“It’s very end of the ‘90s, which is back in style now, so I thought it would be a good one to donate,” Paltrow explained in an Instagram video posted Friday.
The actress noted the dress “holds great sentimental value," and she will hand deliver it to the lucky winner.
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But many were quick to point out that she once categorized the silver, hand-beaded Calvin Klein look as a fashion mistake.
“It’s an OK dress, but not Oscars material,” Paltrow wrote in a 2013 blog post on Goop. “I chose it because I wanted to disappear.”
Paltrow also had regrets about the “goth” Alexander McQueen gown she chose for the 2002 Oscar awards, which got a lot of attention at the time.
“There were a few issues; I still love the dress itself but I should have worn a bra and I should have had simple beachy hair and less makeup,” she explained. “Then, it would have worked as I wanted it to — a little bit of punk at the Oscars.”
The current bid for Paltrow’s size 4 Calvin Klein dress is $6,250, with the auction ending in 11 days. All proceeds will go directly to Feeding America, Meals on Wheels, World Central Kitchen and No Kid Hungry.
Celebrities have been announcing their All In challenges on social media and nominating others to join the effort. Paltrow called out Drew Barrymore, who then nominated TODAY's Savannah Guthrie and Sarah Jessica Parker.