Ferrari has announced it'll be holding an online auction to raise money for victims of the two earthquakes in Northern Italy in May.

All the proceeds of the auction will go to the families of those killed in the quakes, which affected the Emilia-Romagna region.

Ferrari has lined up some extremely alluring items for the sale, including a 599XX Evo, whose value is around £1,000,000, and a V8 engine from a Ferrari F1 car.

F1 racing suits and helmets from drivers including Fernando Alonso and Felipe Massa will go up for sale, along with "numerous items of memorabilia from the works racing cars from past seasons," says a Ferrari press release.

A number of items have come from Ferrari collectors around the world, who began donating stuff to sell shortly after news of the first quake, on 20th May, broke.

"Once again the generosity of Ferrari's enthusiasts will enable the company to provide support to those most hit by the tragedy," said the company.

The auction opens next week. See Ferrari's website for details.