Vehicles being sold include Prince Rainier's Mercedes 500 SEC which was one of his favourites.
An impressive Porsche 928 S, which is expected to fetch £312,000, is also up for grabs.
The late principality ruler (below) was passionate about cars, and assembled a fleet of 100 models over 30 years before his death in 2005.
Albert said of the Principality's association with motors: "The princes of Monaco have always been passionate about motor cars. Prince Pierre initiated the Grand Prix in 1929, and competed in it, in a Torpedo.
"My father, Prince Rainier, took over the development of the race, which has today become one of the most prestigious events in the world.