Chasing the Wind

By James Willwerth/San Diego

The prize is a 144-year-old Victorian ewer fashioned from 134 oz. of British silver. The ornate vessel happens to be bottomless -- a fitting metaphor for a race whose victors could wind up paying more than half a million dollars an ounce for their trophy. For the bankers, industry barons and one drapery manufacturer who are battling through the semifinal rounds off San Diego this week, the 28th America's Cup competition is not just a matter of money. It is a spiritual quest that combines courage and seamanship with hubris and high technology. Yet deep pockets seem to be the common denominator. New Zealand challenger Sir Michael Fay has spent $65 million, Italian industrialist Raul Gardini at least $100 million. On the American-defender side, energy mogul Bill Koch has shelled out at least $60 million. Dennis Conner, the cup's three-time champion, is the poor cousin with a mere $15 million.

The boats are 15% longer, with 40% greater sail area than the 12-m craft generally used since the race was revived after World War II. But thanks to ultralight building materials, they weigh 30% less. Their new speed and maneuverability make them crankier, forcing sailing skills to the forefront as a welcome counterpoint to the increasing dominance of technology. Nobody has demonstrated those skills more than "comeback king" Conner. But after surviving the defender semifinals in a last-minute face-off with Koch's high- tech America 3 earlier this month, Conner's Stars & Stripes was trailing Koch's craft 4 to 2 in a best-of-13 final at the end of last week. In the challenger series, to decide which foreign entry will face the Americans on May 9, the New Zealand enjoyed a 4-to-1 lead over Italy's Il Moro di Venezia (pictured above with the red spinnaker in an early round against the Kiwis).