Fiat Topolinos are, at their very best, $10,000 cars. Are they cute? Absolutely, a characteristic which has been recognized since the first Italian saw one and called it "Little Mouse." Are they historically significant? Without doubt. They put Italy on wheels. But they’re also plentiful and mundane transportation with performance that is adequate only on narrow Italian lanes filled with other Topolinos. Load a Topolino with Mama and the bambini, add a week's pasta and vino, and "performance" may not even be an appropriate term.

However something remarkable happened at Barrett-Jackson. Here's the outline:

Lot # 467 1937 Fiat 500A Topolino 3-Dr. Coupe; S/N 16207; Maroon, Black fenders/Brown cloth; Recent restoration, 2+ condition; Hammered Sold at $40,000 plus commission of 8.00%; Final Price: $43,200 -- An astounding little car with 8,730 miles, restored to beyond perfect after being stored for years and years. Complete and as-new including its original log and instruction books. Amazing. This is such an over-the-top price it may even be more than the seller, a wooden boat restorer from the Pacific Northwest, had invested in the car and restoration. Not much more, however. It was that good. -- Barrett-Jackson, Scottsdale, 1/18/2002.

First of all, understand that this whole situation is not rational. It wasn't rational for the seller to spend whatever exorbitant amount he did on the restoration - particularly not when restoring old things is his business and he should understand the economics. It wasn't rational to bring it to Barrett-Jackson - where "American Muscle" is the flavor of the weekend. B-J is a Hemi and COPO and Boss 429 market, the antithesis of Topolino. Finally, $43,200 isn't rational. The $3,200 commission on this car is a respectable price for a Topolino. And this was a No Reserve car. Somebody, a real person with a checkbook and a bidder's number, bid $39,000.

No, two people with money to spend spotted this immaculate Topolino and decided they wanted it. They probably set a target bidding limit. Then, when they got there, decided, "Oh, a thousand more might scare off the other bidder." It didn't and then it got serious. This car might bring $20,000 on resale if the new owner keeps it real clean and pristine. Does that mean the buyer saw $23,200 disappear down a rathole? Not if the enjoyment and gratification of being the high bidder at B-J; and owning and driving this eye-catching Little Mouse has value - which to many B-J buyers it does. People blow $43,200 on a weekend in Vegas or a two-week August rental in the Hamptons. And they don't even have a cute little Topolino to show for it when they're done.

In fact, the whole $43,200 spent on this Topolino is much less than some nouveau riches paid over sticker just to be the first person in town to drive a 360 Modena. The image is different, but the effect is the same.

Still, $43,200 is a lot to pay for a cute Little Mouse, even the best Little Mouse in the world.