Schumacher's 2003 Ferrari smashes auction record

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Nearly two decades after its title winning 2003 season, Michael Schumacher's Ferrari F2003-GA was back in the headlines on Wednesday went it became the most expensive modern F1 car ever sold.

Last week, we previewed the prestigious upcoming auction at RM Sotheby's in Geneva that offered a rare opportunity to own one of the most successful Ferraris and F1 cars in the sport's 72-year history.

Estimates ahead of Wednesday's auction were set at around $9 million, or $1.5 million more than the previous record set by another Schumacher machine, a 2001 F2001.

But bidding in Geneva for the F2003-GA comfortably surpassed the expert's estimate, with the prestigious machine going under the hammer for a cool $14.9 million.

Read also: Vettel calls on 1000 fans to bid on 'final lap' helmet

"Formula One cars of this quality and provenance rarely come to market, and this particular car is the best of the best," said Augustin Sabatié-Garat, Director of Sales EMEA at Sotheby’s.

"We are delighted that it has achieved a world record price for such a car, as it truly reflects the importance of this chassis."

It is indeed a world record price for a modern era F1 car. However, one legendary machine still holds the record for the most valuable Grand Prix car in F1's history.

And it's the machine in which Juan Manuel Fangio took the second of his five Formula 1 titles.

The great Argentine's 1954 Mercedes W196R was acquired in 2013 at a Bonhams auction at Goodwood's Festival of Speed for a massive $26,650,095!

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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.