Why Be Delighted by a Price Drop of Over €2 million?

Superyacht brokers Camper & Nicholsons International are, they say, “Delighted to report a €400,000 reduction to the asking price of Nyala and a €2.2 million price cut on the asking price of the 47m Imagination from Benetti.”
Now, we do not normally publish price reduction stories thinking that by doing so we do the industry a disfavour, creating the wrong sort of image but on this occasion, we are forced to ask the question: “Why would any brokerage house be delighted ?”
Surly the fact that such a large price drop is warranted, is proof that the price was, for some reason or another, over-inflated in the first place?

Built in 2001, Nyala has, the company says, “Been kept in excellent condition and accommodates up to ten guests in four cabins. She also boasts a long list of extras and upgrades from new.”
Nyala now has an asking price of €1,090,000.
Of Imagination, built in 2010 by Benetti, she has, they say; “Been finished to the highest specifications. Each of her six cabins offers luxurious, private and spacious accommodation for up to 12 guests. With an excellent array of onboard facilities, state-of-the-art entertainment systems and watertoys, this motor yacht provides buyers with a superior purchase opportunity.”
Imagination now has an asking price of €19,800,000

She will be available to view during the Cannes Boat Show, in front of the Camper & Nicholsons stand in the Old Port of Cannes.  She will also be attending the Monaco Yacht Show berth T16 on the left of the “T” Jetty.
Explaining the use of the word, a spokesman for the company said, “ We use it because we delightedto be able to offer such an interesting opportunity for the right buyer. We have recently seen a good turnover in yachts and expect no dramatic decline in prices over the next year. The value of yachts with an asking price in US$ or GB£ has changed very little over the past 12 months and the yachts with a Euro asking price have decreased in value.”

“That said,”  the company adds,  “The market remains over supplied with excellent vessels. Yachts are selling when correctly priced and intelligently marketed, but there is still no doubt that it is a buyers market. As well as a backlog of yachts for sale, there are a handful of sellers, tired of waiting for the economy to improve, who are reducing the price of their yachts on the market in order to sell them than spend the equivalent amount on running costs.

Concluding the spokesman said, “With the show period now in full swing, and buyers wishing to sell before the winter hits and their yacht is sat idle, we have recently seen a number of price reductions in the market, some of which were significant and in the millions.”