The launch of that annual 'bible', Adolfo Orsi and Raffaele Gazzi's 'Classic Car Auction Yearbook', is, like falling leaves and ever-shortening days, a sign that Christmas will soon be upon us.

As in recent years, the presentation of the previous 12 months' data was neatly timed for the morning of RM's October London sale. We learnt that a total of $503m had been traded in the period August 2010 to end-July 2011 (against $421m in 09/10 and $433m in 08/09).

And 'million–dollar' cars at auction increased from 42 to 74 — the most expensive being the 1959 Ferrari 259 GT California Spider sold by Gooding & Co at last year's Monterey sale: a useful $7,260,000.

As the catalogue covers only significant sales with published results, the overall total could well be $700m. It is, as we know, Big Business.

Later that day, Messrs Girardo and Wallman from RM manned the rostrum at Battersea, hammering down several more £millions, including the highly desirable 250 GT 'Tour de France' for £2,240,000.

But even the most flint–hearted investor is, deep down, a car fanatic. Financial considerations apart, they are as likely to say "I wouldn't mind one of those" as the next man – it's just that they, unlike many in the saleroom, can afford it.

Steve Wakefield Managing Editor sw@classicdriver.com

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