The blue and white gingham dress went to a buyer bidding by telephone who did not wish to be identified.
Jon Baddeley, head of Bonhams' collector's department, says, "This dress represents the quintessential magic of childhood in the most beloved film of the 20th century.
"It has become a cherished memory for millions of fans worldwide and was worn by one of the most talented and respected stars in Hollywood. Film costume rarely gets better than this."
The dress, which was one of six identical garments created for Garland for the movie, had been expected to fetch $63,000.
Garland, who was 17 when she portrayed Dorothy in the fantasy musical, died in 1969, less than two weeks after her 47th birthday.
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