Streisand, whose "Love is the Answer" is the No. 1 U.S. album this week, said all proceeds from the Oct. 17-18 auction of more than 500 items in West Hollywood, Calif., will be funneled into her foundation, which has made numerous charitable donations during the last 23 years, CNN reported Saturday.
"Let someone else enjoy it now," Streisand said of the items that will go the highest bidders.
The 67-year-old singer, who had no estimates regarding how much she might raise, also told CNN she is in shock regarding the success of "Love," which topped the Billboard 200 upon its September release.
"The songs are wonderful, by great composers and lyricists," she said. "I didn't think it was in fashion anymore, but I'm so happy that people still have ears for good melodies and words that seem to move people emotionally."
2014: The Year in Fashion [PHOTOS]