yacht master price increase

The Newly Released 2024 Rolex Price List Shows a More Reasonable Yearly Increase

Following a significant increase in 2023, rolex comes back to a more standard price increase for 2024..

Without surprises, the arrival of a new year also means subsequent price changes for brands (and this isn’t limited to watch brands, but you’ll find these in multiple other industries). Last year already, we published the newly released price list of Rolex , which showed a rather impressive increase in the RRP of most models, with precious metal and two-tone watches being particularly affected – something we also did in 2022 , but then steel models were primarily impacted by this increase. As we enter 2024, Rolex has already updated its website with new prices for all references. However, compared to previous years, we might have some good news… or should I say less disappointing news. While we can’t avoid the price increase, it is more reasonable than in previous years, as the 2024 Rolex price list shows, on average, a rise of about 4% of the RRP. 

Method : to simplify this 2024 Rolex price list and to have a reliable comparative background to Rolex prices in 2023, we’ll be using the same method as previous years, meaning a year-on-year (YOY) comparison – January 2023 vs. January 2024 – and with the prices in Euro, on the French market, and including VAT. This allowed us to use the article we published last year as a precise comparison, using the same market, currency and models. The only exceptions to note are the watches presented at Watches & Wonders in March 2023. For these recent models ( Cosmograph Daytona , Yacht-Master 42 Titanium , Explorer 40 , Updated Sky-Dweller , 1908 Collection , Yellow Gold and Rolesor GMT Master II ), we’re using the price at the time of their introduction. We’ve also noticed identical price evolutions in the UK and US markets.

In 2023, Rolex started the year, like many other brands from the watch industry (and from other industries), with a rather significant price correction. Most of the models have been impacted by a rise of about 7 to 8% of the price, except Rolesor models (two-tone, steel-and-gold), showing an increase of about 11%. The economic situation in late 2022 and early 2023, with a strong increase in production costs and other expenses (such as the price of energy or raw materials), somehow justified this situation.

Looking at the wider image, according to the OECD , “ the global economy continues to confront the challenges of both low growth and elevated inflation, with a mild slowdown (in 2024) , mainly as a result of the necessary monetary policy tightening over the past two years. Inflation has declined from last year’s peaks. ” The situation isn’t ideal yet, but it seems that inflation isn’t growing as fast as it used to in 2023, and prices are rising less quickly. Also, if we’re looking more closely, the watch market isn’t as prolific now as it was in 2022 and early 2023. Even if the Federation of the Swiss Watch Industry reported that “ exports reached their highest-ever monthly level in November (2023)”, it also reports a “ more moderate rate of growth since the summer. ” Also, second-hand prices have corrected and returned to more acceptable levels, with a few exceptions, of course.

Rolex being Rolex, it remains a highly hermetic company that doesn’t disclose its sales or production figures (presiding over Montres Rolex SA is a foundation, the Hans Wilsdorf Foundation, which owns and controls Rolex to this day, and there is no requirement to disclose financial statements under the law.) We can’t precisely claim that Rolex had a more prolific year in 2023 than in 2022. However, several experts, such as Vontobel or Morgan Stanley, still indicate some growing figures in their estimates and the word about easier availability of some references is spreading…

Considering this situation, it’s time to look at the 2024 Rolex price list. Before we move into the details for each collection, it must be said that this year’s correction is more moderate than in the past. On average, prices are up 4% with no distinction between materials or models – which wasn’t the case in 2022 and 2023 . Let’s now look at the detailed 2023 Rolex price list per collection.

Cosmograph Daytona

The case of Rolex’s star chronograph is a bit special since the collection was entirely revamped in March 2023 , with watches starting to be delivered in the second half of the year. Thus, we have to compare what’s comparable, and we’re looking here at the evolution of the price of the 126xxx generation. Indeed, when the collection was introduced, it carried a slight price increase compared to the previous 116xxx generation – a minimal one of 300 euros on a steel version (EUR 14,650 for the 116500LN in January 2023, EUR 14,950 for the 126500LN in March 2023). Overall, the price of the 126xxx sees an increase of about 4%, with a more controlled rise of the platinum edition, while the Rolesor models are a bit more impacted… but surely not as much as in 2023 . Also, the Paul Newman-Inspired white gold “Le Mans” reference 126529LN , despite being released later in 2023, is equally impacted.

Submariner and Submariner Date

Whatever the version – date or no date – or the material used, the Submariner collection sees its prices increase by around 4%. No evolution is to be seen in the collection, which is the same as when this dive watch was updated in 2020 . We can’t note this year the same difference between the steel and the Rolesor version, which was particularly affected by the price increase last year .

GMT Master II

Following an increase of about 7% last year for the steel models – Batman (blue-black BLNR), Pepsi (blue-red BLRO) and Sprite/Destro (green-black VTNR) – all these references are mildly affected by the evolution of prices. Two new models were presented in 2023 at Watches & Wonders, the GRNR versions with yellow gold or yellow Rolesor cases and bracelets . Despite their recent introduction, these two models are equally impacted by the price increase.

SEA-DWELLER, DEEPSEA and Deepsea Challenge

Even though there was no evolution in this collection this year, it has to be noted that Rolex’s most impressive dive watch, the Deepsea Challenge , was unveiled in late 2022. As such, it was not impacted by the evolution of the price in early 2023 . As expected, this situation has changed now and the gigantic 11,000-metre water-resistant watch also sees its price rise, however from a fairly restrained 2%. The classic 43mm Sea-Dweller and the Deepsea are impacted by the same 4 to 5% rise as the rest of the watches.

Explorer and Explorer II

As part of what probably was Rolex’s most prolific collection ever (the 2023 range counted no fewer than nine new sub-collections) was a new Explorer, in 40mm , to sit alongside the vintage-inspired 36mm versions . No surprise for these adventure-themed watches, which all see their prices rise in the 4% range. The same can be said about the Explorer II .

Yacht-Master and Yacht-Master II

The situation for the Yacht-Master and Yacht-Master II collection has long been different from the rest of the professional collection. Already in 2022 and 2023 , we’ve seen disparities in the evolution of prices. This year, again, some of the references (YM in Rolesium – steel with platinum bezel) are only impacted by a 2% increase. On the other hand, the Rolesor and YG Yacht-Master II are some of the watches with the strongest growth in price this year. The recently introduced Titanium 42mm Yacht-Master is impacted in the same vein as most models.

Air King and Sky-Dweller

In last year’s article , this section also included the Milgauss, which was discontinued in 2023. Now, whether we look at the Air King 126900 , a relatively recent model, or the discreetly updated Sky-Dweller of 2023 (new dials, upgraded movement), the increase of the price is in the 4% range, whatever the material used. For the latter, being a model launched in March 2023, we’re comparing the prices at the time of the introduction and the prices now, yet the new model didn’t come with a price increase at the time of its presentation.

Datejust 41 and Datejust 36

Rolex’s most classic watch, the Datejust, has not been updated in 2023, and the collection remains as wide as it used to be in the past – there are well over 300 versions listed on the brand’s website, taking into account all possible materials, diameters, dial colours, bezel styles and bracelet types. For this reason, we’re only listing here some of the classic references – steel or Rolesor – to give a broad idea of the situation in this collection.

Day-Date 40 and Day-Date 36

Another classic and extremely large collection of Rolex, the Day-Date, is exclusively available in precious metals (gold or platinum). Hundreds of combinations are available, so we’re only listing here the most classic versions, which are all affected by a price increase of about 4%, much less than the evolution of 2023 .

OYSTER PERPETUAL 41, 36, 34, 31 AND 28

Last year, Rolex’s entry-level collection, the Oyster Perpetual , faced a massive 11% price increase. Available in no fewer than five different sizes, the collection now undergoes a slightly more minor price correction than the rest of the range. The much-discussed Celebration dial presented this year faces the same increase, and its price is the same as a model with a flat, monochromatic dial .

Perpetual 1908

A new collection presented in March 2023 and the successor to the Cellini watches, the Perpetual 1908 is the most elegant model in Rolex’s catalogue. It also included a brand-new movement, refined decorations and a sapphire back. Knowing its recent introduction, we’re comparing the prices at the time of its launch and January 2024.

You can consult the updated prices of Rolex in your region by visiting www.rolex.com .

10 responses

What i find silly is some models like the YT RLX and Daytona didn’t even show up in 2023 on the market. So their prices were always meant as 2024 prices.

What’s the Difference Between YOY and YTD?

YOY looks at a 12-month change. Year-to-date (YTD) looks at a change relative to the beginning of the year (usually Jan. 1). YTD can provide a running total, while YOY can provide a point of comparison.

@Luciano – you’re absolutely right. And we’re correcting the article accordingly. Sorry for the mistake.

It seems completely out of touch to say “a more reasonable yearly increase” but hey thats the industry I guess. Consumer friendly and fair pricing is not what I assocate with the swiss

I honestly see these yearly increases unjustified. Like what kind of improvements have been made in terms of design, or movement? I think there’ll be a time when they squeeze the demand until people lose interest in their watches. Already the digital watches are pushing the Swiss brands hard against the wall!

So, this is the price I will have to pay after waited for years.

Depends what country – Canada had some massive increases (10% + on some models) that said, nothing compares to JLC increasing prices last year: 30% increase on a reverso duo

@Jonathan Bhimani-Burrows – indeed, it also depends on the currency and exchange rates. There are some markets that will face more important increase than other (Canada being one)

I’m sure this will be a minority view: I want Rolex to raise price 15% or 20% – kill the grey market for many (most?) models.

Good luck if you can find one. Even the display watch is not for sale

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Rolex Increases Retail Prices on All Models in 2024: Here’s a Full List

Rolex celebrates every new year by announcing a price increase on every model and this year was no different. While this could be a disappointing news for people in the queue at the Rolex AD, it is certainly a positive news for people who have already invested their money on these watches. The Swiss watch manufacturer does this to cope up with the increasing prices of the materials and the increase in overall production cost.

Rolex Retail Prices Hiked in 2024: A Comparison to 2023

As mentioned before, Rolex increases its retail prices every year. Last year, the prices were increased by a significant margin. This was due to the fact that the production costs were largely impacted in late 2022. However, the economy has since stabilized a lot, and this time around, Rolex has only increased its prices by an average of 4%, with some of the steel models being increased by 2-3% and an increase of 4-7% on models with precious metals.

Now that we know what is expected, here’s a close look at the newly announced retail prices for 2024. We have also compared these with the 2023 retail prices to understand how much of a price hike we are looking at.

Oyster Perpetual

The Oyster Perpetual is the entry-level Rolex that everyone looks at. While these have increased in price in the last few years, they remain more affordable than Datejust or any of the sports models. Even though these are considered entry-level watches, they are still hard to get directly from the Authorized Dealer.  Here’s a look at the Rolex watch prices in UAE for the Oyster Perpetual lineup.

While OP is the entry-level Rolex, it is the Datejust that everyone wants as their first watch. The popular 36mm and 41mm models have increased by at least 4%, making them a tad bit harder to purchase for the fans. However, there are some two-tone Datejust models that you can find in the secondary market for under-retail. Nevertheless, here’s a close look at the price change for some of the popular Datejust references.

The Submariner models are usually the first sports model that people go for. With the Submariner No-Date now starting at AED 37,400, these watches are still really well priced. With a mere 2-3% increase, these models have not been impacted as much.

Sea-Dweller

Sky-dweller, gmt-master ii.

The GMT-Master II is among some blessed models that have not faced a massive price increase. With just about 2% price hike, the Stainless Steel models are barely affected. It is only the two-tone and full gold variants that have taken the hit.

Yacht-Master

Just like the GMT lineup, the Stainless Steel yacht Master references have been only mildly affected by this price hike. However, Gold and Titanium models have faced an upwards of 4% price increase in 2024.

Cosmograph Daytona

At Watches & Wonders, Rolex released new 2023 models and the Daytona was one of them. It got the new Calibre 4131 movement and with the introduction of the new models, Rolex also brought a new Platinum Daytona with an Exhibition case back. Later in the year, the company also released the Daytona Le Mans, which is a White Gold timepiece with an open case back. With the introduction of the new reference, the prices of the Daytona lineup already got inflated. Now, in 2024, they are getting yet another price hike. So, compared to January 2023, you are most likely paying 7-8% more, depending on the model you pick.

Retail Price Hike: What happens to the secondary market?

Due to the increase in retail prices, there might be a slight reflection on some models in the secondary market. These watches will not go up in price by a huge margin, it is expected to be just a similar 2-3% increase. So, if you are buying a watch from the secondary market, it should not affect you much as you are already paying a premium. As for selling a watch today, you might be able to get slightly extra for your watch compared to what you would have got 2 weeks ago.

Devesh Arora

Devesh Arora is a watch enthusiast and Website Manager at WatchMaestro. He is passionate about watches and loves sharing his knowledge through blog posts here. Every day, he learns more about these timepieces and enjoys simplifying the complexities of watchmaking for his readers. Devesh's goal is to make the world of watches more accessible and enjoyable for everyone.

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Rolex Retail Price Increase 2024 January: Yacht Master

With the increase of retail price of the Rolex Yacht-Master on the first day of 2024 January, the increase ranges from 2.62%-6.56%. All prices are all inclusive of the new GST rate of 9%.

Stay tune for the rest of the Sports Model.

Find out more on the Retail Price Increase for:

• Rolex Submariner
• Rolex Daytona
• Rolex Daytona Sea-Dweller/Deepsea
• Rolex GMT Master II
• Rolex Air-King / Explorer / Sky-Dweller

Visit www.rolex.com for more.

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At 8:30 AM last Wednesday (Geneva time), when everyone stateside was tucked into their beds, the entire set of new Rolex novelties hit the internet. We immediately turned our focus to a certain left-sided crown GMT-Master II with a green and black bezel, and the new Air-King with crown guards and professional case. But those weren't the only releases from The Crown this year. In fact, when the HODINKEE team visited the Rolex booth (I really need to stop calling these things booths) at Watches & Wonders, one collection took us all by surprise: The Yacht-Master.

Now, I don't have a complete understanding of the personal lives of my colleagues, but I think it's fair for me to say that not one of us is a competitive yachts-person and yet nearly every one of us was jazzed to handle the new 42mm Yacht-Master in yellow gold on the Oysterflex bracelet. Yellow gold has a tendency to do that.

In fact, this is one of the reasons I am so happy that trade shows are back and we're able to handle watches in person and report back to you, the readers, on our observations. I think it's likely that we would have overlooked this release as nothing more than a change in metal. But to my mind, this new case material results in a Yacht-Master the way it always should have been: Flashy, but no less sporty. The yellow gold execution just feels right.

Of course, that wasn't the only news to come off the yacht. We weren't able to see it, but Rolex unveiled a new white gold variant with something called a Falcon's Eye dial which looks about as cool as anything I've seen out of the "house that Wilsdorf built" in years. I'll reserve full judgment until I see it in person, though.

Yacht-Master with Falcon's Eye dial

But there was even more yacht-watch action that had the room waiting to touch and feel (I'll never stop saying that). I'm talking about the 40mm white gold Yacht-Master with diamond-set lugs, and a rotating bezel fully set with an array of colorful sapphires.

I don't want this point to be lost on anyone. The bezel has no text, numerals, or any useful markings. It's just adorned with sapphires and yet – Rolex still made it rotate. You just have to love that. It almost bears repeating the "no sapphire left unturned" joke I made in the introductory article. Well, I guess I just repeated it anyway.

It really is interesting that the watches you think we'd scoff at in press photos are the ones we were most excited to try on in person. The sapphire YM made its way around the table multiple times, as each of us wanted a second and third time with it on the wrist. From a size perspective, I have always loved the 40mm YM , and the colorful blingy-ness of this one really makes it a larger-than-life timepiece.

But it was the YG YM that really caught my eye. Prior to W&W, we wrote an article about Rolex watches we hoped to see this year. I chose one I knew we would never see, which was a Submariner with a Yacht-Master bezel. I just love the matte-ceramic look and feel of this bezel with the tone-on-tone raised numerals. For a model range that comes predominantly in precious metals, it is interesting to see such a utilitarian, toolish look paired with gold. This is in contrast to the steel Submariner, which utilizes a shiny Cerachrom bezel.

On the wrist, the 42mm version wears exactly like you would expect a 42mm watch to wear. It isn't deceptively small, or overly large – but it is big. I have a six-and-a-third-inch wrist and I am not sure I could wear this one daily. Much of that has to do with the Oysterflex bracelet – and yes it is technically a bracelet and not a strap. You see, as comfortable as it is (and it's mighty comfortable), it bows out slightly and doesn't hug the wrist as tightly as a traditional bracelet does. Unfortunately, this makes a 42mm watch wear exactly as advertised, which in my case makes the watch a tad too big (though fingers crossed for a future 37mm version).

This was a bit of a bummer for me to experience in the room because as a design object, the yellow gold Yacht-Master is a total stunner. The black dial, maxi lume plots, and the date window all work to form a well-proportioned timepiece. Of course, this is a purely aesthetic update and the watch continues to feature the Superlative Chronometer-rated 3235 caliber.

I really think the entire YM collection is criminally underrated by the general watch-loving public, but I also understand that price is a factor in these things, and at $28,300 the yellow gold model isn't necessarily a bargain. Of course you can always spring for the steel model with platinum bezel in 40mm sizing, but that really feels like a different watch entirely.

My high-level observations of this watch are that it's a logical addition to the Yacht-Master fray. I suspect we'll see more of these in the wild than we did the white gold model because WG is a metal that flies under the radar. If you're buying gold, you want someone to know. It has the heft you want from a solid gold watch, but it's balanced by the cushioned comfort of the Oysterflex. In a world where steel Rolex sport watches are trending around the price of this model on the secondary market, is it so crazy to spring for YG and get your name on the warranty card?

Live photos, Tiffany Wade. For full specs and pricing,  check out our Introducing post.

For more information about Rolex, visit the brand's  website . The HODINKEE Shop features  pre-owned  and  vintage  Rolex watches.

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Why There Might Be a New Rolex Yacht-Master II This Year

When it comes to Rolex, I don’t think anyone can completely predict the future. For a brand that is known and celebrated for the consistency of its designs, Rolex always manages to find some way of surprising us each year. With that in mind, sometimes we do get a tiny bit of insight into what Rolex might have planned, and it’s always fun to speculate about what models might be joining (or leaving) the lineup.

Although absolutely nothing is confirmed, nor will it be until the moment that Rolex announces its new releases, there is a pretty good chance that there will be a new Rolex Yacht-Master II unveiled this year at Watches & Wonders Geneva.

No Price Increase for the Rolex Yacht-Master II in 2022

To kick off the new year, Rolex raised its retail prices for 2022. The price increase can be seen across Rolex’s entire catalog, and virtually every single model saw its retail price go up for 2022 - except the Yacht-Master II.

Admittedly,  the Yacht-Master is Rolex’s most underrated sports watch collection , and the Yacht-Master II might be one of the most divisive models in the brand’s entire lineup. However, Rolex Yacht-Master II watches are still completely sold-out at retailers, and it’s not likely that a small price increase at a retail level would deter sales - especially when available examples are trading hands for a premium on the open market. None of the Rolex Yacht-Master II references saw their prices increase by a single dollar for 2022, and a good explanation for this would be if Rolex planned to phase them out later this year.

Why the Yacht-Master II Won’t Be Discontinued

The lack of a price increase supports the theory that the current Rolex Yacht-Master II references are destined to be dropped from the catalog, but couldn’t this also mean that the Yacht-Master II will be discontinued entirely? 

Although anything is possible, it’s highly unlikely that Rolex would discontinue the Yacht-Master II altogether after this short of a production run. The model was first unveiled in 2007 and only officially joined Rolex’s catalog in 2010, so to scrap the entire concept after just one generation would be highly uncharacteristic of Rolex. Additionally, given that the Yacht-Master II is one the most complex models in the brand’s entire lineup, it likely cost a significant amount of money to design and develop. Therefore, it would only make sense for Rolex to continue to iterate upon the Yacht-Master II’s innovative platform and advanced movement in order to maximize the return on its investment. 

What’s Next for the Rolex Yacht-Master II

The current Yacht-Master II references seem destined to be phased out, yet it doesn’t make sense for Rolex to discontinue the model entirely. Therefore, one possibility is that we might see an entirely new generation of Yacht-Master II watches. Additionally, given that British sailor and Rolex ambassador Ben Ainslie has been  spotted wearing a titanium Yacht-Master prototype , some major update to the greater Rolex Yacht-Master collection seems like a serious possibility… maybe a titanium Yacht-Master II on an Oysterflex bracelet?

All of that being said, while a number of signs are indicating that there will be a new generation of the Yacht-Master II, this does not mean that Rolex will actually unveil one later this year. We like to think of Rolex as being predictable, yet somehow the brand continues to surprise us each year by creating new and unexpected watches that somehow feel as though they should already be part of the catalog.

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*All images courtesy of Rolex

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Hands-On: Rolex Yacht-Master 42 Watch Reference 226627 In RLX Titanium

The visceral experience of wearing the Yacht-Master 42 titanium is very odd for any long-time Rolex fan. Rolex more or less helped create the 20th-century notion that you can often measure the value of a watch by feeling how solid and weighty it is. Rolex watches have never been designed for lightness, so most of them are quite hefty, and beloved for that reason. It is common for someone to admire a precious metal Rolex simply by feeling its mass in the open palm of your hand.

The Rolex Yacht-Master 42 was introduced in 2019 with tones very similar to this titanium model, but rather in 18k white gold and on a black Rolex Oysterflex strap. A yellow gold version was eventually added, and it seemed as though Rolex’s largest Yacht-Master was destined to be a precious-metal-only product. The 2023 226627 Yacht-Master 42 changes that paradigm by adding in a full grade 5 titanium case and matching bracelet to the product family. This is what people should consider the first “wearable” Rolex watch produced from titanium.

Even though Rolex uses the same grade 5 titanium as other brands, it focuses a lot on surface finishing and polishing for this timepiece. Rolex uses a sort of deep-grain engraving, which is somewhat different from the same effect on steel. Titanium as a color is also a bit darker than the comparatively bright 904L steel that most other (non-precious metal) Rolex sport watches are made out of. Titanium does scratch, and I asked Rolex about the service plan for the Yacht-Master 42 in RLX titanium. To make a long story short, Rolex will offer the same “case refresh” service for its titanium watches as it does for its steel and gold watches, though in reality, Rolex will have to use some special processes to polish titanium so that it looks fresh and new again. “RLX titanium” is really just Rolex’s way of indicating that it polishes and finishes titanium metal differently from other brands (according to Rolex).

Other than being in titanium with the matching bracelet, there isn’t too much new here. The Yacht-Master 42 case is 42mm-wide and has similar proportions as other watches in the larger Oyster Perpetual watch. The case is water resistant to 100 meters, and around the dial is a uni-directional rotating bezel with a matte-black ceramic insert that matches the matte-dark-gray tone of the Yacht-Master 42 dial.

Inside the watch is the Rolex in-house-made caliber 3235 automatic movement that operates at 4Hz with about 70 hours of power reserve. The movement offers the time with date and on the sapphire crystal is a Rolex “cyclops” magnifier lens. Titanium is considered by many engineers to be the perfect material for wristwatch cases. While I don’t think it is possible to ever determine “bests” in regard to an emotional product, it is true that you can easily enjoy the Yacht-Master 42 in titanium from purely a tool watch perspective. The lighter weight and large size give this 42mm-wide Rolex an interesting and desirable personality. It also makes us wonder whether or not there will be more titanium Rolex watches in the future. Possibly some, but I don’t think that Rolex, primarily a maker of conspicuous jewelry-style watches, will heavily focus on a material that will not hold a high polish as nicely as steel, gold, or platinum watches.

For watch lovers and Rolex collectors, there really is a lot of novelty to wearing a Rolex watch in titanium simply because most people haven’t ever done so before. The sister brand Tudor has had the Pelagos, which, for a while, was really the more sober equivalent of this Rolex Yacht-Master 42 226627. It is also much less expensive, but it doesn’t have the iconic Oyster Perpetual case shape and the famous Submariner-style dial that this Yacht-Master does.

While the Yacht-Master 42 in RLX titanium raises a lot of interesting philosophical questions about what Rolex should and shouldn’t be doing, the product will be a commercial success given the current latent demand for high-end titanium sport watches and anything even remotely interesting from Rolex. Rolex has made it clear that production of the titanium Yacht-Master 42 is going to be limited in scope, in large part because there are so many pieces of titanium in the case, and especially the bracelet, that all need to bear precisely matching polishes and finishes. I don’t imagine that this watch is easy for Rolex to make, but we do know that Rolex could increase production of titanium watches if it ever wanted to. Price for the very interesting and comfortable reference 226627 Rolex Yacht-Master 42 in RLX titanium is $14,050 USD . Learn more at the Rolex watches website here .

Local News | Newport Harbor boaters may see rent rise by…

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Local News | Newport Harbor boaters may see rent rise by 400% and they’re asking why

Boaters who anchor their vessels at off-shore mooring fields in the Newport Harbor continue to protest a proposal by a city commission to raise rents , now questioning the appraisal done for adjusting the rates.

There are more than 800 off-shore moorings in the harbor where people can park their boats. Some boaters could see their mooring rent increase by more than 400% – the Harbor Commission is discussing a phasing in plan that would start in 2025, and wouldn’t reach the maximum until five years.

Boaters argue they will be priced out of the harbor and question the size of the increase and whether it is necessary. Commissioners say they are doing their best to bring the price in line with a fair market rate for the use of an asset that is owned by the state and considered part of the public trust.  The State Lands Commission oversees these areas of submerged land known better as tidelands.

The Newport Mooring Association has raised questions there may be a possible conflict of interest for the independent appraiser the city hired to review the moorings and complete a comparative analysis of fair market rates.

They said Jim Netzer of Costa Mesa-based Netzer and Associates is connected to the Newport Aquatic Center, a nonprofit that offers rowing, kayaking, canoeing and other water sport activities, including boat storage, from the bay inland of the harbor with a ground lease from the city, and that may be a conflict of interest. As part of the assignment, the appraisal was to look at the NAC among other boat storage areas, marinas, yacht clubs and the Dunes Waterfront Resort, said Chris Benzen, a mooring holder and member of the Newport Mooring Association at a recent commission meeting.

Netzer is a board member for the center and also made a personal loan in the past to the center, according to city records obtained by Benzen and presented at the meeting. Netzer acknowledged the loan in a later email to the Register, saying there is no conflict of interest.

Benzen also pointed out the city’s harbormaster , Paul Blank, who has been part of the discussions since 2021, has now recused himself as of last month from further discussions on the mooring rates. John Pope, the city’s spokesman, said Blank’s recusal came at the advice of the city attorney.

“It makes you wonder and think there is an appearance of impropriety,” Benzen told the harbor commissioners of the questions the group has raised.

City officials said Netzer and other interested contractors went through the required process of submitting a proposal for providing the appraisal services and was selected from a group of three that submitted; Netzer has one of the highest national appraiser designations possible, Pope said.

Pope said Netzer’s membership on the Newport Aquatic Center board does not present a conflict, and the appraisal he is conducting for the city on the moorings “is distinct and separate from his involvement with NAC.”

“The fact that Netzer is a director with NAC does not create a conflict or prevent him from being able to appraise the moorings,” Pope said. He said the Newport Aquatic Center use in the area is “different in type and kind. So he has no interest in the ‘property’ at issue, the moorings.”

Netzer said that his appraisal was “impartial and independent” and that his position on the NAC board is not a “conflict of interest.”

“To suggest otherwise is defamatory,” he said in an emailed response, adding that “the NAC loan was approximately 10 years ago between two private parties and the city was not involved.”

The appraisal assessed the rental rates of moorings in the harbor using three different comparative analyses, including tidelands market rentals and similar mooring rentals, said Ira Beer, co-chair of the Harbor Commission and chair of its subcommittee on the proposal.

“The comparable rental analysis includes the yacht clubs along with five other mooring rental locations along the coast of California,” he said, adding for a 40-foot mooring, the Balboa Yacht Club charges $16, and the Newport Harbor Yacht Club gets $13.50.

The harbor charges $3.34 per linear foot of boat per month for rental for the offshore moorings, which come with no amenities, such as power or water, and can only be reached by using a dinghy, paddleboard, or another sort of watercraft. The latest version of the proposal discussed by the commissioners would charge between $7.77 and $17.78 per linear foot, with the price increasing with the size of the boat. Netzer’s appraisal had suggested up to $23.25 on the higher end for a fair market value.

Boaters argue the fee increase will make the boating lifestyle unattainable for many, especially those on fixed incomes, and will drive many out of Newport Harbor. However, city officials say the proposed rate increase is commensurate with what the market bears out, and the current rates are too low to maintain the public harbor.

Beer said his group has done the best it can to keep the prices “as reasonable as possible,” including suggesting the phasing in of the increase.

“Six increases over five-and-a-half years are what we think will get us up to what we think fair market value is today,” he said. “We’re saying, ‘Hey, let’s kick this thing down the road as far as we can.’ All we’re saying is pay your fair share and let us be in compliance with state code.”

Benzen also took the boaters’ complaints to the City Council last month.

“What they’re proposing, the 400% to 500% increase to offshore moorings? It’s discriminatory; it’s bullying by the city,” he said.

If the commission votes later to recommend a rate increase, the City Council must approve it. Then, the California Coastal Commission would make the final decision.

“We would like the city to respond to the questions we’ve raised,” Richard Navarro, a Newport Mooring Association board member, said. “They’re very serious … about the conduct of the appraiser and why the harbor master had to recuse himself. In my view, the Harbor Commission has really lost the confidence of the public. It has a job to do to restore that credibility.”

The mooring association will continue to look for assistance, including asking the California State Lands Commission to compare the city’s appraisal with one commissioned by the Newport Mooring Association, Navarro said. “If the intent was to do an objective review, we’d like the city to send that to the State Lands, but they chose not to do it.”

Typically, the State Lands Commission does not engage in the day-to-day management of legislatively granted public trust lands, said Sheri Pemberton, chief of external affairs. That responsibility falls to the city.

“The commission generally does not act to either approve or disprove a grantee’s actions,” she said, adding that the commission staff will “review the city’s appraisal through the lens of whether the appraisal constitutes a reasonable effort to derive fair market value for the occupation and use of public land.”

“Commission staff intend to consider the Newport Mooring Association’s appraisal when providing feedback to the city,” Pemberton added.

Beer said the rates will be discussed again during the commission’s meeting this month. The next meeting is scheduled for April 10.

“We intend to make a recommendation,” he said, “if we have all the data.”

This story has been updated with more details on the scope of the appraisal.

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