Schumacher's Ferrari shatters estimate at Sotheby's!

Michael Schumacher's race-winning Ferrari F2001 shattered its sale estimate at Sotheby's Thursday and set a new auction record for a modern-era F1 car.

The 2001 machine put bidders in a frenzy and quickly blew past its $4 to $5 million estimate, ultimately going under the hammer for $7.5 million!

Great onboard footage of Mick Schumacher in his father's Benetton!

Sotheby's auctioned the winning machine in its flagship post-war and contemporary November evening art sale, meaning it was the first time a Ferrari - or an F1 car - was sold as a valuable work of modern art.

The F2001 won both the Monaco and Hungarian Grands Prix with Schumacher behind the wheel in 2001, a year in which the seven-time world champion secured his fourth crown and Ferrari's 11th Constructors' title.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.