Michael Schumacher's incredible watch collection 'is set to be auctioned by his family' with eight of his unique timepieces 'expected to fetch an estimated £5M'

Michael Schumacher's personal luxury watch collection is set to be put on sale at auction by the celebrated Formula One driver's family, according to reports.

Details of Schumacher's condition have remained incredibly scarce since the German suffered a serious brain injury in a freak skiing accident 11 years ago, with his family rarely opening up on his condition.

His wife, Corinna, has been caring for him with the help of medical professionals ever since and is now opting to sell some of his timepieces that are expected to fetch millions of pounds, as reported by The Sun.

The auction of his extravagant collection is estimated to bank £5million and marks another sale of the family's assets.

Eight rare watches will initially be put up on exhibit in New York on the weekend of the Miami Grand Prix - May 3 to May 5 - before being put on auction in Geneva, Switzerland on May 13.

The seven-time F1 world champion gathered an incredible collection during his career including two custom pieces gifted to him by former Ferrari chief executive Jean Todt.

Amongst the eight watches being put up for sale are creations of F.P. Journe, Rolex, and Audemars Piguet.

Schumacher's one-of-a-kind F.P. Journe Vagabondage 1 is expected to generate the highest sale with an estimate of between £1.4m and £2.7m placed on it by the renowned Christie's auction house.

The watch was a gift from Todt after Schumacher won his seventh world champion while racing for Ferrari in 2004.

It features a unique design with the Ferrari brand, Schumacher's helmet design and badges representing his seven world titles encased in the incredible handmade piece.

It also features a personal engraved message from Todt that reads: 'Xmas 2004 - Jean Todt for my friend Michael Schumacher'.

Another customised Audemars Piguet Royal Oak watch is also being placed on the auction card and could be sold for up to £340,000.

An iconic Rolex stainless steel Paul Newman Daytona will also be included and was described by Christie's head of watches Remi Guillemin as 'one of the most iconic watches that Rolex ever made.'

Five limited edition FP Journe watches from 2004 will complete the eight-piece collection.

Commenting on the upcoming sale, the auction house presenting the watches said: 'Christie's expresses sincere thanks to the Schumacher family for their trust in us and their wish to share these masterpieces of horology with other passionate collectors around the globe. 

'We are proud to present these iconic and unique timepieces belonging to one of the most celebrated Formula 1 legends.

'An exceptional moment, for watch and F1 enthusiasts alike. We are looking forward to meeting with passionate collectors during our international exhibitions and the auction on 13 May in Geneva.'