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.
"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 was one of six identical garments created for Garland for the 1939 movie, is a pinafore style popular at the time and contains a label with Garland's name sewn on the hem. It had been expected to fetch $63,000.
Although there were six dresses, the costume sold Wednesday was one of only two that had secret pockets, Bonhams said.
Garland, who was 17 when she portrayed Dorothy in the movie, died in 1969, less than two weeks after her 47th birthday.