If you walked into a high-end boutique today and saw a pair of red sequined pumps, you might expect to pay a few hundred bucks. Maybe a few thousand if there's a red sole involved. But for a specific set of shoes made of silk, glass, and wood pulp, the price tag just hit a level that defies logic.
Honestly, it’s wild.
In late 2024, a pair of the original ruby slippers from the 1939 classic The Wizard of Oz sold at auction for a staggering $28 million. Once you tack on the auction house fees—the "buyer's premium"—the total came out to $32.5 million.
That makes them the most expensive piece of movie memorabilia ever sold. Period. They beat out Marilyn Monroe’s "subway dress" and the James Bond Aston Martin. We are talking about life-changing, kingdom-buying money for a pair of size 5B shoes that are nearly 90 years old and literally falling apart.
Why are the ruby slippers worth so much now?
It isn't just about the sequins. It’s the drama.
This specific pair, often called the "traveling shoes," has a backstory that reads like a Coen Brothers movie. They belonged to a collector named Michael Shaw, who lent them to the Judy Garland Museum in Grand Rapids, Minnesota. In 2005, a guy named Terry Jon Martin smashed a window with a hammer, shattered the plexiglass case, and vanished with the shoes in seconds.
He thought they had real rubies. They didn't.
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When he realized the "gems" were just glass beads and sequins, he reportedly ditched them through a middleman. They stayed missing for 13 years. The FBI eventually recovered them in a 2018 sting operation, and after the legal dust settled, they headed to the auction block at Heritage Auctions in Dallas.
The bidding opened at $1.55 million. Within 15 minutes, it hit $28 million.
The Mismatched Mystery
Here is a weird detail most people miss: the slippers aren't even "true" pairs.
Back in the day, MGM's wardrobe department was a factory. They didn't care about archival preservation; they cared about the shot. When the Smithsonian and the FBI compared their respective pairs, they realized they had been swapped decades ago. The Smithsonian’s left shoe matched the stolen pair’s right shoe perfectly in terms of construction and wear.
They are effectively "franken-pairs," which somehow makes them even more valuable to collectors. It proves they were actually used on set, scuffed by Judy Garland’s feet as she danced on the yellow brick road.
The "Other" Pairs: A Value Breakdown
There isn't just one pair. Depending on who you ask, there are four or five "authenticated" pairs in existence. Their values vary wildly based on their condition and who owns them.
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- The Smithsonian Pair: Donated anonymously in 1979. They are priceless because the museum will never sell them. However, if they hit the open market today, experts suggest they would easily rival the $32.5 million record because they are the "People's Shoes."
- The Academy Museum Pair: Purchased in 2012 by a group of donors led by Leonardo DiCaprio and Steven Spielberg. They paid about $2 million at the time. In 2026, that looks like the bargain of the century.
- The "Witch’s" Shoes: These are in the best condition and have a different heel shape, likely used for the shots where the Wicked Witch of the East's feet curl up under the house.
- The Bauman Pair: Won by a teenager in 1940 as part of a contest. They sold for $666,000 in 2000. Today? You'd probably need $15 million just to get the owner to pick up the phone.
What actually goes into the $32.5 million price tag?
If you held them, you’d be underwhelmed. They are basically white silk pumps from the 1930s that were dyed red.
The "rubies" are about 2,300 sequins per shoe. The bows are made of stiffened buckram with glass rhinestones and bugle beads. They even have orange felt glued to the bottom so Judy Garland wouldn't make a "clacking" sound on the wooden yellow brick road set.
But collectors aren't buying shoes. They are buying the "Holy Grail" of American pop culture.
The value comes from scarcity and nostalgia. The Wizard of Oz was one of the first major films to use Technicolor effectively, and those shoes were the focal point of that transition from sepia to color. They represent the transition of Hollywood itself.
The Cost of Keeping Them Alive
Being worth $30 million is a curse for the shoes themselves. They are dying.
The sequins are made of gelatin coated with a red cellulose nitrate lacquer. Over time, that lacquer flakes off. The silk is brittle. The Smithsonian actually had to run a Kickstarter campaign to raise $300,000 just to build a climate-controlled case to stop the light from turning the red sequins into a dull brown.
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If you own a pair, you aren't just a collector; you’re a curator of a decomposing artifact. You have to worry about:
- Light Sensitivity: UV rays eat the dye.
- Humidity: Too much and the glue fails; too little and the silk cracks.
- Security: After the 2005 heist, no one is taking chances. The insurance premiums alone on a $32.5 million pair of shoes must be astronomical.
Can you still find a pair for cheap?
Kinda, but not really.
There are "test" pairs—like the Arabian-style slippers with curled toes that were rejected by the director—which sell for significantly less, usually in the mid-six figures. Then there are the "repro" pairs. If you see a pair on eBay for $5,000 claiming to be original, run.
The reality of how much the ruby slippers are worth in 2026 is that they have transcended the "movie prop" category. They are now in the same asset class as a Picasso or a rare Ferrari.
If you're looking to get into the Oz collecting game, start small. Authentic "Wicked Witch" broom straws or munchkin hat fragments occasionally pop up for a few thousand dollars. But the slippers? Unless you have a spare $30 million and a high-tech vault, you're better off visiting them at the Smithsonian.
To see the most famous pair for yourself, head to the National Museum of American History in D.C., but check their "current display" status first, as they are frequently taken off-floor for conservation work. If you're on the West Coast, the Academy Museum in L.A. usually has their pair on rotation in the "Identity" gallery. Just don't expect to see any real rubies—it's all glass, sequins, and movie magic.