LRS Formula’s restored Prost GP AP02 F1 at auction
RM Sotheby's has just picked up the Prost GP AP02 restored by LRS Formula. Chassis 03 will be auctioned at the May 11 sale organized by RM Sotheby's. The estimated sale price is over one million euros. The sale will also include a 1954 Ferrari F1 625 and 4 other Sheckter F1s.
The chassis number 03 of the Prost AP02, a car that bears the traces of its prestigious past on the Formula 1 circuits, has just been brought back to life. This single-seater, which was driven by Olivier Panis in four races of the 1999 Formula 1 season, is now ready to return to the track after a restoration at LRS Formula. RM Sotheby’s will put this chassis up for auction in Monaco, scheduled for Saturday, May 11, 2024.
This single-seater, after a long restoration, is estimated at over one million euros. It will be put up for sale alongside other significant lots such as the 1954 Ferrari F1 625 as well as four other Formula 1 cars owned by Jody Scheckter.
Driven by Olivier Panis in 1999
Olivier Panis, at the wheel of this chassis, notably clinched the sixth place at the 1999 Brazilian Grand Prix, a result that left a lasting impression and contributed to the Prost team’s ranking in the constructors’ championship. This car, presented in its 1999 livery, which was correct at the time, is equipped with a 3-liter V-10 Peugeot engine. It was fully restored between 2022 and 2024 by LRS Formula, a company specialized in the restoration of race cars, based in Magny-Cours.
After the end of his racing career in 1993, four-time Formula 1 world champion Alain Prost created his own team: Prost GP. In February 1997, he formalized the purchase of the Ligier team, thereby transforming what was originally a takeover of Ligier into an entirely new entity under his leadership. The team had promising beginnings, notably with Olivier Panis reaching the podium twice before his accident in Canada prematurely ended his season.
In 1998, the Prost team launched the AP01, designed around a Peugeot V-10 engine and driven by Panis and the young Italian Jarno Trulli. However, the season not meeting expectations, Alain Prost called on John Barnard, a design genius, to work as a technical consultant. Under his direction, and thanks to the design team based in France, composed of Bernard Dudot and Loïc Bigois, the new AP02 was developed for the 1999 season. The Peugeot engine was retained, and the driver duo Panis and Trulli were kept, which allowed for a step forward compared to the previous year.
The single-seater put up for sale, which also served as a reserve F1 during the Grand Prix of France and Great Britain in 1999, was then used for exhibition and marketing purposes. Sold in 2021 as a rolling chassis, it was entrusted to LRS Formula for a complete restoration. This two-year project included X-rays of critical areas, such as suspensions and steering components, and the replacement of many parts such as brake discs, shock absorbers, and gear selectors. In addition, the electronics and all associated control modules, manufactured by the renowned French racing team ORECA, are brand new.
The Peugeot engine has been completely rebuilt and the single-seater car has regained its original bodywork as well as its 1999 livery. The fire extinguisher system and safety harnesses are also new. This Prost AP02, now ready for immediate use, comes with two additional front wheels and a spare gearbox casing, while LRS Formula has a stock of parts for future maintenance.
