Let's play with this a bit...
Suppose the "grip" of the steering wheel were 1 inch in diameter.
Suppose again that you measured at the "mean" of the grip.
This would then have a tolerance of 1/2 inch from ID to OD.
Is the application for this steering wheel that exact and critical?
If not, just buy it while you can...
They are measured from the center of the wheel rim to the center. But, there aren't that many difference sized wheels that 1/2" one way or the other would mean anything.
Some type of measuring device, like a tape measure
You can just do this with either a tape measure or a ruler.
Does the measurement refer to the inside diameter or outside..? An answer asap would be appreciated as a wheel I'm watching on eBay is about to end.