The Formula One (F1) race car piloted by Michael Schumacher to dominate the 2001 World Championship was sold by Sotheby's at one of the auction house's contemporary art events for $7,504,000, which is a new record amount for a modern-era F1 car. The event took place on Thursday, Nov. 16 in New York City.

The car which is officially titled as the Ferrari F2001 was driven by Schumacher in 2001. Using the car, he won two times in the World Championship with one of the victories being the Monaco Grand Prix. His win was his fifth and last victory in the Monaco event, but he went on to win three more world titles after the 2001 season. In total, Schumacher has won seven world titles.

During the 2001 World Championship, Ferrari was at its peak performance along with Schumacher in his prime making the Ferrari F2001 one of the most valuable and significant race cars in any collection throughout the world, as per Motor Authority.

Additionally, the F2001 is labeled as "usable art" which means that it is still in full working condition. The new owner will be able to drive the race car on top tracks with a tutelage from Ferrari's own F1 technicians, mechanics, and test drivers via Ferrari's Corse Clienti program.

In 2013, Schumacher was involved in a skiing accident which caused serious injury to his head. Since then, there has been little positive news with regards to his condition. A rare update on his health was reported by BBC late in 2016 in which a German court heard Shumacher's legal counsel Felix Damm stating that the former world champion still cannot walk.

Schumacher holds the record for the most F1 career victories at 91 wins. He is currently recovering in Switzerland at a family home. No recent updates regarding his health condition have been made.