The musician, 76, is curating the sale of objects from his former Atlanta home with his husband David Furnish and in partnership with auction house Christie's.
The Collection of Sir Elton John: Goodbye Peachtree Road, which is being sold in Rockefeller Centre, New York, includes high-value items such as a painting by British artist Damien Hirst of Sir Elton and Furnish.
The work, titled Your Song, in reference to the megastar's hit track and signed and inscribed "xxx for Elton + David", has an estimated value of $US350,000 ($A525,000) to $US450,000 ($A676,000).
A portrait of Sir Elton by American painter and Oscar-nominated director Julian Schnabel is also estimated to be worth $US200,000 ($A300,000) to $US300,000 ($A450,000).
The Yamaha grand piano, model C6F PE, has been put on for $US30,000 ($A45,000) to $US50,000 ($A75,000), while the 1971 pair of silver leather tall platform boots with red leather letters 'E' and 'J' on both sides could fetch between $US5000 ($A7,500) and $US10,000 ($A15,000).
The jumpsuit, an ivory-and-gold ensemble, was among the first stage clothes made for Sir Elton and was designed by Annie Reavey.
It was loaned to make costumes for the Rocketman film, starring Taron Egerton, and was being sold with an estimate of between $US8000 ($A12,000) to $US12,000 ($A18,000).
Tash Perrin, deputy chairman of Christie's Americas, said: "This extraordinary collection not only showcases a diverse array of remarkable objects that encapsulate Elton's unique life, work, and art but also provides our clients with a glimpse into the profound impact that the city of Atlanta had on him.
"In the two weeks leading up to the sales, Christie's Rockefeller Centre Galleries will transform into a series of specially designed immersive spaces, offering a dynamic view into the world of Elton John.
"We take immense pride in presenting this multi-category sale, featuring a refined assortment of photographs, artworks, fashion, and costumes - a testament to a man's eclectic vision, artistry, and impeccable taste."
The auction is also offering an 18-carat-gold limited-edition Cartier watch, a necklace with diamond letters that say "The bitch is back" and silk Versace shirts.
Sir Elton also had a Vogue cover by American photographer Irving Penn of fashion model Jean Patchett that could fetch between $US100,000 ($A150,000) to $US150,000 ($A225,000).
The musician ended his touring career last year, after spending more than 50 years performing at venues throughout the world, when he delivered his last gig in the Farewell Yellow Brick Road tour in Stockholm, Sweden, in July.
An exhibition of the collection is open to the public from February 9 to 21 at Christie's in New York City.
The opening night of sales begins on February 21.
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