Their store, called 'Out of the Closet', is set to open its doors on Saturday in London's Covent Garden, and will be packed full of designer pieces straight from the pair's wardrobes. Everything from Elton's stage outfits to David's favourite shirts will be up for grabs, and prices will range from £10 to £2000.
The duo open the shop once every five years, and it's not just an excuse for a clear out - 100% of the money raised will be donated to the Elton John Aids Foundation.
And if you keep your eyes peeled you may get to indulge in some celebrity spotting as well as Christmas shopping - in previous years Elle Macpherson and Elizabeth Hurley have both dropped by to snap up some designer bargains.
'Out of the Closet' will open on 12 December at the Flower Cellars in Covent Garden. It will be re-stocked each day until everything runs out, and on 19 December there will be a clearance sale before the store shuts.More