Although Agent Cavinaugh’s translation comes closer
to the mark than my nephew’s, both somewhat miss the point.  While it is true that  “Sic transit gloria mundi” is a phrase that translates to “Thus passes the glory of the world”, in this context it’s more of a reminder of the fleeting nature of earthly possessions, suggesting that all worldly things are ephemeral and will eventually fade away. So although the owner of the yacht now possesses her, there will come a time when he will not.