As we reported in September, the offering of Michael Schumacher's 2001 Ferrari F1 at Sotheby's Contemporary Art Evening Auction on November 16 was potentially a landmark in automotive auction history. While the jury is still out on whether other cars will follow this previously untried and unconventional sales venue, the US$7,504,000 fetched by the Ferrari in Manhattan a few hours ago suggests more automotive auction market upheaval is to follow.

The Ferrari F2001 racing car (chassis #211) won two Grands Prix, including the Grand Prix de Monaco, and was pivotal in winning Schumacher's fourth world drivers title (in 2001) as the car which clinched the 2001 Constructors' and Drivers' Championships.

The Ferrari was estimated to sell for between $4 million and $5.5 million., but the $7.5 million result (including buyer's premium) more than doubled the previous auction record for a modern era Formula One car of $3,198,500 fetched by an ex-Schumacher Ferrari F2004 sold at Sotheby's Maranello sale in 2005.

Source: Sotheby's

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