The TV villain, famed for his portrayal of sleazy oil tycoon J.R. Ewing, is auctioning off mementos he has collected over the years following the sale of his ranch in Ojai, California.
The items up for grabs include antiques, art and furniture, as well as costumes and props from his TV shows, which are all set to go under the hammer on Saturday (04Jun11), and Hagman ensured the auction hit the headlines by riding a horse through the streets of Los Angeles.
He was joined by Gray, who played his wife Sue-Ellen on the hit TV show, who also rode a horse to the sale's opening party at Julien's Auction House.
Hagman even wore his trademark Stetson hat, several of which are up for sale, and told reporters, "When people know that you collect hats, they send you hats from all over the world.
"I've collected a lot of things in my life - about 60 years of collection - and I don't have any place to store it anymore. And why store something like that? Share it with other people. That's the fun thing."
Gray was equally enthusiastic about the sale, insisting it brought back happy memories from their time on the show: "There were many items that I saw and it brought back these great times together. I've known Larry 33 years."