The No. 7 red, black and white guernsey was expected to fetch between $100,000 to $200,000 at Sotheby's on Monday night and when it opened with a bid of $80,000, the reserve price looked attainable.
But after four bids, the price had got as far as $95,000 before it was passed in.
Sotheby's said it would speak with the highest bidder at the end of the auction in an attempt to get the jumper into six figures.
Winmar famously pulled up his guernsey in a match at Victoria Park in 1993 where he was coming in for some hostile jeering from Magpie fans.
The money from the sale was being donated to a charity.