The gown is a photorealistic SL reproduction of Queen Elizabeth I's 'Rainbow Portrait', painted in 1603. Only THREE copies of this dress will exist in SL - one owned by Naergilien Wunderlich (not for sale!), another one in the costume department of the SLSC (not for sale) and the third one is the only one available to the public; this is the one to be auctioned. It includes not just the dress, but also the jewelry as pictured.
Bids for the dress can be submitted to Naergilien Wunderlich by notecard until the beginning of the live event. At the event, the last minutes of the auction will be done by a live auctioneer, Auction Hammerer.
As to where the bid currently stands and to see larger images, please see http://www.wunderlichs-garb.info/?p=46 for information.
Naergilien Wunderlich will also hold a lecture on period Elizabethan clothing during the event; We will have two hours of historical fun. You're not limited to Renaissance / Tudor / Elizabethan clothing though; everyone is welcome
More information can be found at
http://www.wunderlichs-garb.info/?p=46 (about the dress) and
http://campaign.slshakespeare.com (about the SL Shakespeare Company).
The location of the ballroom is http://slurl.com/secondlife/ZoHa%20Islands%20E/222/37/27 - Please come and join us!
Until the beginning of the auction, the dress can be seen on a display by the entrance of Wunderlich's Historical Garb Main store at http://slurl.com/secondlife/ZoHa%20Islands%20E/199/114/22 for interested people.