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The executive jet - the ultimate symbol of conspicuous wealth for business high-rollers - has become the latest victim of the credit crunch.
Aviation experts report that in the past fortnight, the "forward" price for these jets has plummeted, as even the mega-rich start tightening their belts.
Twin-engined mini jets, such as the US$60 million ($77.3 million) Gulfstream G550, owned by British retail tycoon Sir Philip Green, have been so popular that waiting times for delivery are typically at least four years. As a result, a booming "grey market" has developed. Investors put down deposits of around US$5 million to place an order.
But instead of taking delivery, they sell on the option to the super-rich who are not prepared to wait - for a fee.
Investors can make up to US$10 million profit on each plane, if they can guarantee speedy delivery.
Of the estimated 300 executive jets sold last year, about 10 per cent were thought to be acquired in this way. Wealthy Asian businessmen in particular have driven demand.
But John Keeble, chief executive of executive jet consultancy Twinjet Aircraft, says investors are rushing to sell options in the forward market because they are worried their value will fall as the super-rich curb their spending.
In the past fortnight investors have put three options to buy the French-made Dassault Falcon 7X, on the grey market with a list price of US$45 million.
Keeble said no more than one option per month on the plane would have been put up for sale before the credit crunch.
- Observer
