Princess Diana's sweater, featuring a single black sheep amidst a sea of white ones, has just been sold at a Sotheby's auction in New York for a staggering $1.14 million (920,000 pounds). The bidding war for this unique piece of fashion history kicked off on August 31, and the top bid remained relatively modest — staying below $200,000 (161,000 pounds) — until the auction's dramatic final minutes.

Sotheby's initial valuation for the now-famed 'sheep jumper' had been pegged at a modest $50,000-80,000 (40,300 to 64,500 pounds). The identity of the winning bidder remains confidential at this time.

Unearthed in a dusty attic in March, this unassuming knitwear has now become one of the most valuable items linked to the still-beloved 'People's Princess.' Surprisingly, it even outstripped the sale price of Diana's Ford Escort car, which fetched $806,000 (650,000 pounds) at an auction in 2022.

For context, the amethyst-adorned Attallah Cross, a piece frequently worn by Diana, was sold to reality TV personality Kim Kardashian for a mere fraction of the sweater's value, going for $203,000 (163,800 pounds) in a January auction.

The sweater's design has often been interpreted as symbolising Diana's position within the royal family. However, fashion historians suggest that Diana might not have intended to convey any particular message when she wore it in 1981, just a month before her wedding to Prince Charles. Instead, many believe that Diana was simply embracing the 'Sloane Ranger' style, which she helped popularise during that era.

In an age where there was no social media, newspaper photographs of Diana wearing this particular sweater gave its creator, Warm and Wonderful Knitwear, an unexpected and rather meteoric rise to fame. It even inspired numerous imitation designs, a testament to Diana's unmatched influence.

Interestingly, shortly after her wedding, Buckingham Palace reached out to Warm and Wonderful, reporting damage to the sweater and requesting a repair or replacement.

Princess Diana subsequently donned the replacement at another polo match in 1983. The auction lot featured not only the sweater but also included a letter from Buckingham Palace to Warm and Wonderful, along with a thank you note for the replacement. More provenance came in the form of a small hole in the sweater, which was used by Sotheby's as a means of confirming its authenticity.

(Edited by : Shoma Bhattacharjee)