local stressors such as overfishing, pollution, unsustainable tourism and poor coastal management posing a combined threat to the coral ecosystems.
The GCRMN report was drawn from a global dataset gathered by over 300 members of the network covering four decades from 1978 to 2019. It had almost two million observations from more than 12,000 sites in 73 reef-bearing countries across the globe.
In underlying the catastrophic consequences of global warming, the report also shows that many coral reefs around the world remain resilient and can rebuild themselves if conditions allow.
In 2019, the world regained two per cent of its coral cover in spite of a short interval between mass coral bleaching events in the last decade.
These instances point to the fact that these critical ecosystems have the capacity to recover if pressure on them eases, the researchers noted. They can even resuscitate to their pre-1998 health in the next 10 years, the report mentioned.
While chair of the ICRI, several Monegasque entities were assembled under the direction of Bernard Fautrier, Special Advisor on environmental issues to Prince Albert. They included the Prince Albert II Foundation and the Department of External Relations and Cooperation, while the Scientific Centre of Monaco contributed significantly to the work concerning reef restoration.
Another result of Monaco’s commitment was the 2020 launch of the World Coral Reef Fund by the Prince Albert II of Monaco Foundation and the Paul G. Allen Foundation, which many states have since supported.

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Prince’s Foundation helps spearhead Coral Reef Fund

Photo by Milos Prelevic on Unsplash

On board Azteca

by: Cassandra Tanti

03/10/2021

Even amidst this great crypto boom, selling a €65 million superyacht for bitcoin is a unique strategy. But, during the Monaco Yacht Show, it was clear that the approach is generating the right interest from the right circles.
She is a 72-metre masterpiece with only one owner, and the largest yacht built so far by CRN.
Azteca has spent her life as a private luxury family vessel, characterised by her large spaces, sprawling relaxation areas, a 110sqm beach club and a very impressive sun deck.
“We were very happy to list this boat for sale because there is no comparison on the market in terms of volume, quality, maintenance… you name it,” Fernando Nicholson, Senior Sales Broker for Camper and Nicholsons tells me onboard Azteca during the Monaco Yacht Show.

The gaming room onboard Azteca, photo provided by Camper and Nicholsons

Azteca, which is co-listed with Edmiston, has only been on the market since the start of September and interest, says Fernando, has been huge, not least because the owner has gone for a unique marketing strategy.
“We need to move with the new world, and the new world is about crypto and digital currency,” he says. “We have to be a part of that, and the owner is very understanding of this, that’s why he decided to go that route.”
Azteca was built in 2010 and has spent three to four months every year in maintenance, hence the impeccable condition of the superyacht. She has enough power to cruise from Iceland to Chile on a single tank of gas, a yacht built for trans-oceanic exploration in unrivalled comfort.

The sundeck on Azteca, photo provided by Camper and Nicholsons

And she is impressive. Custom designed to the owner’s strictest demands, Azteca’s standout features include the sundeck with shaded bar, gym, helipad and jacuzzi; the glass lift that connects to an enormous owners’ suite with private terrace, twin bathrooms and massage salon; and the award-winning galley must feel like heaven for the yacht’s team of chefs.
In fact, the overall volume of this yacht feels unprecedented.
So why is the owner selling? Well, he just happens to have already brought another impressive vessel – the renowned 105-metre Lady Moura, the “original superyacht”, that went for a cool €105 million in June.

Click on the images below to see more photos of Azteca…

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BeMed launches new call for projects

by: Stephanie Horsman

01/10/2021

BeMed, the joint venture between the Prince Albert II of Monaco Foundation, the Tara Ocean Foundation, Surfrider Foundation Europe and the MAVA Foundation to clean up plastic waste clogging the Mediterranean, has launched its sixth call for micro-initiatives to aid in the endeavour.
Coinciding with World Maritime Day, BeMed has put out a call for new field projects led by non-governmental organisations (NGOs), scientific institutions, businesses, municipalities, and local authorities who have creative solutions to the increasing problem of plastic pollution in the sea.
The Mediterranean, considered the most polluted sea in the world despite representing only 0.7% of the total global ocean surfaces, is at particular risk due to its semi-enclosed geography, large number of maritime transports, fishing pressures and tourist activities. There is an estimated 1.2 million tonnes of plastic floating around, suffocating or strangling sea animals as well as breaking down into micro-plastics which can cause harm to animals and humans in the long term.
In response, BeMed has spent the past five years working with interested parties to reduce plastic pollution and protect the Med.
To date, there has been a total of 69 projects, emanating from 14 Mediterranean countries that have had the support of BeMed.
Now they are asking for those with great ideas on how to help to come forward.
The open period for applications will run from 30^th September to 2^nd January 2022 and can be downloaded from the website. Those selected can receive up to €10,000, with a required minimum of 25% co-financing from other sources. The projects should start no sooner than June 2022, to be implemented over 12 to 18 months.

Photo source: Unsplash

Bond film premiere pulls out all the stops

by: Stephanie Horsman

30/09/2021

It was a glittering night that would turn even the world-weary James Bond’s head, as singer Shirley Bassey joined a debonaire Prince Albert, actress Sharon Stone and director Cary Fukanaga at the screening of the latest installation in the 007 series, No Time To Die.
It was quite an evening for fans of 007 in Monaco. The Principality was the site of the unique premiere screening of the latest Ian Fleming-inspired James Bond film, No Time To Die.
The event attracted super-celeb Sharon Stone, whose slinky Dolce & Gabbana silver cocktail dress was an absolute showstopper. The 63-year-old actress was all smiles as she rocked the dress with the confidence of a woman who knows she can still turn heads at any age.
She was joined by Prince Albert II who wore a white tuxedo worthy of Bond himself. Also at the screening was the film’s Director and Princess Grace Award winner Cary Joji Fukunaga, together with Christian Moore, son of the late actor and former Bond Sir Roger Moore.
The red-carpet screening took place at the iconic Opera Garnier and was followed by a black-tie after-party at the Casino de Monte-Carlo, another homage to the 007 series from Casino Royale, complete with croupiers, masked waiters, and glittering, golden ‘gun’ wielding dancers.
Singer and Monaco resident Dame Shirley Bassey was also there to celebrate the 25^th film in the series. Bassey recorded theme songs to three Bond films including Goldfinger, Diamonds are Forever and Moonraker.
Other notable gusts were designer Philip Plein, Lady Tina Green, model Victoria Silvstedt, and Monaco royals Camille Gottlieb and Louis and Marie Ducruet.
In a speech displayed on the big screen ahead of the film, Prince Albert II said: “It is my distinct privilege to welcome the screening of No Time To Die to Monaco. It is particularly meaningful for us to honour the late Sir Roger Moore and Princess Grace Award winner Cary Joji Fukunaga here because of the special ties that connect them to us. Sir Roger Moore was a dear friend to my mother and we remain grateful for his guidance establishing the Princess Grace Foundation-USA. We are equally proud of Princess Grace Award winner Cary Joji Fukunaga’s masterful direction of No Time to Die, and to know that my mother’s legacy lives on through his flourishing career.”
Cary Fukanaga added on screen: “Becoming part of the Princess Grace Awards family has been incredible. I received a scholarship that helped propel my career in a multitude of ways. Several years ago, I had the pleasure of meeting Sir Roger Moore in Monaco when I received my second Princess Grace Award, I never would have imagined that just five years later I would be helming No Time to Die.”
Proceeds from the event are being targeted to a new Princess Grace Award in honour of Sir Roger, who was a long-time resident of Monaco as well as being a founding member of the Princess Grace Foundation-USA. The Roger Moore Film Scholarship will be endowed in perpetuity to an emerging filmmaker, with the first recipient being announced in 2022.
“My father was a great man, a beloved actor and deeply committed to the arts,” said Christian Moore. “He adored Princess Grace and believed in Her mission to support emerging talent and ensuring the arts community remained vibrant and impactful. My family thanks the Princely Family for their generosity recognising my father by bestowing him with this named award. I know he would be truly humbled.”

Monaco Life is proud to have been the main media sponsor of the exclusive James Bond event, organised by the Princess Grace Foundation-USA. To see more pictures of the red carpet, click on the images below…