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“As originally published by Boat Internartional on 20 March 2025"

• by Gabrielle Lazaridis

Founded in 2023, full-service yacht firm Ikonic Yachts could be construed as the "new kid on the block", making their track record of more than $1 billion in transactions all the more impressive. BOATPro sat down with CEO AJ Blackmon to discuss Ikonic Yachts' meteoric rise, why owners are turning increasingly towards boutique yacht firms and what has him feeling so optimistic ahead of next week's Palm Beach International Boat Show...

How did you become involved in yachting?

I grew up boating in Tampa Bay, but my start in yachting was really when I was 18 and got a job washing boats at the local yacht club. I remember I would sit on the yacht as I was finishing work for the day and just watch the sunset, trying to put myself in the owner's shoes. I would wonder how they got to a place in life where they were able to afford these things, which eventually led me to yacht sales and management.

What led you to form Ikonic Yachts?

I started out with Cambridge Yacht Group under a man named Steve Doyle, but I was always very entrepreneurial. On my third deal, I assisted in the sale of a 47-metre Palmer Johnson to a mentor of mine who works on Wall Street. That was the deal that put me on the map and I actually acquired Cambridge Yacht Group after that. That became Apollo Yachts, which we partnered with Apollo Jets and then sold to Vista Global within two years. My next venture would be Ikonic Yachts, which is really the culmination of everything I've learned over the past seven years.

Blackmon introduced the buyer for the 40.8-metre Benetti Oasis motor yacht Contigo, sold in October 2024

There is no shortage of "full-service" yacht firms on the market today, so what differentiates Ikonic Yachts?

We don't have a brokerage team whose goal is to go out and sell boats. We represent people. Yachting is our profession but people are our passion, and I think that's an important distinction. We're very particular about who we work for because we need to understand how they see value in yachting for us to give them the experience they're ultimately after. Do they just want a great deal? Is it that they want the boat to be completely run without them knowing? We work to identify the owner's pain points and wrap them up into what we call the first yachting family office, which is essentially an extension of our client's family office.

Does Ikonic Yachts specialise in any sector of the yacht market?

It's a tough question, because, again, we represent people – not assets. They might have any size or type of vessel, but focusing on their individual experience and maintaining great relationships with our clients has been the secret to our success.

Overall, we perform especially well in the off-market sector, which represents about 80 per cent of our business. We want to identify opportunities before they hit the open market, and we've been able to gain an edge by utilising our network in private aviation. We were partnered with the largest private aviation organisation in the world, which has essentially given us access to anyone we want by one degree of separation. A lot of these people don't want their yachts listed, so when we hear about someone looking to either buy or sell, we can instantly start digging up off-market opportunities and get a deal done while keeping it private, which most of our clients appreciate.

Contigo is available on the global sales market with Ikonic Yachts at a listing price of €26,000,000

Is it difficult for a boutique yacht firm to compete against these larger companies?

Actually, I think larger companies are starting to refocus inward rather than outward, which was the case during the Covid pandemic. They're not throwing big nets, but really trying to capture the entire experience for their clients in a very small, niche way. I think if you look at the trends of the market, that's really where the industry is heading – it's heading back private.

Can you expand on this a little?

I think a lot of these larger yachting firms are riding the wave of Covid, which had made them a lot of money. However, the focus of their messaging started to become about how they are the largest brokerage that sells the biggest boats, instead of how they are serving their clients. Because of how intimate the yachting business is, I think it actually lends itself well to more focused, client-centric approaches that is going to be delivered by small, boutique offices. Instead of trying to focus on selling 100 boats, I think you're going to have more brokers and teams focused on delivering the absolute best experience for 10 to 20 people.

Does this mean you'll be keeping Ikonic from growing beyond a certain size?

Yes, we currently represent 25 families globally, but I'd say our five-year plan is to grow that figure to 75. However, I've completely changed my mind on one thing since entering this industry, which is the realisation that there are a lot of wealthy people in the world. I do not think of competition; I want everyone to win and I think there's plenty of people in the world to support all of our businesses. How I see Ikonic delivering client experiences is very much in line with how I see the world, which is different to how the broker next to me will operate, and there's nothing wrong with that.

The Ikonic Yachts Headquarters in Miami Beach, FL

How is the market performing at the moment?

I would say November sparked a lot of activity, especially seeing as nearly 100 per cent of our clientele is based in the US. However, I believe a lot of the deals that closed were from insulated buyers – those who just needed some positive reassurance to make a purchase decision. If you look at January, February and heading into March, it's been a little slower. Overall, I think the US market, especially, has a positive outlook on the future, but when it comes to actually making buying or selling decisions, people are just trying to wait a little longer to see if they can get a great deal instead of a good deal.

Do you think we'll see an increase in sales in 2025?

I wish I had a magic eight ball, but I think we're going to have a great next two years. We're getting close to this tipping point where things start to come back to reality. The sellers that had a boat listed for more than it probably should have been are starting to cut prices – though this isn't indicative of anything other than the boat was overpriced to begin with – which could help stimulate sales, though I don't know what happens after that.

Moonraker (ex Snow 5) is listed for sale with AJ Blackmon of Ikonic Yachts at an asking price of €26,500,000

So are you expecting a strong showing at Palm Beach? There seems to be quite the buzz around that show this year...

I think Palm Beach has always been the show to be at – at least in terms of making deals. The Miami and Fort Lauderdale shows are on the bigger side, but you get a lot of traffic who aren't buyers. Palm Beach, on the other hand, is the most authentic boat show in my opinion. The people walking the docks in Palm Beach are not just walking around the show to spend a day – they're very serious and there for a reason. But yes, there does seem to be an especially strong lineup of larger, pedigree boats going to Palm Beach this year. There were also less boats at the Miami show (compared to previous editions), so you could argue Palm Beach is going to be picking up on all of the leftover demand from Miami.

Finally, what is your vision for Ikonic Yachts?

The single vision for me is people. I want to be exactly what our clients need. I'm not as concerned about the asset – whether it's 50-metre or 100-metre boats – I just want to make sure that we're educating our clients with the truth, and that no one will ever say they dealt with Ikonic and that we sold them on something that was not what they ended up getting. That's our vision for what we're doing.

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