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The top lot is an acoustic guitar Clapton owned and played on stage during a 1970 concert in London.
The Martin guitar is expected to fetch $US300,000 to $US500,000 ($NZ426,000 to $NZ710,000) said Martin Nolan, executive director of Julien's Auctions.
The biding on the guitar and other items will take place Friday and Saturday at the Hard Rock Cafe in New York and online.
A guitar played by Presley and given to Norman Taurog, who directed many of his films, could fetch up to $US90,000.
The auction also features a suit Madonna wore in the movie Evita that is valued up to $US12,000.
Dresses worn by Amy Winehouse and Katy Perry are also up for grabs.
Several items from the rock band Nirvana and lead Kurt Cobain are also included in the sale.
"We have a teenage photograph of Kurt Cobain, very rare you see a photograph of Kurt Cobain so young, tickets for concerts. Anything from Kurt Cobain is highly sought after," Nolan said.