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.