Somebody paid nearly $1 million for Nvidia CEO Jensen Huang’s leather jacket. Is it the new Steve Jobs black turtleneck?

At nearly $10,000 a pop, Tom Ford leather jackets are already pricey. But put one on a tech CEO, and its value will soar even higher—almost a million dollars higher, apparently. Earlier this month, a black leather jacket owned by Nvidia CEO Jensen Huang went up for auction at Sotheby’s. The auction house estimated its value as between $40,000 and $60,000, already an eyebrow-raising price tag. But when the jacket actually sold, it blew that estimate out of the water: After 65 bids, the so-called “Jensen Jacket” went for $960,000. Huang is nearly always seen in a leather jacket, even calling ...