The Ferrari driven to five race victories by Michael Schumacher during his World Championship-winning 2003 Formula 1 season is being auctioned next week in Geneva, auction house Sotheby's said on Friday.

The red "Chassis 229" Ferrari raced by German world champion driver Schumacher nine times could fetch up to $9.4 million, according to the sellers.

"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," said Vincent Luzuy, executive assistant to the director of RM Sotheby's sales.

He said the target market were race course buyers, since the car is "track-ready", as well as art collectors.

Sotheby's is also presenting eight rare "Fancy Blue" diamonds valued at more than $70 million. This colour is the highest possible colour grading for blue diamonds and is awarded to no more than 1% of blue diamonds submitted to the Gemological Institute of America, Sotheby's said.

"It is extremely rare and to have a collection of eight it is super exciting," said jewellery specialist at Sotheby's Geneva, Marie-Cécile Cisamolo. The diamonds will be offered at auction in Geneva, New York and Hong Kong and the first one will be offered in the Swiss city on Nov. 9.