Naomi wore it during an infamous incident when she fell on the catwalk while wearing 12-inch (30 cm) Westwood platforms.
There are also early examples of the designer's elasticated corsets.
Sustainability and ethical fashion are also key themes – the most expensive piece is a cut-out illusion gown, hand-stitched with intricate beadwork and gold panelling by artisans and craftsmen in Kenya.
All materials used in the exhibition are recycled or repurposed, including cardboard signage and plywood stands.
“This is a huge lesson for us, (proving that) we can hold recyclable exhibitions,” Swallow said.
The collectibles are priced from GBP 200 to GBP 7,000 (USD 255 to USD 9,000), but are expected to sell for even more given Westwood's reputation.
Museums and other institutions are expected to bid, but Swallow said the designer “liked the idea that (his clothes) could be worn by real people, too”.
“The idea that he could have another life is amazing,” he said.