Eight watches belonging to auto racing icon Michael Schumacher sold Tuesday for nearly 4 million Swiss francs ($4.4 million) at a Geneva auction
Eight watches belonging to auto racing icon Michael Schumacher sold Tuesday for nearly 4 million Swiss francs at a Geneva auction. The top piece in the sale, organized by Schumacher’s family, was a watch given to the German racing superstar by former Ferrari CEO Jean Todt as a Christmas present in 2004. The hammer came down at a price of 1.2 million francs, or 1.5 million including the buyer's commission. That was well within the pre-sale estimate range of 1-2 million francs.
While most of the eight watches sold within the pre-sale estimates, an Audemars Piguet featuring a Ferrari prancing horse emblem, sold for a hammer price of 330,000 francs — well above the top of the expected range at 250,000. The sale of Schumacher watches, which garnered a total of more than 3.1 million francs at the hammer price, was timed for the 30th anniversary of his first Formula One Drivers Championship win in 1994.
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