It was the ornate hourglass used in the scene where the Wicked Witch of the West tells Dorothy she only has a short time to live.
The Smithsonian magazine says it sold for $495,000.
It stands 20 inches tall and almost a foot wide.
It has a gothic frame with gargoyles perched on three columns.
MORE NEWS | MTA worker attacked, suspect pulled from under subway car in Chelsea
Suspect in MTA worker attack pulled from under subway car
The auction house that oversaw the sale called it " the most recognizable signature prop from the film."
There is no word on who bought it.
CNN contributed to this report
----------
* Get Eyewitness News Delivered
* Follow us on YouTube
* More local news
* Send us a news tip
* Download the abc7NY app for breaking news alerts