Bryant's locker, which he used for the majority of his career at the Los Angeles Lakers, is the main attraction for the auction, which ends August 2.
The locker was expected to fetch up to $1.5 million, with bids reaching $700,000 on Friday.
Bryant, an 18-time NBA All-Star guard, was killed in a 2020 helicopter crash at age 41. He spent his entire NBA career from 1996-2016 with the Lakers.
A maintenance worker saved the locker from being discarded in 2018 during renovations of the Staples Center arena, according to Sotheby's. An American collector later acquired the piece.
"Kobe Bryant's locker at the Staples Center is more than just a piece of memorabilia; it's a sacred relic of his unparalleled journey," said Brian Wachter, Sotheby's head of modern collectibles.
"This locker was Kobe's sanctuary amidst triumphs and challenges, a witness to the highs and lows of a storied career. Every achievement and hardship left its mark within these walls."
The sale at Sotheby's also features memorabilia from sporting icons like Michael Jordan and Reggie Jackson, as well as items from contemporary stars such as Rafael Nadal and Stephen Curry.
Bryant's locker will be on public display at Sotheby's New York until Tuesday, alongside legendary Argentinian footballer Maradona's autographed 1986 World Cup semi-final jersey and NBA star Jordan's shorts from his final game.
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