Lee sold vintage T-shirts and other memorabilia promoting his films in two tents in front of his Fort Greene production company in Brooklyn, 40 Acres and a Mule Filmworks, Saturday, the New York Daily News reported.
Lee alerted fans via Twitter of the one-day sale.
"This is the best Saturday. This is a community thing," said Bruce White, 35, of Hollis, Queens. "People can come out and enjoy this great day."
Security allowed 10 people in the tents at a time and every customer was given a free Michael Jackson CD and a sticker.
There was also a live DJ playing music from noon to 6 p.m.
"I was the first one here," claimed Rashad Smith, 39, who made of with a $50 sweatshirt featuring Lee's film "She's Gotta Have It."
When asked why he hung around after shopping Smith said, "It's a nice atmosphere."