This costume is now estimated $ 800K for sale by Bonhams in New York on November 23, lot 67.
In the mean time a prop from the same movie achieved a great auction result when a skin of the Cowardly Lion was sold for $ 3.1M including premium by Bonhams on November 24, 2014.
The discussion below is based on my 2012 post with an additional comment concerning color movies.
A dream world can not become obsolete because, since its inception, it is timeless. Released in 1939, The Wizard of Oz became the most watched film in the history of cinema.
The new Alice is named Dorothy, played by Judy Garland with her long braids of a young girl. Her blue dress with a tight pattern of small squares, consisting of a schoolgirl apron and a skirt, becomes the thread of the human emotions in a crazy world.
Its light blue color in strong contrast with the costumes of the other characters is intended to demonstrate the recent progress of the Technicolor process that had been criticized for its too saturated rendition of colors.
The dress for sale is complete of its apron, bodice and full length skirt.
Accessories used in The Wizard of Oz are much esteemed. At the sale of the Debbie Reynolds collection by Profiles in History on June 18, 2011, a test dress of same model was sold for $ 1.1 million including premium.
A pair of ruby slippers worn during test sequences was sold for $ 610K including premium by Profiles in History on June 18, 2011. The actual pair used by Judy-Dorothy, which had been discussed in this column in December 2011, was sold in a private sale in February 2012 by Profiles in History to the Academy of Motion Picture Arts and Sciences.
SOLD for $ 1.56M including premium