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Nearly 500 items from Stallone's personal archives are being sold, including costumes, props, scripts, notebooks and other memorabilia from the actor's biggest films, including the Rocky and Rambo franchises, Cliffhanger, The Expendables and Demolition Man, Julien's Auctions said on Tuesday.
The sale is expected to raise about $US1.5 million ($NZ2.1 million).
Highlights include Stallone's boxing gloves from Rocky III, with an estimate of $US10,000 - $US20,000, as well as handwritten notebooks about the first four Rocky films, priced at $US40,000 - $US60,000.
Rambo fans are being offered a collection of knives from the first three films, priced $US10,000 - $US20,000 each, as well as a headband worn by Stallone in Rambo: First Blood Part II ($US8000-$US10,000) among other memorabilia.
"He's a sports guy, that's what he represents, sports and hard graft and people can relate to that," Martin Nolan, executive director at Julien's Auctions, told Reuters.
"And that's why he's so collectable and really, people have very little opportunity to own anything from his life and career until now."
Born in New York in 1946, Stallone found fame with 1976 Oscar-winning boxing film Rocky, soon becoming one of Hollywood’s biggest action movie stars.
Asked why the actor, now aged 75, was selling the items, Nolan said: "He actually is relocating, he's selling his house, so that's a perfect time for anyone to sort of downsize.
"We expect... a huge response to this (auction) announcement because people have pent up demand for iconic items like this, authentic items coming directly from the man himself."
Other items for sale include posters, the boxing mouth guard worn by Stallone in Rocky, a costume designed by Gianni Versace for Judge Dredd and a Cliffhanger arm sculpture.
"Everything is pretty much at no reserve and they are conservatively estimated," Nolan said.
"Overall, we estimate the sale in the range of $US1 (million) to $US1.5 million. That's a conservative auction estimate because they are so iconic and people love this stuff."
The "Property from The Life and Career of Sylvester Stallone" sale takes place on December 5 at Julien's Auctions in Beverly Hills and will be preceded by an exhibition of the items in London starting on Thursday at the Mall Galleries.