Want Garland’s Dorothy dress? Click those heels and grab $1M

Put on your red shiny slippers and head down to New York this fall, for you could get your hands on Judy Garland's dress from the renowned movie "The Wizard of Oz."

The iconic dress, one of the few made for Garland for the filming of the Oscar-winning movie, is going up for auction and could fetch more than $1 million, making it potentially one of the world's most expensive costumes.

Judy Garland in "The Wizard of Oz" and Dorothy's on-screen dress
MGM Studios | Getty Images and Bonhams

The dress will be auctioned in New York by Bonhams, a privately owned British auction house, this November and is expected to sell for between $800,000 and $1.2 million.

Despite the movie being released in 1939, three-quarters of a century later the sweat stains are still visible on the costume.

"What's great about this dress is you get the best of both worlds. There's evidence of usage with the sweat stains but also for a dress that's 75 years old, it's in fantastic shape," Catherine Williamson, director of entertainment memorabilia at Bonhams, told CNBC via phone.

Read MoreWill 'Oz' Yield Magical Opening for Disney?

Williamson forecast the dress would be a hit with bidders because of the movie's global appeal and because of the recent strength in the market for entertainment memorabilia.

"The market for entertainment memorabilia has exploded on the last three to four years. We have a lot of faith in the auction and what will go on sale," she said.

The blue gingham dress will be one of several items on offer at Bonhams' auction of Hollywood memorabilia on November 23.

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Other items up for sale include a "golden ticket" from the 1971 hit "Willy Wonka and the Chocolate Factory," several dresses worn on screen by Marilyn Monroe and possessions from the estate of actress, Natalie Wood, including personal letters and Golden Globe awards.

Another item expected to go for top dollar is the iconic racing suit from "Le Mans" (1971) worn by Steve McQueen. Estimates given are from $200,000 to $300,000.

Hollywood memorabilia is a definite money-spinner, with a test Dorothy dress—one never worn on screen—selling for $245,000 at a Bonhams' auction last year.

Williamson told CNBC that Bonhams expected to auction 300 to 350 items of Hollywood memorabilia this year, similar to the number presented in the past two years.

Some may expect Garland's dress to be the most coveted costume from "The Wizard of Oz," however, last November, the "cowardly lion" costume worn by Bert Lahr sold for $2.6 million (excluding premium costs), beating estimates.

Read MoreOz's Cowardly Lion costume sale blows away estimate