Online bidding has begun and will run through Dec. 7, Dallas-based Heritage Auctions said in a news release.
The auction company obtained the sequined and beaded slippers from Michael Shaw, the memorabilia collector who originally owned the shoes at the heart of the beloved 1939 musical.
Shaw loaned the shoes in 2005 to the Judy Garland Museum in Grand Rapids, Minnesota.
This summer someone smashed a window and stole the slippers.
Their whereabouts remained a mystery until the FBI discovered them in 2018.
The museum is now among those vying for the slippers, which were one of several pairs Garland wore during filming.
Only four left.
Grand Rapids raised money for the slippers at its annual Judy Garland Festival.
The funds will supplement $100,000 (£76,700) set aside this year by Minnesota lawmakers to buy slippers.
The man who stole the slippers, Terry John Martin, was 76 when he was sentenced in January because of his ill health.
He admitted using a sledgehammer to smash the glass on the museum’s door and display case in what his lawyer said was an attempt to extract “one last score” after an old associate with mob ties told him the shoes should be adorned with real jewels to justify their one million dollar (£767,000) insurance value.
The movie memorabilia auction also includes other “Wizard of Oz” items, such as a hat worn by Margaret Hamilton’s “Wicked Witch of the West” and the screen on the door of Dorothy’s home in Kansas.