Michael Schumacher's Ferrari expected to fetch over £8 million at auction

Formula 1 legend Michael Schumacher continues to be one of the most recognisable sports figures despite having been away from public view since his skiing accident in 2003. On Friday, his 2003 championship winning Ferrari F1 car is going up for auction where it is expected to be sold for over £8.4 million.

RM Sotheby's will be handling the auction in Geneva, Switzerland, which is also the country where the Schumacher family has been based for a long time.

The 2003 Ferrari was driven by Schumacher on his way to five race wins that season, which saw him lift the sixth of his seven F1 Drivers' World Championship titles. At that time, he surpassed the record of another racing legend, Juan Manuel Fangio, who previously held the record of five F1 titles.

Schumacher then went on to win the last of his seven titles the following year (2004), a record which he held for over a decade and a half before being matched by Lewis Hamilton when the latter won his seventh title in 2020.

The 53-year-old won five of his seven titles with Scuderia Ferrari, making his name almost synonymous with the Italian marque. He is one of the most iconic figures in motor racing, which is why his car is expected to be picked up by wealthy collectors for such a premium price.

RM Sotheby's Vincent Luzuy said about the car: "It's special because this car is one of the only four cars with more than four wins in the Ferrari history and especially with one of the most skilled driver's of his generation, Michael Schumacher."

Memorabilia connected to the German racing legend has historically been able to garner much interest from collectors. Earlier this year, Schumacher's 1998 Ferrari was auctioned off for a whopping £5m, and that was not even a championship winner.

Meanwhile, Schumacher's 2001 Ferrari sold even higher for £6million.

Items connected to the Schumacher name continue to go up in value even as Hamilton threatens to surpass the German's record. The Briton came close to winning his eighth title in 2001, but ultimately lost to Red Bull Racing's Max Verstappen, who overtook him in the final lap of the last race of the season in Abu Dhabi.

Schumacher continues to have millions of fans around the world who are hanging on to every piece of information that comes out about his current condition. His family has kept him out of sight since December 2013, saying only that he is receiving the best care in their Switzerland home as he recovers from the injuries he sustained during the accident while skiing in the French Alps.

His son Mick, 23, is currently driving for the Haas F1 team, but is in danger of losing his seat for next season.