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A CLASSIC car dubbed the "holy grail" by collectors has put motorheads on high alert after discovering it will be be sold at auction.

The car - a 1961 Ferrari 250 GT Berlinetta SWB - will be sold in Monaco and is expected to fetch a seven-figure sum.

They plan to sell the car at the Hotel Fairmont in Monaco in a few monthsCredit: @Alexis Ruben

The luxury 3.0 litre V12 250 GT whip is set to be offered as part of "The W Collection: From Stockholm to Monaco" in an auction by French-based Artcurial Motorcars.

They plan to sell the car at the Hotel Fairmont in Monaco on May 9, reports the

It's expected to sell for £6.8 million (€8 million) but it could be shot off for substantially more - and has a well documented history with it's last known owner being Staffan Wittmark, the Swedish founder of clothing giant Gant, who bought the motor in the last 2010s

Matthieu Lamoure, the director of Artcurial Motorcars, said: “For a lot of collectors and enthusiasts it will be the first time they have seen this 250 GT SWB, or that some even knew it existed.

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Car auctions: What to know

Car auctions are a way to sell vehicles based on a bidding system with the highest offer securing the deal.

Auctions aren't restricted to the rich and famous as thousands of cars are sold at motor auctions in the UK each week.

Here's what you need to know before attending an auction:

Be prepared: Do your research on the car you would like to purchase beforehand.
Check the car: Cars will usually be lined up before the start, so make sure to arrive early to inspect the desired car thoroughly.
Have a back-up: Be ready for disappointment as your desired motor may be sold to someone else and select a few back-ups.
Be realistic: Realise that there won't be a "perfect" car at an auction and adjust expectations accordingly.
Set a budget: It is easy to overspend in the heat of the moment during bidding. Ensure you have set a budget and do not go over it.

Key phrases to look out for:

‘No major mechanical faults’ – suggests that there shouldn't be any issues with the car's drivetrain, gearbox, suspension, or engine.
‘Specified faults’ – the auctioneer will read out specific faults.
‘Sold as seen’ – the vehicle is sold with any and all problems it may have. The auction company will rarely entertain complaints regarding the mechanical or cosmetic condition of these vehicles after sale.
‘Sold with a warranted mileage’ - The car is being offered based on the report, which confirms the mileage through an independent check.

The history of the motor is well documented, it has a two-inch thick red book that will inform the new owner of where it has been over the course of it's life - adding even more authenticity to the whip.

And according to Matthieu, it's the story behind the car that attracts buyers as it offers a unique peak into the whip's past.

The Spanish Ferrari — 1953 Pegaso Z-102

He said: "You know when you buy a car, you buy the story first.

“The most important thing for me, and for most of the collectors, is the history. It makes the difference if you buy a car without history.

"If we don’t know anything about the history of a car [it has no character, no soul]."

Car auctions continue to wow drivers with the super-rare whips that they sell off - and if you have enough dosh in the bank then you could find yourself owning cars that some can only dream of owning.

And this recent auction comes after a "one of a kind" Porsche 928 GT went under the hammer last month.

And an iconic motor that only has 800 miles on the clock is set to be sold later this year - but the mammoth price is no small fee.