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MIAMI (CBSMiami/AP) — An auction for James Dean’s red nylon jacket worn in “Rebel Without a Cause” fell short.

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Palm Beach Modern Auctions co-owner Rico Baca had valued the iconic garment at $400,000 to $600,000 before the bidding started Saturday.

In a statement Monday, the auction house said bids did not meet the item’s reserve price. That’s the confidential, predetermined minimum Michael Scott of Hobe Sound was prepared to accept. Interested bidders will now have a chance to privately negotiate an after-auction sale.

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Dean died in a car crash in September 1955, about a month before the film’s premiere.

Scott has documents showing the jacket was given by the film’s wardrobe supervisor to the uncle of his friend and then willed to him after the men died.

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(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)