Watches Belonging To Michael Schumacher Up For Auction

(MENAFN- Swissinfo) Thirty years after Michael Schumacher's first Formula 1 victory, his family is auctioning off eight rare watches from his collection in Geneva. Schumacher collected watches and owns rare timepieces, some made especially for him by the best watchmakers in the world. The auction will take place on Monday.

It is difficult to say whether the celebrity effect will drive up the price of the watches, Remi Guillemin, watch expert at Christie's auction house, told the German news agency DPA. The estimated prices per piece range between CHF150,000 ($165,000) and CHF2 million.“But no matter whose wrist the watch adorns, they will always remember that it belonged to Michael, one of the greatest race-car drivers of all time,” said Guillemin.

The auction is being held at the Four Seasons Hotel des Bergues in Geneva. The Schumacher family home sits on Lake Geneva. Schumacher himself has not appeared in public since a serious ski accident at the end of 2013. The family does not talk about how he is doing.

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On offer is a model from the manufacturer F.P. Journe with a dial in the Ferrari colour red, with symbols of his seven world championship titles. It was a Christmas present from the then-Ferrari team boss Jean Todt. Its estimated price is CHF1-2 million. A second gift from Todt is less expensive: an Audemars Piguet Royal Oak Chronograph, estimated at CHF 150,000-250,000. A rare Paul Newman Daytona watch from Rolex is estimated to be worth at least CHF200,000.

There is also a bargain on offer: a box of five F.P. Journe watches, which will be auctioned individually.“We estimate their price at CHF5,000,” said Guillemin. However, the starting price for the bidding war will probably be significantly lower. He believes it is possible that collectors will want to bid for the entire set and the box as well. Anyone who has already put more than a million francs on the table for the watches is unlikely to be looking at the box in terms of small change, so it could change hands for significantly more than the estimated price.

If the eight watches are sold at the upper end of their estimated price, the proceeds would be more than CHF4 million. It is not known what motivated the family to put the watches up for auction.

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Schumacher was one of the best-paid sportspersons in the world. Forbes magazine estimated his income during his active career at $1 billion (CHF910 million). For years, Schumacher was an advertising medium for a wealth consultancy firm. The family owns property in Switzerland, Mallorca and the United States, among other places.

Collectors all over the world were excited when the auction was announced.“Many Europeans, including Germans course, and Americans, but also many interested parties from Asia and the Middle East are taking part,” Guillemin. The auction house has also done a lot of advertising. The higher the price, the better the deal for Christie's: the buyer has to pay a premium to the auction house on top of the price at which the hammer falls. Depending on the price, this is between 20% and 26%.

Translated from German by DeepL/gw

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