The dress, designed by French designer Hubert de Givenchy for the film in 1961, was modelled for the media at Tiffany and Company's flagship store in New York City, where Hepburn wore the dress in the movie.
It’s one of only three identical dresses designed by Givenchy for the movie, but according to Helen Bailey, the spokeswoman for auctioneer house Christie’s, it was not worn by Hepburn.
One of the other two dresses is in a costume museum in Madrid; the third is in Givenchy’s own personal archives in Paris.
Ms Bailey says Christie’s is excited at selling the iconic dress because, "this is the only dress that will ever come on the market.”
The dress, believed to be worth between US$94,000 and US$132,000 was donated by Givenchy in support of the charity 'City of Joy Aide' to raise money for the impoverished living in India.
Ms Bailey went on to say, "we are very fortunate as well that Givenchy has donated it as well for this worthy cause and he feels it truly is in the spirit of Audrey Hepburn herself and for her work with UNICEF."
She introduced the dress by describing it in saying, "it is one of the most iconic moments film history that is seen outside of Tiffany's in the early hours of the morning, with Holly Golightly eating out of a paper bag. It is up there in important moments with cinematic history with Marilyn Monroe standing over the subway grate with the "Seven Year Itch."
The Givenchy dress is scheduled to be auctioned off on December 5, 2006 by Christie's Auction house in South Kensington, England.