By james art Want to own an outrageous piece of Hollywood memorabilia?
The initial bid was $500,000, but the final price, which will be determined via a live auction on Dec. 7, is expected to top the rainbow. The Justice Department estimated the slippers to be worth $3.5 million, and Heritage Auctions indicated the pair could fetch as much as $10 million.
Although there are five known pairs of Oz ruby slippers, this particular set, owned for decades by collector Michael Shaw, has the most dramatic storyline.
Nearly two decades ago, Shaw had loaned his pair of slippers to the Judy Garland Museum in Grand Rapids when they were stolen in an overnight break-in and robbery. Local police spent the next decade chasing countless leads, with divers even diving into abandoned mines to search.
After federal agents returned the slippers to Shaw, he announced his intention to sell them. Heritage Auctions is taking the slippers on a tour of Tokyo. Among other famous pairs of ruby slippers, two are on public display at the Smithsonian and the Academy of Motion Picture Arts and Sciences, while the others belong to private collectors.