Heritage

Monaco Marine takes us through the meticulous 18 months restoration of the 30.5 metre classic Vespucci to her 70’s glory. Learning how to expand a Collector’s boat life and value.

Acquiring a childhood dream

 To be a collector is mainly a response to a passion, the joy of creating or rediscovering an emotion from the past, of rewriting a story that we have not been able to live in due time, sometimes for lack of means or of opportunity. It is on this principle that a collector was offered infinite joy and his boat a new life. The first meeting took place in 1978. Philippe, then aged 10, was accompanying his father, already owner of an Aquarama, to the premises of Monaco Boat Service, when he fell in love with a miniature model of Carlo Riva’s own yacht. Almost 40 years had passed when the Vespucci again crossed his path. In search of a classic yacht, Philippe heard about a Riva for sale and the surprise was complete when he realised that the boat was none other than the one he had dreamed of as an infant. '

Despite the fact that the 30.5m yacht was not in very good condition, Philippe agreed the purchase and embarked on a renovation project lasting 18 months and 20,000 hours of work, a colossal project entrusted to Monaco Marine. Specialised in the maintenance and repair of super-yachts, the naval yard, known for its teams of qualified artisans, met all the criteria to complete the renovation project.

Restore instead of replace

A long archive search was carried out by the buyer, to renovate as closely as possible to the original. The aim was to celebrate the genius of the engineer and former owner, Carlo Riva, while improving certain technical aspects and its comfort. The colours, the materials and each detail were carefully considered to respect the Riva universe of that time. The artisans spent hours dismantling and restoring the portholes, reviving the woodwork and rebuilding the manufacturer's original lamps and switches. As in most renovations, it is along the way that we discover the pitfalls, these were multiple in the case of the Vespucci; more than 260 metres of rusty pipes had to be replaced, the deck also had to be upgraded. The biggest job was to modify the bridge on the upper deck to provide more outdoor space for tables and chairs.

A Collector's boat

Unlike a yacht, a collection piece does not lose its value, explains Tanguy Ducros, Commercial Director of Monaco Marine. “Collector's boats are very different from the yachts on the market today. First, they have to be able to last over time (even indefinitely if the maintenance is well done) so they are usually constructed from wood or metal (usually steel). You should know that a fiber boat has a reduced life expectancy of around 30 years and therefore it is difficult to fit them into this category.

Secondly, these yachts are usually unique examples. Clearly, they are "one off". Consequently, the boat’s value is difficult to compare with that of another. In addition, there are only certain shipyards that have a very high level of craftsmanship and engineering that are capable of building such boats. Clearly, the boat must have a "good brand". In the example of the Vespucci, Riva is certainly one of the most prestigious brands in yachting.

Thirdly, the subsequent condition of the boat is therefore the best indicator of its value. A "classic" boat (over 30 years old) produced in one example, in its best condition, may be worth more than its purchase value. In this case, it becomes a collector's boat. Fourthly, the history of the boat. There are, for example, ships that have belonged to important or iconic figures; others were the centre of iconic events from a historical point of view. For the record, the Yalta agreements, after World War II, were signed on a boat. This boat is still operational. "

Yacht refits - a market in demand

According to Tanguy Ducros, for a classic yacht to maintain its value, regular maintenance is required. “The fleet of classic boats represents several hundred boats. Whether they are sailing or powered, they all have to make a visit to the yard every year. Sizes vary between 20 and more than 100 metres. There are few large units. This type of boat was often used during military conflicts, many were sunk during the world wars".

Be careful, however, not to spoil the "collector's item", at the risk of negatively impacting its value if it loses its authentic character.

"It must keep its authenticity and its lines," confirms the commercial director of the shipyard. “Extending a conventional boat or changing its structural aspect can sometimes be unfavorable for the value of the boat. From a mechanical point of view, we have to find the right way to modernise the facilities without changing the authenticity of the engineering”. In the case of the Vespucci, 1.6 kilometers of wiring were painstakingly added and masked; Monaco Marine engineers, recreating period parts that were no longer available, rebuilt the original Caterpillar engines.

The cost of a classic Riva

It is difficult to assess the value of the Riva Vespucci because it is unique, its purchase price will be relative to a collector's desire to own it, if the current owner ever wishes to give it up. In the meantime, if you want to experience Dolce Vita for a moment, the boat is available for charter at Northrop & Johnson at a price of 40,000-48,000 euros per week.

The other famous Riva wooden boats, on the other hand, have an already well-established value. The Riva Aquarama produced from 1962 to 1966, measuring between 8 and 9 metres, sells for around $600,000. For a 1964 Ariston you need between $85,000 and $220,000.