Reed, who had a knee injury, came onto the court at the start of the final game of the best-of-seven series against the Los Angeles Lakers and made the first two shots of the game. He played 27 minutes in their 113-99 victory. It was the first of the franchise's two NBA championships.

The auction, conducted by Sotheby's and SCP Auctions, will have 366 lots and is expected to bring in at least $3 million, the companies said in a news release.

The Reed jersey, which is estimated to bring at least $75,000, will be one of more than 80 lots of basketball uniform items from the collection of Alan Schlesinger, owner of Alchemy Management LLC in Great Neck, New York, and former head of high yield at UBS AG.

Among the other lots from Schlesinger's collection are the jersey and shorts Wilt Chamberlain wore as a rookie with the 1959 Philadelphia Warriors, a road jersey and shorts worn by George Mikan with the Minneapolis Lakers during the 1947-48 season and a home jersey worn by Bill Russell with the 1967-68 Boston Celtics.

The auction will also include items from the estate of Hall-of-Fame baseball manager Casey Stengel, and a collection of Japanese baseball artifacts from the 1920s and 1930s.