The one-piece suit from "Game of Death", which was specially designed by a Hong Kong tailor to fit Lee, was sold at the evening auction for 780,000 Hong Kong dollar (USD 100,595) to an anonymous telephone bidder.
His matching yellow nunchaku, also used in the film, sold at 540,000 Hong Kong dollar to a collector in the room, where around a dozen bidders were seated.
"It would have been nice to have the suit but I prefer this most of all, more than any other thing," 49-year-old British investment manager George Philips, who also bid on the suit said after winning the nunchaku.
Bidding was "very strong for an auction this size" Spink China vice chairperson Anna Lee said after the event.
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The auction fetched 2.19 million Hong Kong dollar, double Spink's estimate of 1 million Hong Kong dollar.
All 14 lots were sold with other items including a punch pad Lee used to refine his one-inch punch, which sold for 50,400 Hong Kong dollar. Lee's bamboo whip used in "Game of Death" also sold for 96,000 Hong Kong dollar.
Lee died in 1973 after a severe reaction to medication, before "Game of Death" could be completed, although a version of it was later released using stand-in actors.
Lee is credited with catapulting the martial arts film genre into the mainstream with movies including "Fist of Fury" and "The Big Boss".