The dress, one of the most recognizable in movie history, went to a buyer bidding by telephone who did not wish to be identified, said Bonhams, the auctioneer.
Garland, then 17, played the character of Dorothy in the 1939 film.
"This dress represents the quintessential magic of childhood in the most beloved film of the 20th century," said Jon Baddeley, head of the Bonhams collector's department.
"It has become a cherished memory for millions of fans worldwide and was worn by one of the most talented and respected stars in Hollywood," he said. "Film costume rarely gets better than this."
The dress, which had been expected to fetch $63,000, is a pinafore style popular at the time and bears a label with Garland's name sewn on the hem.
When it appeared, "The Wizard of Oz" was the most expensive film ever made and it launched Garland's career. The movie vied with "Gone With The Wind" as the most spectacular film of its time.