The famous breastplate worn by Russell in "Gladiator" sold for a whopping $125,000, while its matching wrist cuffs sold for $32,000, a wooden sword for $20,000 and a metal one for $70,000, $5,000 more than a chariot from the film.
From among the 226 items on offer, the toughest bidding wars were for props and costume pieces from the film Gladiator.
While the violin was close to the top of Sotheby Australia's valuation, the winning bid for character Captain Jack Aubrey's dress uniform exceeded the auctioneer's hopes by AU$80,000.
The date - April 7 - is significant to the actor as it is both his birthday and wedding anniversary.
"G'day folks, how're you doing?"
"I'm a New Zealander in my mid-40s, for me Martin Crowe was cricket", he told the Museum's website. "Are you having a bit of fun?" It's exciting, isn't it?
"This item is dear to my heart".
Punters have parted with eye-watering sums of money during an auction for Russel Crowe, which included artworks, jewellery and film and sports memorabilia from the Oscar winner's private collection.
Total sales may break $4 million after Crowe tweeted that conversations were ongoing about further sales worth $350,000. While it was expected to bring in between $500 and $600, the garment was won by a telephone bidder for $7000.
A replica Roman chariot from the actor's film Gladiator was sold for $65,000.
Among the purged: the much-marveled at suede and elastic groin protector worn by Crowe in 2005's Cinderella Man, which sold for $7,000 AUD or roughly $5,400 United States dollars via telephone bid, far exceeding its $500-600 AUD estimation.
Sotheby's was closer to the mark in valuing the maroon Doc Martens boots Crowe wore as the skinhead Hando in the 1992 movie "Romper Stomper".
Similarly, some art, including a 17th century Flemish tapestry estimated at $25,000 to $35,000 and a 1921 landscape by the well-known Australian painter Penleigh Boyd, estimated to sell from A$60,000 to A$80,000, would appeal to a buyer who'd never heard of Crowe and his many blockbusters.
But some lots failed to reach reserve, including a 2008 custom motorcycle built by California's Orange County Choppers that was turned in on a bid for AU$35,000. It is painted a distinctive green and red, the colours of the South Sydney Rabbitohs, the Australian rugby league team that Crowe part-owns.