Michael Schumacher F1 Ferrari makes $1m in Monaco auction

A Ferrari Formula One car driven by Michael Schumacher sold for €806,400 ($1m) at an auction in Monaco on May 11-12.

Schumacher raced the F1-2000 in the 2000 Austrian Grand Prix, before retiring after just one lap following a collision.

Subsequently rebuilt in 2008, the model is one of only eight to be produced and was the first to be designed entirely in the Maranello wind tunnel.

F1 memorabilia collectors should check out PFC Auctions' online auction, which is currently offering Jim Clark worn racing gloves from his last F1 race and a Lewis Hamilton signed cap.

Ferrari Schumacher Monaco
Schumacher's Ferrari F1-2000 sold for $1m

A 1957 V-12 625 TRC Spider was the top seller at the auction, making €5m ($6.5m) against a €3.7m estimate, further evidence of the allure of the Ferrari brand with collectors.

"Ferrari trumps all other names in terms of prestige and liquidity," classic car expert Simon Kidston told Bloomberg.

"If you have a good car that's priced correctly, you can find a buyer within hours."

With fully documented provenance, the model is one of only two ever produced and has been described as "one of the prettiest Ferraris built".

It was among 22 Ferraris that crossed the auction block, including a 1952 225 Sport Spyder Tuboscocca and a 1966 Ferrari 206 S Dino Spyder, which both sold for €2.5m.

The record for a Ferrari at auction currently stands at the $31.6m achieved by a Ferrari 250 GTO in February, making it the second most expensive car ever sold.

A 1936 Bugatti Type 57sc Atlantic is thought to be the world's most expensive car. It sold for an undisclosed sum between $30m-40m in 2010.

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