The seminal MGM Studios auction in May 1970 was a watershed moment for film scholars and the auction business, which essentiality created a new market for an area of collecting that previously only existed among a few film enthusiasts. The studio's objective was to simply consolidate space on an already overcrowded lot by creating a three-day film memorabilia sale to clear seven soundstages. A vast assortment of costumes, film props and related property from the studio’s beginnings dating from the 1920s were cataloged, tagged, and placed on the auction block.

In and among the multitude of items that were placed under the gavel were 350,000 plus costumes, furniture and decorative-art related items, automobiles, busses, trains, tanks, boats, ships, airplanes, and space capsules that were previously incorporated into studio productions. Highlights recall the full-size sailing ship from Mutiny on the Bounty (1935), Elizabeth Taylor's wedding gown worn in Father of the Bride (1950), Clark Gable's trench coat 
worn in several films, a group of swimsuits worn by Esther Williams and Johnny Weissmuller's loin cloth worn in Tarzan films of the 1940s. However, the most coveted pieces sold were from The Wizard of Oz (1939) which included a pair of ruby red slippers worn by Judy Garland that hammered on the auction block for $15,000.

 

Many of the treasures of MGM film were purchased by Debbie Reynolds.