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HISTORICAL RETURNS

“TODAY, A MEGAYACHT IS INDISPENSABLE. It’s not like 15 years ago, when a yacht was a luxury item.” So says Olivier Milliex, head of yacht finance at ING bank.1 The art world has heard the call and mustered its response: SeaFair’s $40 million Grand Luxe took to the seas in 2007. Up to twenty-eight commercial galleries, each paying $10,000 to $30,000 per week for a showroom, can be accommodated on board. SeaFair made its gala debut while docked at the hedge-fund epicenter, Greenwich, Connecticut. “What we have invented,” declared the ship’s proprietor, “is the mobile luxury shopping venue. . . . Wealthy people in the U.S. have more money than time. This is designed to make it an interesting, easy experience within 15 minutes of their house [sic].”2 The yacht’s ports of call, to date, have been along the shores of northern Long Island and across the sound in Fairfield County (with a foray to

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