It is anticipated that over 700 classic cars for sale will be listed at an auction which is taking place over the next few days in Palm Springs, California.

The event will be running until Sunday and the total value of the vintage vehicles on offer is estimated to be around $15 million, according to spokesperson, Amy Blaisdell.

McCormick's Exotic Car Auction is only held twice a year, so it is likely to drum up some serious interest from enthusiasts with money to spend.

Amongst the cars that will be sold during the auction is a Jaguar Mark V DHC built in 1951 and expected to fetch a price of around $150,000.

While manufacturers from overseas will be well represented, a majority of the vehicles for sale are thought to originate from the USA, with Corvette and Ford examples out in force and even a Shelby Cobra or two on the cards.

For high end motoring, there will be Rolls-Royce and Bentley models on the table, with luxury vehicles like these sure to make solid amounts despite the financial pressures which are assailing the economy at the moment. Two hundred and twenty of the cars will have been sold before the weekend starts.