“It’s definitely the most important piece of screen-worn Prince clothing that’s ever come up for auction,” Profiles in History president Joe Maddalena said.
“This is the first time ever for something like this, and it might be the only time because the rest of the costumes may be in his personal wardrobe.”
The famously private singer gave the jacket to a makeup artist at the end of the shoot, auction house spokesman Jeff Hare told AFP.
It has an asking price of $6,000 to $8,000, but is likely to fetch more at the June 29 sale.
Prince wore the black and white jacket with leather sleeves in a famous scene, as he picks up his co-star Apollonia Kotero on a motorcycle. They ride to a lake, where he convinces her to strip off her tight leather jumpsuit and jump in the cold water.
One of his generation’s most influential and prolific musicians, Prince died suddenly on April 21 at the age of 57 at his Paisley Park estate outside Minneapolis.
The cause of death is not yet known.
The June 29 auction will also include costumes from Britney Spears, Katy Perry and Alicia Keys, as well as a glove inlaid with Swarovski crystals that Michael Jackson wore during his “Dangerous” tour in 1992.
Prince’s death has revived interest in his work and “Purple Rain” is currently showing in more than 150 theaters in the United States. The movie won Prince an Oscar for best soundtrack.
His next two films, “Under the Cherry Moon” (1986) and “Graffiti Bridge” (1990), were flops that ended his screen career.
Prince also co-directed the concert documentary “Sign o’ the Times” (1987).