A race helmet, worn by Vettel, featured a glittering gold design and has set a new world record price at Bonhams auctioneers.

According to CNN, the successful bidder paid the eye-popping price for the helmet which Vettel worn on his way to victory in this year’s German Grand Prix.

The price paid for Vettel’s helmet booted the previous world record of 116,189 dollars paid for a helmet which belonged to Brazil’s late three-time champion Ayrton Senna.

The report said that the funds raised by Vettel’s helmet will go directly to the Wings for Life charity set up by Red Bull Racing owner Dietrich Mateschit.

Vettel said that the helmet was one of his favorite designs from this season which was one of the most special races for him as it was his first ever home win.

He further wrote on the Red Bull’s official website that just as the race meant a lot to him, Wings for Life does too and it was his pleasure to donate the signed and worn helmet, the report added.

The International Automobile Federation (FIA) posted a note on its website (www.fia.com) announcing “a new selection process to identify a candidate team to participate at a competitive level”.

“The overall long-term interests of the championship will determine which candidates are selected,” it added.

Formula One last admitted new constructors in 2010, when Spanish-based Hispania, Virgin Racing and Malaysian-owned Lotus Racing expanded a depleted grid to 12 teams following the departure of manufacturers Honda, Toyota and BMW.

Hispania later became HRT and folded at the end of 2012, while Virgin became Marussia and Lotus Racing are now competing as Caterham.

The FIA move comes at a time of renewed speculation about the financial health of even some of the well established teams and an increasing need for drivers who can bring sponsorship with them.

Kimi Raikkonen, the 2007 world champion, cited non-payment of wages as one of the reasons why he decided to leave Lotus and return to Ferrari next year.

The FIA said the precise terms of the selection process would be communicated to those who registered a formal expression of interest by 1700 Paris time on Jan 3, 2014.

Interested parties would be required to send an initial administration fee of $5,000 as well as details about the identity of all shareholders and ultimate beneficial owner of all shares.

The total fee, required from all those ultimately submitting full applications, will be $130,000.

“The FIA anticipates that full applications will need to be submitted by Feb 10, 2014, leading to a decision on Feb 28, 2014,” the governing body added.