Australia Markets open in 9 hrs 17 mins

Australia’s largest collection of classic cars goes to auction with all cars starting at $1

Image: Gosford Classic Car MuseumThe largest collections of classic cars in the southern hemisphere is heading to auction, with multiple cars expected to achieve seven-figure sums.

The Gosford Classic Car Museum closure means more than 200 cars, bikes and memorabilia will be up for auction in April with most cars unreserved and all starting at $1.

According to Lloyds Auctions chief operations officer, Lee Hames, several cars are expected to sell for seven-figure sums, with the whole collection to sell for more than $30 million.

“This impressive collection of classics is highly important to motoring enthusiasts and collectors and because there is such a wide range of cars from European, Australian and American classics we are expecting thousands of people to show up even more than the Brock Collection Auction we ran in October last year,” said Hames said.

Image: Gosford Classic Car Museum

The collection includes a range of classic and vintage European, Australian and American vehicles, including Porsches, Ferraris, Aston Martins, Fords and Holdens.

Formula 1 World Champion Alan Jones described the collection as one “to never be forgotten”.

Image: Gosford Classic Car Museum

“It is extremely special and admired by many collectors and enthusiasts out there including myself and I for one am very excited to be a part of this collections journey and passing on these cars to the next custodians,” Jones said.

Bids have already begun online, with the auction to be simulcast live and at an event on the weekend of 6 and 7 April.

Image: Gosford Classic Car Museum

The closure of the museum comes with 40 job losses and follows a battle with the Australian Tax Office.

The museum, which estimates its stock has a total value of more than $70 million, said the closure was due to an “ongoing and unresolved dispute”.’

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Now read: 900,000 drivers could have insurance claims rejected

Now read: This 1994 Japanese classic broke auction records selling for nearly $170,000

Now read: Five paintings by ‘Hitler’ fail to sell at controversial auction