 Prince Rainier III introduced the Prince Rainier III Prize for Musical Composition to reward Monegasque musicians.The Monte Carlo Philharmonic Orchestra was founded in 1863 and gained a permanent home at Salle Garnier in 1879.The Orchestra is quite prominent in the classical world, and has been conducted by Igor Markevitch, Lovro von Matačić, Paul Paray, Lawrence Foster, Gianluigi Gelmetti and Louis Frémaux.