Wizard of Oz 's Tin Man Oil Can Up for Auction for the First Time, Bidding Starts at $50,000

MGM Studios/Getty

A piece of cinematic history from the classic film The Wizard of Oz will soon be part of one lucky bidder's collection.

One of multiple oil cans belonging to the Tin Man, played in the 1939 film by actor Jack Haley, is up for auction as part of the Artifacts Of Hollywood And Music collection with GWS Auctions.

The oil can was a pivotal prop in the beloved movie, used as a centerpiece just before the Tin Man's introductory song "If I Only Had A Heart." It gave him the vital oil he needed to free his body and joints from the rusted state in which he is found by Dorothy (Judy Garland) in Oz.

RELATED: Judy Garland's Missing Wizard of Oz Dress Unearthed After Disappearing More Than 4 Decades Ago

According to GWS' lot description, the can is one of either three or five oil cans used during filming, and it was presented to Haley when the production wrapped.

The description also stipulated that the can "has excellent investment potential, as items from or made for this legendary film almost never surface."

It also said that the rest of the Tin Man's iconic silver-hued costume is thought to be lost.

RELATED VIDEO: Renee Zellweger on Becoming Judy Garland: I Fell Deeply In Love With Her Every Day

The opening bid for the oil can, which is currently on display at the Academy Museum of Motion Pictures in Los Angeles, is $50,000, with requested bid increments of $5,000.

The can is expected to fetch a price tag of at least $200,000, according to TMZ, who was first to report the news.

And while the Tin Man's costume has reportedly disappeared, another treasured item from The Wizard of Oz was unearthed last year — after over four decades.

RELATED: There's No Place Like Home! The Wizard of Oz Remake Is in the Works: Report

One of the timeless blue gingham dresses worn by Garland in the movie was found in June 2021 after having disappeared many years earlier.

The dress was gifted to Catholic University and the former head of the drama department, Father Gilbert Hartke, in the 1970s.

However, it was said to have mysteriously gone missing just a year after its arrival at the Washington, D.C., campus.

That is until last summer, when a staff member set out to unearth the iconic piece and found it in an unlikely spot.

"I had looked in our archives, storage closets, etc. to no avail. I assumed it was a tall tale (of which many exist for Father Hartke)," Matt Ripa, a lecturer and operations coordinator for the drama department, explained in a story published by the university at the time.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

"Our building is in the process of renovations and upgrades, so I was cleaning out my office to prepare," Ripa explained. "I noticed on top of the faculty mailboxes a trashbag and asked my co-worker to hand it to me. On the trashbag was a note for our former chair stating that he had found 'this' in his office and that he must have moved it when he moved out of the chair's office… I was curious what was inside and opened the trashbag and inside was a shoebox and inside the shoe box was the dress!! I couldn't believe it."

Ripa said he quickly retrieved gloves so he could examine the dress before bringing it to the archival department.

"Needless to say, I have found many interesting things in the Hartke during my time at CUA, but I think this one takes the cake," he concluded.