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.
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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.
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The auction house that oversaw the sale called it " the most recognizable signature prop from the film."
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There is no word on who bought it.
CNN contributed to this report
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