Formula 1

The Chassis #211 sold for $7.5 million in New York on Thursday.

Michael Schumacher's F1 Championship winning car sells at New York auction

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Michael Schumacher's final 2001 Monaco Grand Prix-winning Ferrari has collected $7,504,000 at a New York auction.

It is now the most valuable modern era Formula 1 car ever sold at auction.

The Italian model was auctioned off at the Sotheby's Contemporary Art Evening Sale in Manhattan for the jaw-dropping price tag.

All funds from the vehicle's sale will go to help Michael Schumacher's keep fighting foundation - a German non-profit organisation formed by the ex-F1 driver which carries the philosophy of 'never giving up' in its volunteer and charitable endeavours.

Sotheby's Contemporary Art Evening sale showcases the fulcrum of pop art, minimalism, abstraction, and conceptual art from all around the world.

Yesterday, the auction's website reported that it has raised over $310,289,350.

Schumacher's Chassis #211 represents a proportion of this total, the car is heavily revered for its exploits on F1 circuits around the globe in the early 2000s.

The automobile is famous for the race in which Schumacher clinched, not only the Monaco GP, but also it was also the 2001 title-winning car. The seven-time F1 world champion seized the title that year in the same vehicle at the Hungarian GP.

Ferrari have failed to win a Drivers' or Constructors' Championship since 2008, and fans of the Italian F1 car manufacturer hark back to the days when the team won five Constructors' titles on the bounce between 2000 and 2004.

Michael Schumacher

This, intertwined with Michael Schumacher's decade-long spell with the Italian giant, where the 48-year-old won a record seven world championships.

It was a honeymoon period for the driver and manufacturer.

Vehicles like the Chassis #211 bring back those memories from the Ferrari golden years. He won nine races during the 2001 season, securing a second title in a row for Ferrari with nearly twice as many points as McLaren's David Coulthard, who finished the season in second.

The car sold for almost double its original auction price at $7.5 million, a fitting fee for a vehicle so heavily linked to Ferrari's early 21st century successes.

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