Michael Schumacher's winning Ferrari is up for auction in Geneva with an estimated price of $9.5 million. Photo: Sotheby's
Michael Schumacher's winning Ferrari is up for auction in Geneva with an estimated price of $9.5 million. Photo: Sotheby's
Michael Schumacher's winning Ferrari is up for auction in Geneva with an estimated price of $9.5 million. Photo: Sotheby's
Michael Schumacher's winning Ferrari is up for auction in Geneva with an estimated price of $9.5 million. Photo: Sotheby's

Michael Schumacher’s 2003 season Ferrari up for auction in Geneva


Hayley Skirka
  • English
  • Arabic

The Ferrari driven to five F1 race victories by Michael Schumacher is going up for auction.

The undefeated Ferrari will go under the hammer in Geneva on Wednesday, according to auction house Sotheby's.

Driven by the German driver during his World Championship-winning 2003 Formula One season, the Ferrari F2003 GA helped Schumacher claim his sixth World Championship title.

Dubbed one of the most significant F1 cars of all time by Sotheby's, “Chassis 229" is estimated to fetch between $7.5 million and $9.5m when it goes under the hammer in Switzerland.

The Formula One Ferrari F2003 GA. EPA
The Formula One Ferrari F2003 GA. EPA

“It's … special because this car is one of the only four cars with more than four wins in the Ferrari history and especially with one of the most skilled driver of his generation, Michael Schumacher,” Vincent Luzuy, executive assistant to the director of RM Sotheby's sales, told Reuters.

Boasting one of the final V-10s featured in Formula One, the car produces 930-bhp and a rev limit of 19,000rpm.

Sporting initials honouring late Fiat boss Gianni Agnelli, the bright red vehicle was overhauled in 2022 at Ferarri’s Maranello factory and its 3-litre V-10 engine has been run for about 240 kilometres since then.

The car is race-ready and expected to attract interest from race car buyers and art collectors. Reuters
The car is race-ready and expected to attract interest from race car buyers and art collectors. Reuters

All the major components — including the gearbox, clutch and hydraulic system — have covered only a small percentage of their current lifecycle. The car is ‘’race-ready" and expected to appeal to race car buyers and art collectors.

Chassis 229 is the most successful of the six F2003-GAs that were built. As well as powering Schumacher to his sixth title — a total that took him past the long-standing record of five-time World Champion Juan Manuel Fangio — it was also the most influential chassis in helping Ferrari to win its historic 13th Constructors’ Championship.

In August this year, another of Schumacher’s undefeated Ferraris went under the hammer. Driven by the driver during the 1998 Formula One World Championship, the 1998 Ferrari F300 sold for more than $6m.

Key developments

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

 

 

If you go…

Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.

Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days. 

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

MATCH INFO

Southampton 0
Manchester City 1
(Sterling 16')

Man of the match: Kevin de Bruyne (Manchester City)

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

if you go
SERIE A FIXTURES

Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)

Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)

Monday Fiorentina v Genoa (11.45pm)

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

Pakistan Super League

Previous winners

2016 Islamabad United

2017 Peshawar Zalmi

2018 Islamabad United

2019 Quetta Gladiators

 

Most runs Kamran Akmal – 1,286

Most wickets Wahab Riaz –65

The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

Updated: November 05, 2022, 9:55 AM