The auction, titled "The Art of Divorce", will be held on April 7, which marks the actor's birthday as well as wedding anniversary with ex-wife Danielle Spencer, according to Sotheby Australia.
"The sale represents the dispersal of a highly personal collection that was assembled by Crowe over many years, including those shared with his former wife," said Sotheby's.
Crowe and Spencer had separated five years ago and their divorce will soon be finalised.
"We've been separated over five years now, our divorce should be finalised around the time of the auction. Just as we collaborate on the upbringing of our kids, it's easy for us to work together on something like this," Crowe told Australias Daily Telegraph.
"I think she feels the same way I do in regards to just moving on things that help create space for the future," he added.
A total of 225 items will be up for grabs that includes fine art, antique vehicles, furniture, jewellery, musical instruments, and film paraphernalia.
An important stunt cuirass that Crowe wore in Ridley Scott's "Gladiator" is expected to fetch between USD 20,000 to 30,000.
A pair of black leather wrist cuffs and a wooden training sword from the film has also been put up for auction.