http://www.sportscollectorsdaily.com...piazza-jersey/
So it looks like the jersey was pulled from the auction and sold privately to two minority owners of the Mets and a third person (thanks Richard) for $365,000 on the condition of long-term public display. I guess this will be a relatively uncontroversial outcome in the long-run, but still not without controversy I'm sure.
As a Mets fans, I'm sure many of us wonder whether any other team is bumbling enough to have sold it in the first place. As noted below, the Daily News reported that other jerseys from that game were sold. I guess certain employees were tasked with finding creative revenue sources, which may be a responsible reaction when MLB is assisting with your team finances and you're taking on new minority owners. However, it seems the club was tone deaf in choosing certain items.
The Mets bought a lot of goodwill with the pennant and then opening the vault door for Yoenis. Without that I think the theme of "exactly how desperate is this team for cash?" would have gained much more traction.