I totally agree with Gokhan. However, I am pretty obsessed about my cars.Many times, I was replacing parts which were just fine. That's why this time I want to try with the cheapest option before I will do anything else. Replacing valve seals is quite cheap procedure in Poland, there is one guy who is AMG Engines tuner and I spoke to him. He told me three scenarios, first one is changing the oil, second one is replcaing valve sealings (about $600) and then complete renovation with piston rings replacement etc (over $2000). That's why I am starting with the simpliest one. The car runs just great, I haven't noticed any other problem with engine. Catalytic converters have been replaced about 200kkm so I hope the new set despite that oil consumption will last at least for 80-100kkm.
Nowadays, having such cars seems to be pointless. I personally, don't have time to drive and enjoy them. The W220, W140 still are pretty solid and reliable cars, but I also own w221 S600 and it's a piece of junk. W221 is designed to bring you back to dealership to pay for constantly breaking electronical devices. I am thinking about selling some of my cars and buying new not fancy car with low consumption.