Princess Diana’s red and white wool Black Sheep sweater by the knitwear label Warm & Wonderful has made auction history.

The sweater soared above pre-sale expectations during Sotheby’s inaugural Fashion Icons auction Thursday, selling for $1.1 million. The price established a new auction record for any article of clothing worn by the late Princess of Wales and has become the most valuable sweater ever sold at auction.

The sweater was recently rediscovered by Joanna Osborne and Sally Muir, cofounders of the British luxury knitwear brand Warm & Wonderful. The piece fetched a total of 44 bids, ultimately driving the final price over 14 times its $80,000 high estimate. As bidding on the sweater started to close, the bid jumped from $190,000 to its final price of $1.1 million, after a 15-minute bidding war.

Princess Diana’s famous sweater was worn by the former royal to one of Prince Charles’ polo matches in June 1981 after the couple was newly engaged. The $1.1 million auction price for the sweater far exceeds the $604,800 price for Princess Diana’s “Infanta” style ballgown designed by Victor Edelstein, sold at Sotheby’s New York in January.

That same month, Sotheby’s sold the amethyst and diamond “Attallah Cross” — worn on multiple occasions by Princess Diana — for $197,453 to Kim Kardashian. It is understood that the cross was only ever worn by Princess Diana, and following her death, it was never seen in public again until Sotheby’s London Royal and Noble sale earlier this year.

The historic sweater led the Fashion Icons sale, which attracted global bidding from 12 countries — with 90 percent of lots sold. Of particular note was an additional item also worn by Princess Diana: a Murray Arbeid evening gown. Worn on more than one occasion by the former Princess of Wales, the famous gown received 21 bids, eventually selling for $381,000, more than three times its pre-auction high estimate of $120,000.