The former couple are selling off their shared possessions after their 24-year marriage ended in divorce in 2011, after Wood's widely-reported relationship with a cocktail waitress.
Reuters reports that the collection spans four decades of work with the legendary band, and includes tour clothing, backstage passes, custom-painted Fender Stratocasters and Wood's own artwork including portraits of Keith Richards, Eric Clapton and Bob Dylan.
The pair will also be selling antiques, furniture and items from their private collection of art at their countryside estate in Surrey.
The auction will be held at Julien's Auctions in Beverly Hills on October 27. Auctioneer Darren Julien said that he expects the sale to go "very well", and stressed that the Woods "are still very good friends", and "just decided it was time to simplify and sell some of their property".
Part of the proceeds will go to MusiCares, the Grammys charity that offers recovery to people in the music industry.
The Rolling Stones recently announced a new greatest hits compilation GRRR!, to be released in November.
Watch The Rolling Stones perform 'Sympathy for the Devil' below: