Jimmy Kimmel's colorful "Suit of the Loom" is on the auction block, raising money to fight childhood cancer.

The late-night host wore the suit - consisting of rubber-band creations made by children across the country - on Wednesday's episode of "Jimmy Kimmel Live."

Kimmel announced the project last month, calling on children (or their parents) to send in bracelets and other designs created using the popular Rainbow Loom rubber band kits.

The suit - size 42R - features a multitude of colors, schemes and styles. One lapel is red. The other is striped. The belt is purple and blue. "J Kimmel" is spelled down the center of the necktie. One of the pant legs features an owl.

Kimmel called himself "98 percent rubber" during Wednesday's episode, unbuttoning the blazer to showcase its uniqueness.

"I don't know why everyone gets so down on child labor," Kimmel joked. "Look how awesome this is. I am Joseph, and this is my Technicolor Loom Suit."

All the hard work will benefit the MaxLove Project, a non-profit inspired by Max Wilford, 7, who's fighting brain cancer. Wilford appeared on Wednesday's episode, with Kimmel giving him a loom cape.

The "Suit of the Loom" is available on eBay, and the auction runs until March 8. Bidding climbed to $3,500 within a few hours of Wednesday's airing.

(Jimmy Kimmel Live | eBay.com)