The 2006 Australian International Motor Show has ended on a high note with a price-smashing auction of classic cars, motorcycles and automotive memorabilia.

Driving the auction fever were record prices achieved for a pair of classic Australian muscle cars of the 1960s and '70s.

A one-owner Bathurst race specification 1967 Holden Monaro GTS 327 was sold for an Australian record $220,000, accompanied by cheers from a crowd of more than a thousand people.

The auctioneers had expected a price between $100,000 and $130,000.

"Australian muscle cars of the early Bathurst era have been the hottest segment of the classic car market over the last year or two, but the extent to which the result exceeded our expectations just shows the passion these cars arouse," said Christophe Boribon, who represented the auction company. "The auction showed there is continuing strong demand for muscle cars, particularly amongst baby boomers and the market shows no sign of weakening."

Minutes later, a painstakingly restored one-owner 1971 Valiant Charger R/T E38 "Bathurst" coupe, which had been expected to attract a price between $70-100,000, sold for an Australian record $128,000.

The car will go into a private Victorian collection, much to the relief of the man who had owned it since new, 69-year-old Charles Edwards of Hay in western New South Wales.

"It's sad to see it sold. I would have liked to have seen it passed in, but I know it's going to a good home," said Mr Edwards.

The former owner says the credit for the record price should go to David Norris from West Wyalong who spent nine years returning the car to showroom condition.

Another immaculately restored lot, a 1963 150cc Vespa scooter, sold for $8,300 - more than $2,000 above predictions.

A 1940s children's pedal car sold for $5,500 - roughly double the expected price.

The chief executive of the Australian International Motor Show, Peter Sturrock, said the auction results were paralleled by strong orders for new cars at the motor show.