Sad but true: the recession has hit the upcoming Cannes Film Festival in the South of France next month, an international symbol of glamorous excess. Cutbacks are being made everywhere, from ritzy parties to the type of food being served, the AFP tells us. For starters, Vanity Fair has canceled its annual star-studded party, the social highlight of the festival, while the VIP nightclub Jimmy'z lost two key sponsors, Fendi and Swarovski, and Louis Vuitton said it would skip AmFar's big-ticket AIDS charity fundraiser.

"We're experiencing an unprecedented world crisis and it's also affecting the Riviera and Cannes," says Michel Chevillon, head of Cannes' hotel association. "Companies are sending fewer people, for shorter periods." 70% of the area's hotels have frozen their room rates compared to last year, and many are taking bookings for less than the full 12-day period, something normally unheard of at festival time, Chevillon tells the AFP.

Overall attendance at the festival is expected to be down for the first time in decades. "People are afraid it will hurt their image to be seen in a place associated with wealth," Cannes deputy mayor David Lissnard tells the AFP. Yacht charters are also suffering, as brokers struggle to find clients in Cannes' port, where all 60 berths for megayachts were booked up in anticipation. "There's a lot less demand this year for yacht rentals and a lot of pressure on prices," says broker Valerie Ruiz, who rents out yachts up to 200-ft. for the festival.

One of the challenges of owning a yacht can be finding a place to berth her. The Sensation yacht for sale through Edmiston comes with its own spot on the French Riviera. The Sensation package includes the 1999 Mangusta 80 -foot Sensation as well as a desirable berth in Camille Rayon in the town of Golfe Juan and a 2005 Sunriva sports boat. Sensation has light interiors with cream leather sofas, plush carpeting and rare woods. The yacht went through a refitting and upgrading in 2007 and can sleep 7 guests and 3 crew. On deck there is a large cushioned sunbathing area aft of the cockpit and forward on the bow. There is also a dining and lounging area on deck and the entire cockpit area is air conditioned with a retractable cover for shade and privacy. The package is listed at 2,950,000 euros and a week's charter starts at 37,000 euros.

[via Superyacht Times]

The Cannes Film Festival, which began today in the South of France, has always been more focused on artistic merit than the blockbusters of the Academy Awards; that makes for a much more interesting mise-en-scène in our view. The cool crowd has always gravitated to the Riviera for this annual cinematic happening, not to mention the chance to compete for those little gold palm fronds. Along with the Met Costume Institute Gala it's easily one of the year's most stylish events.

As Cannes enters its seventh decade, this seems like the perfect time for a slideshow of some of the most classic style moments in its vivid history, including this rouge carpet scene from 1998. Fear and Loathing in Las Vegas was nominated for a Palme d'Or that year and its star Johnny Depp sported a midnight blue shawl-collared dinner jacket at the premiere. Meanwhile his co-star Benicio Del Toro (right) stuck to a classic tux, while Depp's date Kate Moss looked kind of like she'd been attacked by an angry emu -- but in a hot way. Click below for the full parade of stylish stars.

Official Selections [Men.Style]