Dressed in the iconic Silver Bullet livery, the car is one of 340 being auctioned today by Lloyds Auctions.
With no reserved price, the #8 will change hands – and it's already cracked the half-million-dollar mark, with the leading bid currently sitting at $545,000.
“It's been quite amazing, the support we have had on this car,” said Frank Cheney of Lloyds Auctions.
“Considering we have got the Glenn Seton [championship-winning EL Falcon] there as well, it's interesting just the price that it's at.
“We were expecting it to be popular but potentially not this popular so early on.
“Obviously it has been listed at no reserve [price] now; it's a genuine car, it's the right car. The current owners had it for 17 years and looked after it, he's big fan of Russell's and Holden.
“It just shows the Holden fans are coming out in droves early on to support Russell and his car.”
Bidding on the EL Falcon Seton drove to the 1997 Supercars title is currently at $206,000, with a late flurry of action anticipated.
“There's been lots of interest, it's been sort of worldwide,” said Cheney.
“There's been a couple of guys across the pond in New Zealand talking to us as well… it will be a potentially seven-figure car, or a high-six-figure car, but it's been one of those cars that just sort of at this stage presents good value.
“I think there'll be quite a bid of live bidding, we expect that on that car.”
The programme has been described as Lloyds' “biggest and greatest ever classic car auction” and is expected to run for as long as nine hours.
Starting from 12:00 AEST today, auctioneer Kevin McKew will call the entire event.