Boutsen Aviation, the business jet broker firm owned by former Formula 1 driver Thierry Boutsen, is currently in the process of selling a Learjet 55.

The Monaco-based company, which was founded in 1996 has felt the knock-on effect from the collapsed US sales market although Boutsen said that at least in Europe, aircraft are still being sold.

“Nobody wants to buy business jets at present, purely for investment reasons. Prices are starting to drop, so people are now going to wait until they have reached rock bottom before purchasing again. This also poses a problem for people who have bought new aircraft, before selling their old aircraft,” said Boutsen.

The Learjet 55 market has felt the knock-on effects, although prices have not fallen quite so dramatically. Boutsen explained: “The Lear 55 experienced a huge price increase over the last two years to a level which exceeded what the aircraft was actually worth.

“The price has now dropped to its 1998 level and the market is not moving, so neither buyers or sellers are benefiting.”

Boutsen Aviation is selling the Learjet 55 for $4.8 million, but Boutsen himself believes that to sell the aircraft under current market conditions, the price would have to be set below the retail value (which by 1998’s standards is around $4.2 million).

On the sales front, Boutsen said: “Our two main ways to target purchasers are publicity via news and the internet and also personal relationships we have built up throughout our careers.

“We spend a great deal of time simply contacting old clients by phone, and if you build up some positive publicity and are well organised, it can easily bring a lot of good attention and contacts.”

Despite the current market climate, Boutsen said that the 55 is certainly the type of aircraft he

likes to sell.

He said: “This is a very powerful aircraft with a good history and compared with similar aircraft such as the Falcon 20 or 50 it is far more affordable. In this price range and with its cabin size, the Learjet 55 is in a class of its own.”