Five reasons why an ex-Schumacher Ferrari F1 car sold for $7.5m

What’s the scoop? The $7.5 million sale by RM Sotheby’s of an F1 Ferrari driven by Michael Schumacher valued the car at double the market rate. Why?
 
1. Location, location, location. Placing it at the Sotheby's Contemporary Art Evening Auction in New York was an inspired gamble and set it apart from other multi-million-dollar entries during Monterey Week. Look at the $450m da Vinci painting sold by Christie's at its Post-War & Contemporary Art Sale this month.

2. “The ultimate iteration of useable art.” ‘Cars as art’ is not a new concept, but is gaining traction.

3. The Schumacher effect. A Marlboro-sponsored race winner and not only that, a winner at the Monaco GP, the most glamorous round of the season.

4. Worldwide marketing campaign. The car was unveiled during the Sotheby's Hong Kong Autumn Sales week and the buyer was new to both RM and Sotheby’s.

5. They don’t make 'em like that any more. Nor, from 2013, for reasons of technical complexity and safety, have they sold them.
 
An experienced F1 car dealer told K500 that the price was probably a blip, but that values had firmed to the point where buyers should be prepared to pay $2.75m to $3.5m for an equivalent car on the open market.

Photos by RM Sotheby’s