For our latest installment on the automotive treasures starring in RM Auctions‘ eye-popping Concorso d’Eleganza Villa d’Este sale in Italy on May 21, we bring you this amazing 1964 Alfa Romeo TZ Coupé.

Undervalued in relation to comparable Ferraris, the Zagato-bodied TZ of which only 112 were built is in our view one of the most beautiful cars ever created.

Offered for the first time in 25 years, the rare racer is tapped to go as high as $800,000

The example on offer, one of the most important TZs in existence, boasts a racing pedigree that includes Le Mans, the Tour de France and the Targa Florio.

Offered for the first time in 25 years, it’s tapped to go as high as $800,000, but we wouldn’t be surprised to see it fetch more.

After all, it served as the inspiration for Alfa’s wicked new TZ3 Stradale – but more on that sexy beast later….

Previously: 1953 Ferrari 250MM Berlinetta

Click to enlarge. All photos Dirk De Jager ©2011 Courtesy RM Auctions