INTERNAL DATA INSTRUMENT · LITHOFGAND · NOT FOR CIRCULATION
Hallberg-Rassy 49 — Fleet Economics Control Centre
Eighty-nine near-identical hulls, Ellös 1982–1997, treated as one homogeneous secondary-asset portfolio.
For every boat with usable evidence: the observed price, the full itemised capital bridge to a single Ocean-Ready
Standard (ORS-49), transaction friction, the fully-loaded Day-1 cost, and the resulting equity gap against a
comps-derived Normalised Enterprise Value — all in constant 2026 euros, all traceable to sources.
This is an evidence instrument, not a valuation opinion. 10 of 51 identified boats
carry enough evidence for a bridge; 7 prices in the entire history of this fleet are notarised sales — everything
else is asking prices. Where the register is silent the ranges are wide and say so. No depreciation schedules,
no broker guidance, no recommendations. Generated 2026-08-09 by scripts/generate_econ_centre.py
from the register at github-ready state; underlying computations in data.json.
Portfolio picture
10bridged boats
1/10positive central gap
€250k–€360kNEV band (finished boat)
26dated price observations
7notarised sales
64hulls still dark
Day-1 equity gap per boat
Dot = central case (NEV central − fully-loaded Day-1 central). Bar = best case (NEV high − Day-1 low)
to worst case (NEV low − Day-1 high). Right of the line: embedded value. Left: the price plus honest capex exceeds
what the finished boat is worth. Click any row for the full bridge.
Where the money sits: Day-1 cost composition
Entry + friction + central bridge per boat against the NEV band. Whisker marks the low–high Day-1 range.
The recurring pattern of this fleet: mid-priced boats whose bridge pushes Day-1 through NEV — the market
systematically underprices remaining capex, and asking prices embed condition stories the evidence does not support.
Thirty years of real prices
Every dated price observation in the register, converted to 2026 euros. The class appreciated in real
terms into the 2007–2010 window (notarised NOK sales at €305–335k), then repriced 30–40% down;
today's asks sit at late-1990s real levels while the only verified post-refit sale (Bedouin 2023) defines the top.
Normalised Enterprise Value — derivation
NEV = what an ORS-49-condition HR 49 is worth in the 2026 market. Central €300 000,
band €250k–€360k. Confidence: LOW: one verified sale (at a HIGHER standard than ORS-49), unsold asks everywhere else.
Comparable
Observation
2026 €
Weight
Hull 63 Bedouin
EUR 370,000 notarised sale 2023 immediately after a EUR 330k+ refit that went well BEYOND ORS-49 (full cosmetics, upholstery, repaint, hydraulics, lithium). Ceiling comp.
€381 100
primary ceiling — an ORS-grade boat lacks Bedouin's cosmetic scope; deduct roughly EUR 60-90k of non-ORS scope to imply EUR ~290-320k for ORS-grade
Hull 5 Stella Maris
EUR 299,000 ask (2025-26) with a documented but aging 2018 refit and an original 5,000-hr engine — UNSOLD for over a year
€300 500
upper bound of the ask curve for near-ORS condition; failure to clear says market value sits below EUR 300k
Live market staleness
None of the five live boats (asks EUR 50k auction to EUR 249k) has sold at its ask during the 2024-26 observation window; the W&S boat cut GBP 160k -> 149,950
n/a
structural: the entire ask curve trades above clearing prices
Hull 10 Freidig
Three notarised sales 2007-2010 at EUR 305-335k in 2026 money (condition then unrecorded, market stronger)
305,000-335,000
historical corroboration that a good HR 49 has cleared at EUR ~300k+ real — in a stronger market
refit ask-premium decays to zero within a decade; supports treating capex as non-recoverable
BUC International book (2026)
Captured user deal file: OneDrive/4_Research/49_Hallberg Rassy: 1985 ketch $249.5-274k; 1990 sloop $248-272.5k; implied 1985 sloop $214-235k (I). US retail book; BUC runs 10-25% ABOVE observed US asking (Pegasus asks $199k vs implied $214k floor).
≈ €185,000–203,000 (implied 1985 sloop, mid)
independent non-broker anchor — but US, retail, and book-curve based; treated as soft-ceiling corroboration of the ask curve, not a market read
Deal-file works-linked exit ladder
user deal file: OneDrive/4_Research/49_Hallberg Rassy 12/17: exit bands GBP 142k/175k/197k for low/base/high works on the Carpe Diem boat, ask-anchored (built before this register's notarised sales existed)
≈ €166,000–230,000
second independent model; converges with BUC condition rungs; implies partially-sorted boats clear BELOW this band's floor
— The fleet has repriced DOWN in real terms: 2007-2010 verified sales at EUR 305-335k (2026 money) vs 2025-26 asks of EUR 135-250k for mid-condition boats — and even those asks are not clearing.
— NEV is deliberately the value of an ORS-49 boat, not a Bedouin-grade showpiece: capability without cosmetics. Presenting a boat at Bedouin grade costs a further EUR ~60-90k and, on the single verified datapoint, returns roughly that amount at sale — no arbitrage either way.
— NEV applies to the standard hull. Hull 1 (unique 16 m twin-cockpit) and the 5 Caribia-edition boats have no comp set; variant premium/discount unquantified.
— Refit capex does not transfer 1:1 into value. The market pays for CONDITION, evidenced; it pays nothing for invoices.
— TENSION RECORDED, not averaged: two independent ask-anchored models (BUC book, deal-file exit ladder) place partially-sorted exits at EUR 165-230k — below this band's floor. The band holds for FULL ORS-49 condition with documentation (Bedouin's EUR 381k real sale is the proof it can clear); treat the band's low half as where sorted-but-undocumented boats actually trade.
— Rig plan: BUC's +16.5% ketch book premium is a list-price artifact; the observed market pays no ketch premium (a 1986 owner paid to CONVERT ketch->sloop in 2008). BUC has NO 1985 sloop record at all — consistent with the yard's 'in the beginning she was only built as a ketch' and a ketch-dominant 1982-87 production era.
— ASSET FLOOR (imported, deal file 22): component-level liquidation of an HR 49 is NEGATIVE (orderly -EUR 3,899; separation costs ~EUR 23k eat the ~EUR 19k recoveries). Whole-beats-parts by ~EUR 32k; derived whole-boat floor EUR 28-43k. 100%+ of the asset's value is going-concern value.
The best-evidenced live boat: nine of eleven systems verified, cleanest VAT/title file, and a reconstructed price history (EUR 260k ask 2017 -> GBP 150k today) showing the vendor has already absorbed the market's real-terms repricing. Everything reduces to a single decision: trust the original engine or budget EUR 45-65k to repower. Even with a full repower, Day-1 lands below NEV central — after two years on the market and a price cut, this is the only boat on the board with a clearly positive central-case gap. The market is paying the seller nothing for nine verified systems.
Observed transaction price
149,950 GBP (2026-08-09, [V])
= €175 442 in 2026 €
Live Williams & Smithells listing, GBP 149,950 incl VAT, tax paid, full Italian flag-closure papers 2020 — cleanest paperwork in the fleet. On market since ~2024 at GBP 160k -> 149,950; archived 2017 ask EUR 260k in Tuscany [probable same boat].
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SPLIT
€8k
€36k
€65k
ORIGINAL 1987 TMD41A 150hp at 7,500 hrs. Runs, injector pump/injectors professionally cleaned + tappets adjusted 2024 (listing, V). For immediate ocean capability an original 39-year-old engine at 7,500 hrs is the boat's one big question: LOW = keep servicing; HIGH = repower. [V] split case 8k / 65k
In-mast main + genoa new 2024 (listing, V) [V] compliant — no cost
Teak deck DECK
OK
€0k
€0k
€0k
Teak totally replaced 2008, glued not screwed; owner states good condition (listing, V). 18 years old — sound now, next owner-but-one's problem. [V] compliant — no cost
Hull integrity / osmosis HULL
OK
€0k
€0k
€0k
Anti-osmosis treatment + Coppercoat within the documented post-2020 GBP ~75k programme (listing, V) [V] compliant — no cost
Electrical system ELEC
SERVICE
€4k
€6k
€8k
4x140Ah domestic 2022, 500W solar 2024, 12/24/220V systems (V) — lead bank adequate, not ocean-generous; modest uplift budgeted [V] service 4-8k
Navigation & autopilot NAV
SERVICE
€4k
€6k
€8k
Autopilot with oversized spare drive unit (V); suite age unstated — service/partial-refresh budgeted [I] service 4-8k
Tanks, plumbing, seacocks, steering SYS
OK
€0k
€0k
€0k
New shaft seal 2022, new cutlass bearing 2022, new steering wheel; Max-prop (listing, V) [V] compliant — no cost
Generator GEN
OK
€0k
€0k
€0k
Mase IS3501 3.5kVA at 220 hrs, oil+impeller service Jan 2025 (listing, V) [V] compliant — no cost
Running rigging & deck gear RUN
SERVICE
€2k
€3k
€4k
In-mast + genoa furling 2024 implies lines touched; full inventory unstated [I] service 2-4k
Ocean safety kit SAFE
UNKNOWN
€0k
€6k
€14k
Not stated in captured text [I] unknown: 0 if fine, up to 14k if due; central weighted 50%
Subtotal before contingency
€18k
€57k
€99k
Contingency 15% (central & high only)
€0k
€9k
€15k
low case assumes no surprises by construction
Capital bridge
€18k
€66k
€114k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€175 442
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€65 550
= Fully-loaded Day-1 cost (central; range €203k–€308k)
€255 492
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity surplus (embedded value)
€44 508
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€157k / €-58k
CARPE DIEM — Cres auction (1985) evidence grade B · 4/11 lines verified · 6 unknown
Now identified: CARPE DIEM, an American-specification boat (120V, Westerbeke, Village Marine; US official number hypothesised) lying under auction at Cres. The deal file's forensics harden the bridge: sails are verifiably due, the 120V system adds European conversion cost, the 2017 hull job still retires the worst tail, and seven volumes of ship's records sit aboard — the provenance asset of the fleet if captured. The economics remain an option, but the strike is the HAMMER, not the start bid: at the deal file's modelled median hammer (EUR 119-134k at historical bid intensity) the central gap goes decisively negative. Below EUR ~80k it stays a surveyor's trade with the largest right tail on the board — and the component-level floor is NEGATIVE (whole beats parts by ~EUR 32k), so a structural miss costs more than everything. The deal file's independent embedded-value scenarios (+GBP 58k / +11k / -146k) bracket this register's bridge almost exactly — two models, one conclusion.
Observed transaction price
57,785 USD (2026-08-09, [V])
= €49 984 in 2026 €
Live listing = EUR 50,000 auction start. DEAL-FILE CORRECTION: the 50k is a MECHANICAL ~0.2 x restatement of the EUR 250,000 ask (platform median 0.204, n=181) — not distress evidence in itself [V]. Hammer formation (deal-file model, 46 lots): boats median 32 bids; at the historical 26-40 bid band median hammer EUR 119-134k; P(hammer <= EUR 80k) only 3-34%. Every euro of hammer above 50k moves Day-1 and the gap 1:1 — the numbers below are the START-BID case, i.e. near the boat's best case, not its expected case.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
DUE
€45k
€55k
€65k
TMD40B 117hp at 7,030 hrs — highest recorded in fleet (auction spec + De Valk 813048, V). Charter-grade usage. [V] full remediation 45-65k
Hull integrity / osmosis HULL
OK
€0k
€0k
€0k
Full peel, 6-month heated dry-out, West System epoxy 2017 (auction spec, V) — best-documented osmosis job in the fleet [V] compliant — no cost
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
'Full teak deck' listed, presume ORIGINAL 1985 (deal file); deck CORE is closed-cell foam not balsa (V) — the benign failure mode [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Standing rigging & furling RIG
UNKNOWN
€0k
€18k
€42k
No rigging dates anywhere; possible ketch->sloop CONVERSION (BUC structure finding) — if converted, the rig is younger than 1985 but of unknown date; stays unknown [I] unknown: 0 if fine, up to 42k if due; central weighted 50%
Sail wardrobe SAILS
DUE
€22k
€30k
€38k
North main + genoa BOTH ~14 years old, furling (deal-file photo/brochure forensics, V) — past the ~10-year standard [V] full remediation 22-38k
Electrical system ELEC
SPLIT
€8k
€20k
€32k
AMERICAN-SPEC 120V AC panel (V) — European use likely needs partial 230V conversion on top of bank/charging unknowns; AC + watermaker + bowthruster present as embedded extras [V] split case 8k / 32k
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Not stated [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Not stated; 7,030-hr systems wear likely mirrors the engine [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Westerbeke generator fitted (US-spec, V); condition unstated [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
UNKNOWN
€0k
€6k
€16k
Not stated [I] unknown: 0 if fine, up to 16k if due; central weighted 50%
Ocean safety kit SAFE
SERVICE
€2k
€3k
€4k
6-person liferaft 2024 noted in related Sofer-style spec? No — treat as partial: raft recency unclear, kit likely incomplete [I] service 2-4k
Subtotal before contingency
€77k
€206k
€385k
Contingency 25% (central & high only)
€0k
€51k
€96k
low case assumes no surprises by construction
Capital bridge
€77k
€257k
€481k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
Auction buyer's premium
€6k
€6k
€6k
12.5% on EUR 50k start bid; scales with hammer
The bridge, closed
Observed price (2026 €)
€49 984
+ Transaction friction (central)
€20 750
+ Capital bridge to ORS-49 (central)
€256 875
= Fully-loaded Day-1 cost (central; range €143k–€556k)
€327 609
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-27 609
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€217k / €-306k
Hull 1 AMFITRITE (1983, 16 m variant) evidence grade C · 1/11 lines verified · 9 unknown
Historically the most interesting hull (No. 1, one-off 16 m layout) and analytically the least comparable. The missing teak deck deletes the single biggest tail cost, which quietly makes her bridge distribution better than the ask suggests — but every other system is undocumented and the exit market for a modified first-hull is a guess. An asset for a collector-operator, not a portfolio allocator.
Observed transaction price
1,950,000 SEK (2025-11-12, [V])
= €175 398 in 2026 €
Berthon Scandinavia ask SEK 1,950,000 (~EUR 175k). Unique first hull: extended 52'6" twin-cockpit transom, no teak deck, Yanmar 120hp repower (year unstated). NEV comparability is weak — no comp set exists for this variant.
⚠ NEV caveat: Unique variant: standard-hull NEV applies only loosely; the extended layout may attract a premium buyer or a discount for non-originality. Treated at standard NEV with the caveat displayed.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SERVICE
€8k
€12k
€15k
Yanmar 4LH-THE 120hp repower, year/hours unstated (Berthon PDF, V for existence) — service budgeted, age unknown [I] service 8-15k
Standing rigging & furling RIG
UNKNOWN
€0k
€18k
€42k
Slab-reef mast (not stoway); no dates [I] unknown: 0 if fine, up to 42k if due; central weighted 50%
Sail wardrobe SAILS
UNKNOWN
€0k
€15k
€38k
Not stated [I] unknown: 0 if fine, up to 38k if due; central weighted 50%
Teak deck DECK
OK
€0k
€0k
€0k
NO teak deck (V) — an entire failure mode absent; the only fleet boat where DECK is structurally zero [V] compliant — no cost
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
No osmosis record [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
UNKNOWN
€0k
€12k
€32k
Genset, washer, thrusters fitted; ages unknown [I] unknown: 0 if fine, up to 32k if due; central weighted 50%
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Not stated [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Not stated [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Present, age unknown [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
UNKNOWN
€0k
€6k
€16k
Not stated [I] unknown: 0 if fine, up to 16k if due; central weighted 50%
Ocean safety kit SAFE
UNKNOWN
€0k
€6k
€14k
Not stated [I] unknown: 0 if fine, up to 14k if due; central weighted 50%
Subtotal before contingency
€8k
€118k
€285k
Contingency 25% (central & high only)
€0k
€30k
€71k
low case assumes no surprises by construction
Capital bridge
€8k
€148k
€356k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€175 398
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€147 812
= Fully-loaded Day-1 cost (central; range €193k–€551k)
€337 710
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-37 710
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
The embedded-value candidate. A 418-hour 2016 Yanmar removes the fleet's biggest single cost, the institutional owner removes seller-storytelling risk, and the ask has already deflated 55% from 2020. The catch is geography: EUR 12-25k transatlantic friction and a US-spec boat for a European buyer. For a US-based buyer (strip the EUR 12-25k transatlantic friction) central Day-1 sits essentially at NEV — the fairest-priced boat observed. For a European buyer the Atlantic eats the entire margin and then some: geography, not condition, decides this one.
Observed transaction price
199,000 USD (2025, [V])
= €179 995 in 2026 €
David Walters/Denison ask USD 199,000 (down from USD 439,000 in 2020 — the ask has given back the entire 2016-refit premium in nine years). Maine Maritime Academy institutional seller; lease-to-buy offered.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
OK
€0k
€0k
€0k
Yanmar 4JH110 repower 2016, ~1,470 hrs at 2026 deal-file capture (the register's earlier 418 hrs was the 2020 listing) — still the youngest engine observed [V] compliant — no cost
Standing rigging & furling RIG
SERVICE
€6k
€8k
€10k
2016 'full refit' scope not itemised for rigging; 10 years old if done then — service/inspection budgeted [I] service 6-10k
Sail wardrobe SAILS
SPLIT
€4k
€21k
€38k
Doyle sails 2016 (deal-file capture, V) — exactly at the ~10-year standard boundary: LOW service, HIGH renewal [V] split case 4k / 38k
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
Not itemised [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
No osmosis record; US fresh/salt history unknown [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
SERVICE
€4k
€6k
€8k
2016 refit likely touched it; academy use implies maintenance discipline [I] service 4-8k
Navigation & autopilot NAV
SERVICE
€4k
€6k
€8k
2016-era suite now 10 years old — refresh budgeted [I] service 4-8k
Tanks, plumbing, seacocks, steering SYS
SERVICE
€3k
€4k
€6k
Training use = high supervision, but also usage; Vari Prop new 2023, Starlink fitted (deal-file capture); Vari Prop new 2023, Starlink fitted (deal-file capture) [I] service 3-6k
Generator GEN
UNKNOWN
€0k
€9k
€24k
Not stated [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
SERVICE
€2k
€3k
€4k
Training use wears lines/winches [I] service 2-4k
Ocean safety kit SAFE
SERVICE
€2k
€3k
€4k
Academy boats usually certificated; renewal cycle budgeted [I] service 2-4k
Subtotal before contingency
€25k
€117k
€242k
Contingency 20% (central & high only)
€0k
€23k
€48k
low case assumes no surprises by construction
Capital bridge
€25k
€140k
€290k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€12k
€18k
€25k
US East Coast -> Europe: transatlantic delivery or ship-on-deck; materially higher than intra-EU
The bridge, closed
Observed price (2026 €)
€179 995
+ Transaction friction (central)
€26 500
+ Capital bridge to ORS-49 (central)
€140 100
= Fully-loaded Day-1 cost (central; range €223k–€505k)
€346 596
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-46 596
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
A loved, 12-years-one-family boat (3rd ownership) with the two structural fears (osmosis, engine) retired — but priced as if the 2008 systems were new. Rig is 18 years old, the wardrobe likely too, electrics undocumented, and the VAT flag can add ~20% for an EU user. At ~EUR 198k entry the central bridge pushes Day-1 roughly EUR 60k through NEV central before the VAT flag is even priced. The ask embeds the seller's affection and the 2008 refit's memory, not its 2026 remainder.
Observed transaction price
228,829 USD (2026-08-09, [V])
= €197 937 in 2026 €
Live YachtWorld ask (= ~EUR 198k; Sofer/Denison list EUR 199,000 excl tax). VAT FLAG: inherited capture states 'EU VAT not paid' — EU-use import exposure ~20% is flagged, not added.
⚠ VAT flag: EU VAT reported unpaid/unclear. Import for EU use can add ~20% of value. Not included in any number above.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SERVICE
€8k
€12k
€15k
VP 140hp NEW 2008, ~3,200 hrs as of July 2025 (soferyachts.com, V) — mid-life repower, service only [V] service 8-15k
Standing rigging & furling RIG
DUE
€28k
€35k
€42k
Rig & mast REPLACED 2008 to hydraulic in-mast, shrouds replaced then (V) — now 18 years old, past the ~12-year standard [V] full remediation 28-42k
Sail wardrobe SAILS
UNKNOWN
€0k
€15k
€38k
Sail age unstated; 2008 in-mast conversion suggests 2008-era wardrobe unless renewed [I] unknown: 0 if fine, up to 38k if due; central weighted 50%
Hull integrity / osmosis HULL
OK
€0k
€0k
€0k
Full osmosis treatment 2017, 6-month heated dry-out, West System epoxy (V) [V] compliant — no cost
Teak deck DECK
SERVICE
€8k
€12k
€15k
Teak with Sikaflex rubber replaced 2017 (V) — maintained original/older deck, re-caulked; localised work budgeted [V] service 8-15k
Electrical system ELEC
UNKNOWN
€0k
€12k
€32k
Not stated in captured text [I] unknown: 0 if fine, up to 32k if due; central weighted 50%
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Not stated [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Not stated; 900L fuel per spec (larger than standard 600L) [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Not stated [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
SERVICE
€2k
€3k
€4k
Hydraulic furling systems from 2008 — service due on age [I] service 2-4k
Ocean safety kit SAFE
OK
€0k
€0k
€0k
6-person liferaft 2024 (V) [V] compliant — no cost
Subtotal before contingency
€46k
€122k
€234k
Contingency 20% (central & high only)
€0k
€24k
€47k
low case assumes no surprises by construction
Capital bridge
€46k
€147k
€281k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€197 937
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€147 000
= Fully-loaded Day-1 cost (central; range €254k–€498k)
€359 437
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-59 437
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
A data-integrity object lesson: after stripping a copy-pasted history (see conflict ledger), the record holds one decent engine datapoint and a stale price on a delisted boat. The 200hp repowered engine at 2,840 hrs would be a genuine asset if the boat resurfaces; until then this bridge exists mainly to show what the register does NOT know.
Observed transaction price
149,950 GBP (2024, [I])
= €177 196 in 2026 €
Last known ask GBP 149,950; listing DELISTED by 2026-08-09 and never archived — price is stale and the boat may have sold or been withdrawn. On the hard at Port Napoleon.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SERVICE
€8k
€12k
€15k
TAMD41 200hp at 2,840 hrs (captured listing, I). If the Glyfada-2013-repower suspicion is right, this is a ~13-year-old engine at moderate hours — service only [I] service 8-15k
Recommissioning after lay-up RECOM
DUE
€5k
€8k
€12k
Standing on the hard (captured listing) [I] full remediation 5-12k
Standing rigging & furling RIG
UNKNOWN
€0k
€18k
€42k
The 'GBP 75k invested since 2020' text was copy-pasted from another boat and is excluded (conflict log); nothing verified remains [I] unknown: 0 if fine, up to 42k if due; central weighted 50%
Sail wardrobe SAILS
UNKNOWN
€0k
€15k
€38k
As above — all prior claims quarantined [I] unknown: 0 if fine, up to 38k if due; central weighted 50%
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
Unknown [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
Unknown [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
UNKNOWN
€0k
€12k
€32k
Unknown [I] unknown: 0 if fine, up to 32k if due; central weighted 50%
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Unknown [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Unknown [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Unknown [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
UNKNOWN
€0k
€6k
€16k
Unknown [I] unknown: 0 if fine, up to 16k if due; central weighted 50%
Ocean safety kit SAFE
UNKNOWN
€0k
€6k
€14k
Unknown [I] unknown: 0 if fine, up to 14k if due; central weighted 50%
Subtotal before contingency
€13k
€167k
€397k
Contingency 25% (central & high only)
€0k
€42k
€99k
low case assumes no surprises by construction
Capital bridge
€13k
€208k
€496k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€177 196
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€208 438
= Fully-loaded Day-1 cost (central; range €200k–€692k)
€400 133
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-100 133
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€160k / €-442k
1994 UK boat — youngest known hull evidence grade D · 0/11 lines verified · 11 unknown
Included to show the honest shape of a price-only record: an 11-item bridge of pure unknowns spans roughly EUR 0-420k prudent-high. The 1994 build year is the one real signal — youngest known hull, lowest osmosis prior, plausibly original-but-younger everything. A survey would move this boat more than any other on the board.
Apollo Duck aggregator ask GBP 149,000 tax paid; capture undated, listing status unverified. Price treated as indicative only.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
UNKNOWN
€0k
€28k
€65k
Nothing captured. A 1994 boat could plausibly carry its original engine at moderate hours [I] unknown: 0 if fine, up to 65k if due; central weighted 50%
Standing rigging & furling RIG
UNKNOWN
€0k
€18k
€42k
Unknown [I] unknown: 0 if fine, up to 42k if due; central weighted 50%
Sail wardrobe SAILS
UNKNOWN
€0k
€15k
€38k
Unknown [I] unknown: 0 if fine, up to 38k if due; central weighted 50%
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
Unknown [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
1994 laminate = materially lower osmosis prior than 1982-85 hulls, but no readings [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
UNKNOWN
€0k
€12k
€32k
Unknown [I] unknown: 0 if fine, up to 32k if due; central weighted 50%
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Unknown [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Unknown [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Unknown [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
UNKNOWN
€0k
€6k
€16k
Unknown [I] unknown: 0 if fine, up to 16k if due; central weighted 50%
Ocean safety kit SAFE
UNKNOWN
€0k
€6k
€14k
Unknown [I] unknown: 0 if fine, up to 14k if due; central weighted 50%
Subtotal before contingency
€0k
€174k
€435k
Contingency 25% (central & high only)
€0k
€44k
€109k
low case assumes no surprises by construction
Capital bridge
€0k
€218k
€544k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€174 330
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€217 812
= Fully-loaded Day-1 cost (central; range €184k–€737k)
€406 642
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-106 642
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€176k / €-487k
Hull 5 STELLA MARIS (1983/84) evidence grade A · 1/11 lines verified · 2 unknown
The fleet's best-documented boat and its cautionary tale on capex recovery: EUR 230k (2026 money) invested in 2018, asking EUR 300k seven years later, unsold — the ask effectively prices the refit at ~EUR 70-130k of recovered value over a EUR 170-230k base boat. For a buyer, Day-1 central lands EUR ~140k above NEV: the ask prices the 2018 refit close to fully while the market (which has not met it in over a year) does not. Best documentation in the fleet, worst central-case economics after Altor and Queen Anne. The 5,000-hr original engine is the question the ask ignores.
Observed transaction price
299,000 EUR (2025, [V])
= €300 495 in 2026 €
Regina Sailing / De Valk 809256 ask EUR 299,000 (long-standing; earlier wayback shows her lying Malaysia at 5,000 hrs). Not sold at this level.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SPLIT
€8k
€36k
€65k
ORIGINAL TMD40A 124hp, ~5,000 hrs (owner site + De Valk, V). Documented care, but a 42-year-old original at 5,000 hrs is the same repower question as the Lefkas boat [V] split case 8k / 65k
Standing rigging & furling RIG
SERVICE
€6k
€8k
€10k
2018 Adams Boat Care refit (~EUR 190k, V) is stated to be comprehensive; rigging assumed then = 8 years old [I] service 6-10k
Not stated [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
SERVICE
€2k
€3k
€4k
45,000 nm of use since fit-out [I] service 2-4k
Ocean safety kit SAFE
SERVICE
€2k
€3k
€4k
World-cruise boat, likely equipped; certificates need cycling [I] service 2-4k
Subtotal before contingency
€26k
€112k
€223k
Contingency 15% (central & high only)
€0k
€17k
€33k
low case assumes no surprises by construction
Capital bridge
€26k
€128k
€256k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€300 495
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€128 225
= Fully-loaded Day-1 cost (central; range €336k–€576k)
€443 220
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-143 220
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€24k / €-326k
Capital story (constant 2026 €)
Year
Event
Nominal
2026 €
2015
Sold NL -> CH owner (Haerri)
—
—
price unobserved
2018
Adams Boat Care refit
EUR ~190,000
€229 900
V (owner-documented)
2025
Asking price
EUR 299,000
€300 500
V
Altor (1990) evidence grade C · 1/11 lines verified · 10 unknown
The most expensive live boat and the least evidenced: one verified fact (5,210-hr original engine) and ten unknowns. A younger hull (1990) justifies some premium, but at EUR 249k the ask already sits at ~67% of NEV before a single bridge item — and the honest bridge range is EUR 30-300k wide. Worst risk-adjusted entry on the board until a survey collapses the unknowns.
Observed transaction price
249,000 EUR (2026-08-09, [V])
= €249 000 in 2026 €
De Valk 809602 live ask EUR 249,000 (reduced from 275,000); = USD 287,769 on YachtWorld. Highest live ask in the fleet.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SPLIT
€8k
€36k
€65k
TMD41A 143hp at 5,210 hrs (De Valk spec, V). 1990 original at high-mid hours: LOW = service and go; HIGH = repower for true ocean standard [V] split case 8k / 65k
Standing rigging & furling RIG
UNKNOWN
€0k
€18k
€42k
No dates captured [I] unknown: 0 if fine, up to 42k if due; central weighted 50%
Sail wardrobe SAILS
UNKNOWN
€0k
€15k
€38k
No dates captured [I] unknown: 0 if fine, up to 38k if due; central weighted 50%
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
Not captured [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
No osmosis history captured [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
UNKNOWN
€0k
€12k
€32k
Not captured [I] unknown: 0 if fine, up to 32k if due; central weighted 50%
Navigation & autopilot NAV
UNKNOWN
€0k
€14k
€36k
Not captured [I] unknown: 0 if fine, up to 36k if due; central weighted 50%
Tanks, plumbing, seacocks, steering SYS
UNKNOWN
€0k
€10k
€28k
Not captured [I] unknown: 0 if fine, up to 28k if due; central weighted 50%
Generator GEN
UNKNOWN
€0k
€9k
€24k
Not captured [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
UNKNOWN
€0k
€6k
€16k
Not captured [I] unknown: 0 if fine, up to 16k if due; central weighted 50%
Ocean safety kit SAFE
UNKNOWN
€0k
€6k
€14k
Not captured [I] unknown: 0 if fine, up to 14k if due; central weighted 50%
Subtotal before contingency
€8k
€183k
€435k
Contingency 25% (central & high only)
€0k
€46k
€109k
low case assumes no surprises by construction
Capital bridge
€8k
€229k
€544k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€249 000
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€229 062
= Fully-loaded Day-1 cost (central; range €267k–€812k)
€492 562
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-192 562
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€93k / €-562k
Queen Anne (1985) evidence grade B · 1/12 lines verified · 3 unknown
The classic broker-storytelling gap: 'well-priced ketch' vs the arithmetic of three years' neglect. The honest central bridge (~EUR 340k with recommissioning and contingency) on a EUR 140k boat lands Day-1 near EUR 500k against a EUR 300k NEV — the widest central-case value destruction on the board. Only a deep further price cut or a surveyor's miracle changes this picture. The US-market origin thread (unverified) adds title-history diligence.
Observed transaction price
139,500 EUR (2026-08-09, [V])
= €139 500 in 2026 €
Denison capture: off market at EUR 139,500 after failing to sell from USD 146,475 (Dec 2024). Ashore ~3 years; broker text itself concedes 'inadequate maintenance... owner's health issues'. A motivated-seller situation without a live ask.
Capital bridge to ORS-49 (line by line)
System
State
Low
Central
High
Evidence & basis
Main engine ENG
SPLIT
€12k
€38k
€65k
No engine data captured; 1985 boat, 3 years idle ashore — LOW assumes it wakes up after heavy service, HIGH a repower [I] split case 12k / 65k
Standing rigging & furling RIG
DUE
€28k
€35k
€42k
No renewal history anywhere in three captures; 1985 ketch rig with no stated work = assume due [I] full remediation 28-42k
Sail wardrobe SAILS
DUE
€22k
€30k
€38k
No sail data; 'inadequate maintenance' + 3 years ashore [I] full remediation 22-38k
Teak deck DECK
UNKNOWN
€0k
€40k
€100k
Not stated [I] unknown: 0 if fine, up to 100k if due; central weighted 50%
Hull integrity / osmosis HULL
UNKNOWN
€0k
€16k
€40k
No osmosis history; 3 years dry is actually favourable for moisture, but no readings [I] unknown: 0 if fine, up to 40k if due; central weighted 50%
Electrical system ELEC
DUE
€18k
€25k
€32k
3 years unpowered ashore kills lead banks; assume full renewal [I] full remediation 18-32k
Navigation & autopilot NAV
DUE
€22k
€29k
€36k
No suite described; era + neglect = assume renewal [I] full remediation 22-36k
Tanks, plumbing, seacocks, steering SYS
DUE
€14k
€21k
€28k
Hoses/seacocks/impellers after 3 dry years = renew [I] full remediation 14-28k
Generator GEN
UNKNOWN
€0k
€9k
€24k
Not stated [I] unknown: 0 if fine, up to 24k if due; central weighted 50%
Running rigging & deck gear RUN
DUE
€8k
€12k
€16k
UV + idleness; assume renewal [I] full remediation 8-16k
Ocean safety kit SAFE
DUE
€8k
€11k
€14k
Certificates will be out of date after 3 years [I] full remediation 8-14k
Recommissioning after lay-up RECOM
DUE
€5k
€8k
€12k
3 years ashore: full recommissioning is not optional [V] full remediation 5-12k
Subtotal before contingency
€137k
€275k
€447k
Contingency 25% (central & high only)
€0k
€69k
€112k
low case assumes no surprises by construction
Capital bridge
€137k
€344k
€559k
Transaction friction
Item
Low
Central
High
Pre-purchase survey, haul-out, sea trial
€4k
€5k
€6k
Registration, flag, title, escrow
€2k
€3k
€4k
Delivery passage to owner's base (crew/fuel/insurance, intra-European)
€4k
€6k
€9k
The bridge, closed
Observed price (2026 €)
€139 500
+ Transaction friction (central)
€14 500
+ Capital bridge to ORS-49 (central)
€344 062
= Fully-loaded Day-1 cost (central; range €286k–€717k)
€498 062
Normalised Enterprise Value, finished boat (central; band €250k–€360k)
€300 000
Day-1 equity gap (value destroyed at central case)
€-198 062
Best case (NEV high − Day-1 low) / Worst case (NEV low − Day-1 high)
€74k / €-467k
Identified boats without a bridge — and why
Boat
Grade
Reason
named:ELEA_III
D
Ask EUR 220-240k observed but condition record is a spec sheet only (140hp engine of unknown year, 2 heads). An 11-unknown bridge adds no information beyond the 1994_UK exemplar; recorded as price-only.
named:Isla_de_Jamaica
D
Condition fragments (ketch, 143CV) but no reliable price captured — listing price never observed despite listing being live since >= Nov 2020. No bridge without a price.
named:Big_Blue
-
Charter boat, not for sale; 143hp/4,800-hr fingerprint held for identity, no transaction to bridge.
named:Yachting_Address_1988_89_Liguria_ketch
D
SOLD at EUR 265,000 (aggregator, undated, I) — one number, zero condition data, unknown date makes even inflation adjustment unreliable.
named:1987_SMN_PortGrimaud
D
Conflicting year/price captures (1985-ketch-EUR150k vs 1987-USD174k) still unresolved in the conflict ledger — bridging a boat whose identity is unstable would be false precision.
rest_of_fleet
-
The remaining ~60 hulls are dark: no price, no condition, in several cases no name. They appear in the coverage ledger, not in the economics.
Case studies — what the verified history teaches
Hull 63 BEDOUIN — the completed bridge (sold)
Year
Event
Nominal
2026 €
1988
Built (register construction year, V)
1996
Repowered TAMD41PA 200hp (both De Valk listings, V)
2010s
De Valk listing 803929: lying Italy, 3,580 hrs, sold at private price (V)
pre-2023
German ownership as DRESSCODE BIKINI (AIS identity, I); last AIS Monfalcone 2023-03
2021-22
Full refit in Italy, 'over EUR 330,000 invested' (De Valk 808555 broker text, V-capture/seller-stated)
EUR 330,000
€379 500
2023
NOTARISED SALE EUR 370,000 (Norwegian register bill of sale, V)
EUR 370,000
€381 100
2024
Voluntarily deregistered; current registration unknown (register, V)
Lesson: The only fully-observed refit-to-exit cycle in the fleet: EUR ~380k (2026 money) of refit alone bought an exit of EUR ~381k (2026 money). The pre-refit boat — a running, repowered, 3,900-hr HR 49 — was implicitly valued by this chain at approximately ZERO net of refit invoices (caveats: seller-stated refit figure; genset was broken at sale; purchase price of the base boat unobserved). This single verified cycle is why every bridge in this system treats refit capex as largely non-recoverable and why NEV is anchored at ~EUR 370k.
Hull 10 FREIDIG — 30 years of notarised prices
Year
Event
Nominal
2026 €
1996
Bill of sale (as MYLADY, ex-GRIZZLY)
NOK 922,500
€193 600
V
2007
Bill of sale (Carpe Diem Singelreiser AS)
NOK 1,875,000
€332 800
V
2008
Bill of sale (Nolting)
NOK 1,845,000
€308 100
V
2010
Bill of sale (Aadland + Brekke)
NOK 1,950,000
€329 100
V
2019
Bill of sale — sole ownership consolidation
NOK 462,500
€55 600
V
Lesson: The cleanest real-price series in the fleet: a 12-year-old HR 49 traded at EUR ~194k (2026 money) in 1996; the same hull traded at EUR ~308-333k (2026 money) three times during 2007-2010. Today's live asks for comparable boats are EUR 135-250k. The class appreciated in real terms into 2007-10, then gave back 30-40% — todays's buyer is purchasing at a real-terms level last seen in the late 1990s.
Hull 41 LOTTA — the 2010s plateau
Year
Event
Nominal
2026 €
2011
Bill of sale (as SELOR III, foreign acquisition)
NOK 1,800,000
€301 800
V
2019
Bill of sale (Vetaas, renamed LOTTA)
NOK 1,845,000
€221 700
V
Lesson: Same nominal NOK price eight years apart = a 27% real-terms decline between 2011 and 2019, bridging the gap between the 2007-10 peak and today's level. Nominal price stability masked steady real repricing.
Hull 87 — the relisting treadmill
Year
Event
Nominal
2026 €
1992
Delivered in Germany (brochure text, V)
1996
To the Netherlands (brochure text, V)
2000-2005
Total refit incl. new teak 2002, new sails 2005 (brochure text, V)
2000s-2010s
Sold through De Valk at least three times (IDs 55150, 32031, 251137); engine-hours chain 1,427 -> 1,450 -> 2,600 (2015); prices all private
V
Lesson: Three brokerage cycles in roughly a decade with only ~1,200 hours added: a lightly-used, repeatedly-traded boat. Relisting frequency in this fleet is not a red flag about the boat so much as evidence that ownership tenure of a 49-ft ocean cruiser is often shorter than the refit cycle it requires — which is precisely how deferred capex accumulates between owners.
Methodology
The Ocean-Ready Standard (ORS-49)
Robust, immediate ocean-crossing capability: the boat could depart on a trade-wind circuit within one season without deferred-risk items. It is NOT a concours restoration: cosmetics, interior styling and optional comfort systems (watermaker, air-conditioning, davits) are excluded and noted separately where present.
Explicitly excluded: Interior cosmetics / upholstery (Bedouin's 2021/22 refit shows these can absorb large sums without changing ocean-capability); Watermaker, air-conditioning, davits (comfort options; presence is noted as embedded extras, absence is not costed); Rig-plan conversion (ketch vs sloop treated as equivalent for capability; market preference handled in the NEV note)
Remediation cost library (2026 €, anchored)
System
Compliant means
Full remediation
Service
Anchors
Main engine(ENG)
Engine younger than ~20 years OR professionally repowered, under ~4,000 hrs since new/overhaul, with documented service
€45k–€65k
€8k–€15k
Observed repowers in the fleet: hull 63 TAMD41PA (1996), hull 85 TAMD31S (2003), hull 17 Yanmar 4JH110 (2016), Sofer boat VP 140hp (2008), hull 25 TMD40A new (1999), BEAR-suspect TMD41P (2013) — repowering this class is routine, roughly once per 20-25 years Current installed cost of ~110-150hp marine diesel with shaft work, mounts, exhaust, controls at NW-European yards: EUR 45-65k Service = injector/pump overhaul, heat exchanger, mounts, hoses on a running mid-hours engine (cf. W&S Lefkas 2024 injector work within a documented GBP 75k programme)
Standing rigging & furling(RIG)
Standing rigging younger than ~12 years; hydraulic Stoway/furlers serviced
€28k–€42k
€6k–€10k
3-spreader Selden stoway rig with hydraulic in-mast + hydraulic genoa/cutter furlers (fleet standard per De Valk specs) is at the expensive end of 49-ft re-rigs W&S Lefkas standing rigging renewed 2022 inside a documented GBP ~75k multi-item programme 2005-era De Valk refits (251580, 90749-adjacent) list 'new rigging' as a headline item
Sail wardrobe(SAILS)
Main + genoa (+ staysail) younger than ~10 years and serviced
€22k–€38k
€4k–€8k
In-mast furling main + ~60 m2 genoa + staysail in cruising laminate/dacron for 49 ft at 2026 loft prices Observed renewals: W&S Lefkas main+genoa 2024; Bedouin genoa/main serviced 2022 (Zattoni 2012 cloth); Sint Annaland '4 new furling sails'; hull 87 'new sails 2005'
Teak deck(DECK)
Teak replaced/glued within ~20 years and sound, or sound original with survey evidence
€60k–€100k
€8k–€15k
Observed replacements: hull 87 new teak 2002; hull 85/W&S-Lefkas-boat teak 2008 glued-not-screwed ('totally replaced') 2026 glued-teak or Esthec-equivalent renewal on a 49-footer (~60-70 m2 with coamings): EUR 60-100k at European yards Service = re-caulk and localised repair on a sound but aging deck
Hull integrity / osmosis(HULL)
Documented epoxy anti-osmosis treatment or dry moisture readings on survey
€25k–€40k
€5k–€8k
Observed treatments: Cres boat full peel + 6-month heated dry-out + West System epoxy 2017; W&S Lefkas anti-osmosis + Coppercoat (post-2020 programme); De Valk 251580 anti-osmosis in 2005 refit 35 mm solid GRP hulls of this era are robust but 1980s laminates untreated for 40 years carry real osmosis risk; full peel+dry+epoxy on 15 m: EUR 25-40k
Electrical system(ELEC)
Battery bank younger than ~6 years, modern charging (alternator/solar/inverter), sound wiring
€18k–€32k
€4k–€8k
Bedouin 2021/22: 4x Victron LiFePO4 800Ah/24V + full battery-housing/charging rebuild (within EUR 330k refit) W&S Lefkas: 4x 140Ah domestic 2022 + 500W solar 2024 1980s original wiring renewal appears in every documented deep refit (2005 De Valk refits list 'new wiring')
Navigation & autopilot(NAV)
Functioning integrated suite younger than ~10 years incl. autopilot, AIS transceiver, radar
€22k–€36k
€4k–€8k
Full B&G/Raymarine refresh (plotter, radar, AIS, autopilot with oversized drive, instruments) on 49 ft: EUR 22-36k installed Fleet evidence: hull 85 Xora carries a full modern Raymarine/True Heading suite; W&S Lefkas keeps an oversized spare autopilot drive
Tanks, plumbing, seacocks, steering(SYS)
Tanks (1,400L water / 600-1,000L fuel) sound or renewed, seacocks/hoses in date, steering serviced
€14k–€28k
€3k–€6k
2005-era De Valk refits list 'new tanks' as standard deep-refit scope Bedouin 2021/22: new wheel-steering cables, Gori folding prop, shaft work W&S Lefkas: new Volvo shaft seal + cutlass bearing 2022
Generator(GEN)
Running genset with recent service (fleet standard fit)
€12k–€24k
€2k–€5k
Bedouin's Lombardini LMG9000 was 'out of order' at its EUR 370k sale — even top-condition boats carry genset risk W&S Lefkas Mase IS3501 at only 220 hrs, serviced 2025 Replacement 3.5-8 kW marine genset installed: EUR 12-24k
Running rigging & deck gear(RUN)
Lines, blocks, winch service in date; electric winches functioning where fitted
€8k–€16k
€2k–€4k
Full line replacement + winch service on 49 ft; several fleet boats carry electric winches (House of Yachts boat, Xora) which raise the ceiling
Ocean safety kit(SAFE)
In-date liferaft, EPIRB, jackstays, MOB gear, flares, fire systems
€8k–€14k
€2k–€4k
6-person offshore raft + EPIRB + rigging of jackstays etc. at 2026 prices; Cres boat and Sofer boat document recent 6-person rafts (2024)
Recommissioning after lay-up(RECOM)
In commission and sailing
€5k–€12k
€0k–€0k
Applies only to boats laid up ashore for extended periods (Queen Anne ~3 years, BEAR on the hard): systems flush, antifoul, anodes, rig re-step checks, sea trials
Aggregation rules
OK: low 0, high 0, central 0 — evidence shows compliant; note residual age where relevant
SERVICE: service_low..service_high; central = midpoint
DUE: due_low..due_high; central = midpoint
UNKNOWN: low 0, high due_high, central = 0.5 x due midpoint — no evidence either way on a 35-40 year old boat; the honest treatment is a wide range, not a guess
SPLIT: custom low/high per line (e.g. original engine that runs well: low = major service, high = replacement); central = 0.5 x (low+high)
contingency: Applied to central and high only (low assumes no surprises): 15% where condition evidence is rich, 20% moderate, 25% where the boat is substantially unsurveyed or long laid-up
note: LOW is a genuine best case (every unknown resolves favourably), HIGH a prudent worst case short of structural failure. CENTRAL is the planning number.
Inflation & FX (rough public-series approximations, ±5%)
Condition evidence comes from broker listings, owner statements and registers — not surveys; a surveyor
can move any bridge here by six figures in either direction. Asking prices dominate the price record; only
7 observations are notarised. The NEV rests principally on one verified transaction. Refit invoices are
seller-stated. Rig-plan (ketch/sloop) and Caribia-edition value effects are unquantified. Roughly 64 of 89 hulls
are entirely dark — the observable market is a survivorship-biased sample of the best-documented boats.
Coverage & the dark fleet
Of 89 hulls: 25 identified by yard number, 26 further boats known by name or listing,
64 hull numbers unassigned — at least 38 boats about which nothing is known.
The bridged set above is therefore the market-visible tail of the fleet, not a random sample: boats appear in this analysis
because they were sold, listed, raced or registered somewhere observable. The dark fleet's condition distribution is
unknowable from public sources; the register (see companion research control centre) tracks the identification effort.
