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They are a luxury only the wealthy can afford, but as global recession looms, some of the world's wealthiest businessmen are offloading the multi-million-dollar yachts that bestow super-rich status on their owners.
A host of boats are on the market, offered by a select group of brokers whose clients can pay 50 million euros ($128 million) or more for a yacht moored in Monaco or Monte Carlo.
There they entertain corporate contacts and throw parties where Hollywood actors rub shoulders with politicians and sports stars.
They include the Ultima III, owned by United States investor Ron Perelman, once the world's richest man, who made much of his estimated US$11.5 billion ($19.5 billion) fortune taking cosmetics manufacturer Revlon private in 1985 and buying and selling stakes in comic book publisher Marvel Entertainment Group and film-maker Technicolour.
Yacht broker Edmiston is selling the 58m boat, which boasts eight "staterooms", accommodation for 16 guests and a jacuzzi. Perelman, like many investors, has seen his wealth fall as the US market plunged. The Dow Jones index of leading shares fell by 33.8 per cent in 2008, its worst performance since 1931.
The Ultima III is priced at more than 50 million ($115 million) by Edmiston, which is also one of several brokers advertising the Lady Christine, owned by the British Conservative party donor Irvine Laidlaw.
Laidlaw sold his conference business IIR for US$1.4 billion, and put the 55.4m yacht - named after his wife - on the market last summer with a price tag of 45 million.
Others on the market include the Phocea, the largest sailing yacht in the world until 2004, which was bought by Mouna Ayoub, a French socialite of Lebanese origin who made a fortune from real estate. Ayoub refitted the boat with opulent oak panelling and handmade furniture from Viscount Linley's London showroom.
She bought it 12 years ago from disgraced French politician Bernard Tapie, reportedly funding the US$17 million cost by selling a 112-carat diamond bought by her ex-husband following their divorce. The yacht is for sale for an undisclosed price.
Other boats on the market include the Enterprise V, a 51m yacht with a diving pool and fitness room, which used to be the corporate yacht at marketing company Amway and now belongs to the company's co-founder Richard De Vos, who also owns the Orlando Magic basketball team. It is on the market for US$22.5 million.
The Maltese Falcon, owned by American venture capitalist Tom Perkins is also for sale. One of the largest privately owned sailing yachts in the world at nearly 89m, it can be bought for 115 million. It has been on the market for months.
The Excellence III, owned by American car dealer Herb Chambers, whose leading top managers at his eponymous chain of showrooms used to be invited on board to watch films in its private cinema, is also for sale through broker Moran Yacht & Shop for an undisclosed sum.
Not every owner is selling because of falling share prices or declining profits. De Vos also owns a smaller 39m yacht, and Chambers reportedly took possession of a larger boat in July. The Excellence III may simply be surplus to requirements, but yachts are not immune to the economic slowdown.
Last month British yacht-maker Fairline revealed 275 redundancies, a few months after introducing three-day weeks for employees at its manufacturing base in Oundle, Northamptonshire, saying: "The ongoing global financial and economic conditions continue to affect demand for luxury products across many industries and regrettably, Fairline's products are not immune from these effects."
It had already shed 90 jobs in September, reducing its workforce to 1000, but its chief executive Dereck Carter managed to remain upbeat.
Carter said: "The downturn in the market will pass and we anticipate that towards the end of 2009, increased levels of activity are likely to materialise as the market begins to recover and as we bring new models in development to market."
Donald Starkey, the designer behind "giga-yacht" Everest, currently under construction in Fort Lauderdale, Florida, will be hopeful Carter is right.
At 200m, Everest will be longer than two football fields and have five decks serviced by two lifts, a helipad, a submarine and 17 apartments.
It is scheduled for completion in 2010, according to the sales prospectus. By that time, the world economy may finally be emerging from a long slump.
If not, Everest may be on sale at a discount, although given its US$500 million price tag, even a 50 per cent reduction would prevent all but the richest buyers from making an offer.
Merijn de Waard, founder of website Superyachttimes.com, said: "There are more big boats for sale now. I think there will be a price correction. That is logical because there is less demand.
In the past, very large yachts have sold quickly because there were a lot of people who wanted a yacht instantly and had the cash to buy them.
"But many of the shipyards that build these boats have orders until 2012, so they can survive without any new orders for a few years."
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