Princess Diana dress to auction in NYC

Sotheby's is auctioning off one of Princess Diana's "favorite" dresses. The purple velvet dress was designed by Victor Edelstein and was famously worn by Diana in her 1997 Vanity Fair photo shoot.

The dress is expected to fetch between $80,000-$120,000. The dress is part of Sotheby's "The One" auction, which has grouped together truly unique items. "The One" auction will also auction off Lebron James' game 7 jersey from the 2013 NBA finals. The auction will take place on January 27th.