Dolly Parton and Taylor Swift Donate Dulcimer and Guitar for ACM Coronavirus Relief Auction

"It was important to donate the dulcimer that was designed for my 50th Opry anniversary so we can raise awareness and much needed funds," Dolly Parton tells PEOPLE

Dolly Parton, Taylor Swift. Photo: Chelsea Lauren/Shutterstock; ANGELA WEISS/AFP via Getty

Some of country's biggest stars including Taylor Swift and Dolly Parton are joining forces for a philanthropic cause.

The Academy of Country Music announced Thursday that the crooners are among the artists who will participate in a virtual charity sell-off titled NASHVILLE: An Auction to Benefit ACM Lifting Lives COVID-19 Response Fund. The fundraiser is arranged by Christie's and is open for bidding on the official website through Oct. 29.

Each performer has donated coveted items to help raise money for members of the country music community who have been impacted by the coronavirus pandemic.

Parton, 74, will auction off her Swarovski-crystal bedazzled, four-string dulcimer which came as part of a momentous milestone in her career.

"Seeing my country music community suffer due to the pandemic has broken my heart," she tells PEOPLE. "It was important to donate the dulcimer that was designed for my 50th Opry anniversary so we can raise awareness and much-needed funds to keep these folks on their feet before we can open the doors to our stages once again."

Dolly Parton. Chris Hollo/Courtesy Academy of Country Music

During Parton's anniversary celebration marking her 50th year as a member of the Grand Ole Opry, the superstar was given a 30-minute segment of the two-hour live radio show to perform some of her signature songs.

Armando Pietrangeli/Shutterstock

The music icon also took time to reflect on her incredibly successful decades-long career.

"You never know what's going to happen to you in your life," she said at the time. "You never know if your dreams are going to come true. And if they do, you wonder how people will remember you when you're older."

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"I'm older and I'm seeing how people remember me and that makes me feel very humble," said the star. "I'm just very honored that I'm still around, not only to get to accept this, but that I can actually perform and get out there and still do what I love to do.”

Swift, 30, is offering up her 2018 black Gibson acoustic guitar — which she used during her performance of "Betty" at this year's ACMs — along with the original hard-shell case, Levy guitar strap and caddy containing five personalized picks. It's estimated to draw $25,000-40,000.

Taylor Swift. ACMA2020/Getty

Swift's 2020 ACMs showcase was her first-ever live rendition of "Betty" since she dropped her album Folklore in July.

Tim McGraw, 53, is among the many country artists to participate in NASHVILLE: An Auction to Benefit ACM Lifting Lives COVID-19 Response Fund. He is selling his F131 Hellcat motorcycle.

Carrie Underwood, Keith Urban, Reba McEntire and more have also donated their valuables for the online charity event.