Monaco Grand Prix truly is one of the most glamourous events of the year. But with glamour often comes a large price tag. As we approach this year’s event we look back at the most highly-priced items of grandeur from previous years, including cars, accommodation, superyachts. Of course, shared yacht ownership lowers the price of a luxurious Grand Prix substantially for people in the know. However, those looking to spend a lot will always find many temptations to splash the cash, as we discover below…
The Need for Speed
The parts that make up F1 competition cars cost more than most completed luxury automobiles, and so it is no wonder that the cars themselves are so expensive. Engines alone are listed at around €4 million, with the cars generally estimated to cost over €5.7m at first build. This high price is driven not just by the high-tech grade of materials, but also by the tight time frame for their manufacture.
Last year Michael Schumacher’s final Monaco Grand Prix-winning Ferrari became the most expensive modern-era Formula 1 car ever sold at auction. The vehicle was sold at Sotherby’s in New York for more than an impressive €6.2m, meaning its second-hand value surpassed estimated cost as new.
Looking at older F1 models, this May saw the 1993 McLaren-Ford that Ayrton Senna drove to Grand Prix victory go under the hammer at Bonhams, Monaco. The sale marks exactly 25 years since that race, which contributed to Senna’s record of 6 Monaco Grand Prix wins – still unbeaten today. The highly-coveted vehicle sold for over €4m after a lengthy bidding session, with Bonham’s Head of Motorsport Mark Osborne commenting: “This is a truly special car; its ties to Senna and Monaco, and its Grand Prix success, are unique, making this one of the most exciting Formula One cars ever offered at auction.”
Most Happening Hotels
Room 3002 at the 5-Star Fairmont Hotel was found to be the most expensive hotel room in Monte Carlo during last year’s Grand Prix, priced at nearly €80,000 for just the four nights. With a view overlooking the famous Fairmont hairpin on the F1 circuit and legendary previous guests, including the aforementioned Senna, the room was in high-demand despite the large price tag.
Room 3002 also featured Senna’s helmet from the 1987 Monaco Grand Prix and one of his race suits. Although it was not revealed who stayed in the Senna-themed suite, rumours included illustrious Star Wars director and F1 fan George Lucas.
Monaco’s prime berths such as Port Hercules are now so popular that to moor during the Monaco Grand Prix rates can skyrocket to €85,000 or more for a five-day stay.
For that reason, extremely high-value superyachts make up the regular attendees. Amongst the most expensive spotted has been Feadship’s 99m Madame Gu: a major feature of the 2016 Grand Prix yachting scene, valued at more than €125m.
Chartering yachts has grown in popularity amongst celebrities and the wealthy elite, but just because you don’t own the yacht, doesn’t mean it doesn’t cost. In 2016, the cost of chartering the 83m Mitsubishi O’MEGA for Grand Prix week was €525,000, whilst smaller yachts such as Arcadia’s 35m M Ocean were chartered at around €16,000 per day.
However, with more and more people joining the trend for shared yacht ownership, where many of the costs are split or already taken care of, we predict that this yachting expense may start to fall over time.
Grand Prix Grandeur
Whether enjoying the 2018 Grand Prix from the comfort of a luxury hotel, onboard your shared-owner yacht or even on screen, look out for the grandeur and embrace luxury as you take in the spectacular races that this year will surely bring – we can’t wait to see what’s on offer!