Gwyneth Paltrow Is Auctioning Off Her 'Sentimental' 2000 Oscars Dress for Coronavirus Relief

Gwyneth Paltrow is doing her part to help coronavirus (COVID-19) relief efforts.

On Saturday, the actress, 47, shared on Instagram that she will be auctioning off the “sentimental” dress she wore to the 2000 Academy Awards to All-In, an initiative that aims to raise $100 million for non-profit organizations that support vulnerable communities amid the pandemic.

“In an effort to focus on organizations providing food assistance, I have joined the #allinchallenge which is raising money for @mealsonwheelsamerica, @nokidhungry, @wckitchen, @feedingamerica and @americasfoodfund,” Paltrow wrote alongside the video announcement.

“I am donating a dress I wore to the Oscars (and that holds great sentimental value!) which I will personally hand to you over a cup of tea or a glass of wine,” she said, of the sheer Calvin Klein frock.

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“I’m participating in this because, as we all know, there are so many millions of people in this country who are deeply affected by the COVID crisis. We are going to be in for a period of difficult. We all really need to band together,” The Politician star — who was challenged by entrepreneur Gary Vaynerchuk, and nominated friends Drew Barrymore, Cameron Diaz and Lake Bell to participate — said in the clip. “In order to help the cause, I am going to auction off my year 2000 Oscar dress. It was a hand-beaded, Calvin Klein dress. I wore it to the Oscars the year after I won.”

“It’s very end-of-the-90s, which is back in style so I thought it would be a good one to donate,” she explained.

Gwyneth Paltrow/Instagram

And fans seemingly agree! On Sunday, Vogue reported that the current bid for the gown was already at $6,250 with the auction ending on May 1.

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Still, Paltrow hasn’t always felt as attached to the designer piece as she does now. In fact, she previously said that the Calvin Klein design was one of her worst Academy Awards red carpet moments of all time because it wasn’t “Oscars material,” Huffington Post reported.

David McNew/Getty

“Two that come to mind are looks I wore to the Oscars in 2000 and 2002. The first is the Calvin Klein. It’s an okay dress but not Oscars material,” the Goop founder said, according to the outlet. “I chose it because I wanted to disappear that year. Also, the goth Alexander McQueen I wore a few years later. There were a few issues; I still love the dress itself but I should have worn a bra and I should have just had simple beachy hair and less makeup. Then, it would have worked as I wanted it to – a little bit of punk at the Oscars.”

As information about the coronavirus pandemic rapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from CDC, WHO, and local public health departments. PEOPLE has partnered with GoFundMe to raise money for the COVID-19 Relief Fund, a GoFundMe.org fundraiser to support everything from frontline responders to families in need, as well as organizations helping communities. For more information or to donate, click here.