Princess Diana’s dresses including scarlet silk Bruce Oldfield gown to be auctioned off for up to £554,000

Iconic gowns worn by Princess Diana are set to go under the hammer in Los Angeles. The highlight of the auction is a stunning scarlet silk Bruce Oldfield gown worn by the princess to the film premiere of Hot Shots! at the Odeon Leicester Square.

Diana paired the showstopper dress with an 11-strand pearl, ruby and diamond necklace on the night in November 1991. The garment is joined by two other gowns for Beverley Hills-based Julien’s Auctions’ sale. It has an estimate of $200,000 - $400,000.

Also appearing are dresses by Catherine Walker, the famed British couturier to Princess Diana and one of her favourite designers. Walker created Princess Diana’s most famous garments for sixteen years, including the black cocktail dress that she was buried in.

The designs are still worn by many of the royals today including Kate Middleton, the current Princess of Wales. There is also a slender fitting strapless Catherine Walker gown (estimate: $60,000 - $80,000) worn by Princess Diana to a private function.

Made of white silk crepe, it features bold bands of black silk velvet with a graduated hemline and silk lining. Another key item is a Catherine Walker evening gown worn by Diana to a gala dinner at the Royal York Hotel in Toronto, Canada in 1986.

The gown has a fitted black faille bodice with a décolleté neckline and off the shoulder short sleeves with a draped jade silk skirt with fringed sash and side slit. It has an estimate of $100,0000 - $200,000.

Darren Julien, founder and president of Julien’s Auctions, said: “Julien’s Auctions is pleased to announce our latest auction presentation with our esteemed partner TCM featuring two marquee collections that truly embody the stuff of ‘Hollywood Legends,’ Warner Bros. and Princess Diana.

“Together, we look forward to celebrating 100 years of Warner Bros. and over 10 centuries of the Royal Family with our special showcase of treasures from the legendary Hollywood movie studio and the beloved People’s Princess.

“[She was] one of the most photographed women in the world who changed the monarchy forever and whose persona continues to captivate the public and Hollywood today through tributes and film and television works about her life.”

Pola Changnon, general manager of TCM, said: “Classic film has been captivated by the British Royal Family since the advent of cinema, with stars such as Bette Davis, Elizabeth Taylor, and Dame Judi Dench portraying the current monarch’s ancestors. It’s only fitting that the main attraction of this auction is a dress Princess Diana wore to a film premiere more than 30 years ago."

Julien’s Auctions TCM Hollywood Legends auction takes place between August 26-27.