It seems that now is a good time to sell (or buy) historic Ferrari Formula 1 cars. Aside from Michael Schumacher's championship-winning F2002 being auctioned off by RM Sotheby's, Gooding & Company will soon be auctioning the late Niki Lauda's Ferrari 312T at the Pebble Beach Auction this coming August.

For $8 million, you can buy the late Niki Lauda

This particular car is chassis 022 which was piloted by Lauda himself during the 1975 Formula 1 season. It features a flat-12 engine and is only one of five 'transverseale' cars built by Ferrari for 1975. 'Transeveseale' refers to the car's unique transversely mounted transmission, hence the 'T' nomenclature in its name.

Unlike Schumacher's F2002 chassis, which he used to secure his fifth driver's title, the Ferrari 312T coming up for auction is not as renowned or decorated. Chassis 022 helped Lauda secure a win at the French Grand Prix, a second place finish at the Dutch Grand Prix and a 3rd place at the German Grand Prix in 1975. Lauda also managed to qualify pole position in all championship races he entered with 022. Ultimately, Lauda would switch to chassis 023 for the remainder of the 1975 season, and it was with 023 that he secured the Driver's and Constructor's championship in.

For $8 million, you can buy the late Niki Lauda

Nevertheless, both cars were essential in order for Lauda and Ferrari to take home the Driver's and Constructor's Championship in the 1975 season. The pair even gave Ferrari their first Constructor's title since 1964.

Chassis 022 has had numerous owners since it was retired in 1976. It was first owned by a prominent French collector in the '80s and then lived in the Netherlands up until the early 2000s. It was then bought by an American collector in 2008, which had the car fully restored including all mechanical components rebuilt.

For $8 million, you can buy the late Niki Lauda

Gooding and Co. expect the car to sell for as much as $8 million (Php 412 million). Considering how three-time World Champion Niki Lauda only passed away last month, the final selling price could even go higher than estimated.