No wonder it sold in less than a year for more than $2 million. If you had around $2 million to spend on a yacht, would you pick a shiny toy, fresh from the shipyard, or a trusted decades-old boat?

A Vintage Yacht With 360 Degree Views of New York A 122-foot wooden yacht, The Mariner III, was built in 1926 and recently underwent a $750,000 renovation that allows its prewar features to shine.

Lady Victoria was born special. Originally named Our Toy, this compact yacht (compared to today's monster ships) of 119 feet (36.45 meters) placed the master stateroom on the lower deck ...