It's sleek, fast and beautiful — what's being billed as the most expensive car to ever go to auction in Australia is expected to fetch an eye-watering price.

Auctioneers believed the 1955 Jaguar D-type will sell for between $7 and $8 million on Saturday evening in Melbourne.

The iconic car was owned in Europe by former Le Mans winner Duncan Hamilton, and raced in the UK and Senegal before going to Singapore.

It eventually arrived in Australia in the late 1960s.

Potential buyers in Europe have shown interest in the car. ( Supplied: Mossgreen )

Classic car consultant James Nicholls said there was interest from car collectors in the UK, France and Australia.

"It's green, it's svelte, it's sleek, it's aerodynamic, it's beautiful. It's like a rolling sculpture, and it's fast and scary," he said.

But what sort of person might buy it?

"A rich person and a collector — it's not just going to be someone who thinks 'Oh, that looks pretty, I think I'll buy it'," he said.

The Jag reached Australian shores via the UK, Senegal and Singapore. ( Supplied: Mossgreen )

"It's a collector's car and a very important car internationally, it's one of the great, iconic racing cars of all time."

Mr Nicholls said a car's value was based on its history and provenance.

"Condition, originality, rarity and desirability and the more of those boxes you can tick, the more valuable the car's worth," he said.

Jaguar collector Ian Cummins also owned the car before Australian motor racing champion Bib Stillwell bought it for what was then a record price.

$100m worth of Ferraris in one room

The auction is one of the highlights of this year's Motorclassica at Melbourne's Royal Exhibition Building.

Organisers are expecting about 20,000 people to attend this weekend, with many car enthusiasts lured by the promise of the largest display of Ferraris ever staged in Australia.

Punters will be able to touch the Ferraris on display this weekend. ( Supplied: Nathan Jacobs )

Seventy Ferraris, valued at more than $100 million, will be on show to celebrate the carmaker's 70th anniversary.

The Ferraris will include rare, vintage and collectible models.

The chief executive of Ferrari Australasia, Herbert Appleroth, said it was the most important display of Ferraris ever held in Australia.

"We've been able to bring these for the public to see and get nice and close, not behind big barriers and bollards, you can touch and feel them," he said.

Ferraris dating from 1951 are on show, but Mr Appleroth's favourite is the F40, the last model overseen by founder Enzo Ferrari.

About 20,000 people are expected at this weekend's Motorclassica. ( Supplied: Nathan Jacobs )

"For me that was the car, when I was quite a young boy, the first of the supercars that I put up on my wall as a poster, and really it means quite a lot to me," he said.

"It's lovely to have an absolutely stunning version of it on display for everyone to see."

The 70 Ferraris will also be on public display on nearby Lygon Street on Sunday.