The Monaco Yacht Show, a premier event for superyacht enthusiasts and brokers, radiates warmth and hospitality, even amidst uncharacteristic rain showers this week. Brokers delightedly offered umbrellas and raincoats to visitors, all while continuously pouring glasses of Moët & Chandon.

However, the atmosphere shifts noticeably when the discussion turns to the tragic sinking of the Bayesian, a superyacht valued at $25 million, which occurred off the coast of Sicily last month, resulting in the loss of seven lives, including British tech entrepreneur Mike Lynch and his daughter, Hannah.

A young yacht broker from Britain enthusiastically shares interest in the Fidelis, a sailing superyacht he is listing for €32 million. “There’s been a lot of interest, with numerous visitors coming aboard to view the yacht. Most inquiries are from passionate sailors globally,” he remarked.

Constructed in 2011 by Perini Navi, a renowned Italian shipyard known for its luxurious sailing vessels, Fidelis shares a strikingly similar design with the Bayesian (previously named Salute before its acquisition by Lynch). Both yachts measure 56 meters in length and have frequently been compared as “sister yachts.”

When asked if the resemblance to the Bayesian has made potential buyers hesitant, the broker became reticent. “I’d rather not provide further comments. What transpired with the Bayesian was an extremely rare incident, and I believe buyers aren’t concerned that it would recur,” he stated.

Thomas Cleator, a broker for Denison Yachting from California, spoke to clients onboard, highlighting Fidelis’s excellent condition. He dismissed worries regarding the Bayesian’s sinking affecting the appeal of large sailing superyachts. “Not really, no. That was an isolated occurrence, unlikely to happen again. I’m a big fan of sailing boats,” Cleator said.

At the booth of Italian Sea Group, which oversees Perini Navi, sales director Vittorio Blengini reported that sales remain robust, with two new sailing superyachts under construction, larger than the Bayesian. He refrained from commenting on how the Bayesian tragedy might affect future sales

Perini Navi’s CEO, Giovanni Costantino, assured that all its yachts are “absolutely safe” and attributed the sinking to potential human error, which could have been mitigated with adequate attention.

The Bayesian sank rapidly during the early hours of August 19, caught off-guard by a sudden storm with severe winds generating a waterspout-like phenomenon. Investigations by Italian authorities are ongoing, with experts puzzled at how such an advanced superyacht could capsize so swiftly. Speculation suggests the crew may have misjudged the storm’s severity, possibly leaving a hatch open, allowing rapid water ingress.

In recent decades, sailing superyachts like the Bayesian have surged in popularity among the wealthy, offering a more thrilling sailing experience compared to motor yachts. Currently, of the 5,932 superyachts (those exceeding 30 meters in length) worldwide, 893 are sailing vessels, the highest recorded number according to SuperYacht Times, a trade publication.

The size of these yachts has also increased, as owners engage in a competitive showcase of luxury among the ultra-rich.

This year’s show features 120 superyachts (111 motor yachts and a select few sailing vessels), collectively valued at over €4.6 billion, as highlighted in the Monaco Yacht Show Market Report 2024 released by SuperYacht Times.

Ralph Dazert, from SuperYacht Times, noted a continuing decline in overall superyacht sales following a historic peak in 2021, a brief uptick post-pandemic. However, the completion of new superyachts remains vigorous as shipyards strive to fulfill sales from 2021 and 2022. The number of yachts over 30 meters might reach 6,000 by year’s end.

For those searching for a superyacht, the largest available at the show is the 123.2-meter Golden Odyssey, originally built for Prince Khaled bin Sultan al-Saud of Saudi Arabia. After being seized due to debts amounting to €116 million, it was sold at auction rather than enjoyed by its initial owner. Last-minute inclusion in the event occurred just before Prince Albert II inaugurated the 33rd Monaco Yacht Show. Brokers for the Golden Odyssey have yet to disclose its price, stating it’s exclusive to qualified buyers.

Additionally, the slightly smaller 122-meter Kismet, recently listed for €150 million, is promoted at the event for weekly charters priced around €3 million, excluding fuel, food, beverages, excursions, and gratuity.