The auction is on Style.com and ends on July 16th.
Featured items include an Oscar de la Renta yellow dress and clutch from the spring/summer 2004 collection worth $15 000; a pair of thigh high suede banana boots donated by Manolo Blahnik (we were only kidding, they're not SPD-equipped); a Louis Vuitton custom-made yellow Epi hatbox; and an 18-karat gold bracelet worth $7000 donated by Robert Lee Morris.
Additional designs will include items from Carolina Herrera, Narciso Rodriguez, David Yurman, Ralph Lauren, Donna Karen, and Michael Kors.
But you don't have to shell out a fortune to wear yellow: as BikeBiz.com reported in May, Nike and LAF have produced millions of $1 'Live Strong' wristbands. These are a tribute to Lance Armstrong's inspirational fight against cancer as well as his historic attempt at a sixth Tour de France win.
Nike donated $1m to the Foundation and is leading efforts to raise an additional $5m through the sale of the yellow wristbands. Many Nike athletes can now be seen wearing the wrist bands: they were ubiquitous at the recent Euro 2004 football championships, for instance.
"Young people with cancer should be empowered to fight hard, dream big and live strong," said Armstrong of the Nike/LAF campaign.
"We all have important work to do to make sure young people get the tools and services they need. Nike's incredible support for our mission will help the Foundation do our part to raise awareness, funds and even spirits."
The Lance Armstrong Foundation was founded in 1997 and is located in Austin, Texas, Lance's home-town.