Part of the Bonhams' Treasures sale conducted with Turner Classic Movies, the dress sold for $1.56 million, according to The Hollywood Reporter. A similar dress — one of 10 thought to have been created for screen star Garland — sold for $480,000 in 2012.

You'll Never Hear "Over the Rainbow" the Same Way Again – The Song Breakdown Everyone Should Watch!

A Cowardly Lion costume, however, may hold the record for "Wizard of Oz" memorabilia, recently selling for $3.1 million.

According to the industry website, the Garland dress was described as such: "Comprising a blue and white gingham pinafore with a fitted bodice and a full skirt, two mother-of-pearl buttons on the front and two on the back, with a hook-and-eye closure at the back, bearing a bias label inscribed in script, 'Judy Garland,' and a short cream-colored cotton blouse with a high neck, pale blue rickrack trim at the cuffs and neck, hook-and-eye and snap closure at the back, reinforced shoulders, and a bias label inscribed, 'Judy Garland / 4461'."

The 1939 film, which catapulted Garland into superstardom, is based on L. Frank Baum's novel "The Wonderful Wizard of Oz." With a script by Noel Langley, Florence Ryerson and Edgar Allan Woolf, the movie follows the teenage Dorothy as she journeys to the mysterious land of Oz, where she befriends a Scarecrow, a Tin Man and a Cowardly Lion, and battles the Wicked Witch of the West while traveling to visit the great and powerful Oz, who she hopes will help her return to Kansas. The music and lyrics were written by Harold Arlen and E.Y. Harburg, and the film was scored by Herbert Stothart.

Noted at the time for its use of Technicolor in the Oz sequences, "The Wizard of Oz" won the Academy Award for Best Original Score and Best Song as well as a special award for Outstanding Juvenile Performance by Garland. It received nominations for Best Art Direction, Best Cinematography, Best Effects and Best Picture.