The photographs surfaced among the possessions of Penthouse founder Bob Guccione, who died in 2010.
New York businessman Jeremy Frommer bought Guccione's personal art and memorabilia collection and is the one bringing the photographs and some other items to auction, which is scheduled for November 9, reported E! News.
Madonna was a dance student at the University of Michigan when she agreed to pose for USD 10 an hour for photographer Herman Kulkens.
The pop star, now 55, is featured in many topless and nude photographs, which were taken before she became famous.
Kulken and his wife sued Penthouse because they wanted the photographs to be published in Playboy. Both magazines published some of Madonna pictures in 1985.
Madonna has acknowledged that she posed naked during her struggle days in several interviews.
