The auction started on April 30th and runs though May 19th. It opened at $250,000 (which is a lot higher than my $0.99 Sports Memorabilia Auctions, but that's beside the point) and at the time of this post, the bid was at $784,612. It's expected to fetch at least $1,000,000.00.
Follow the auction and check out the official press release. As if this jersey wasn't enough, you can also bid on David Wells' Babe Ruth Hat.