Rated R

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Mostly nudity. La Dolce Vita and 8 1/2 are his best, but it's definately worht seeings these, too. As well as his earlier films (La Strada, Nights of Cabiria). Oh, and blockbuster is not the best place to rent forgein films. Try a smaller rental place (or netflix).

Somebody, right this minute, is probably making the mistake of his life.

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Yeah, I live in Britain and Satyricon is rated 18, which means if you're under 18 you cannae rent/buy/go to see it.
I suppose the reasons for the rating are:

1) The bizarre moment at the beginning where, on an ancient stage, a screaming prisoner has his hand cut off. And then all those sick *beep* applaud.
2) The frequent allusions to paedophilia, involving young boys who seem to enjoy being ravished by greedy students.
3) The amusing scene where that guy atop his vessel has his head chopped off, whereupon his lifeless body topples to the ground and his head sinks into the flowing mastery of the atlantic ocean, oh my brothers and only friends.
4) The sex and nudity and threesome in the country house.
5) The disturbing, lewd moments with the hermaphrodite.
6) The sex scene with the fat witch-lady.
7) General perverse weirdness all the way through.

Crikey! I know this film off by heart. It's amazing, innit? I love Fellini's filmmaking style, all those imaginative flourishes, like how he has certain background characters and extras look at the camera and talk to it -- it makes you feel like you're right there, in Rome, before Christ, after Fellini.