The annual glitzy bash is held at Sir Elton's home with partner David Furnish and raises money for the Elton John Aids Foundation (EJAF).
This year's event will be held on Thursday in Old Windsor, near Windsor Castle.
As part of the same lot, the car will be auctioned with a 6ft diameter canvas spin painting, which Hirst completed at the same time.
The A1 will not be seen on UK roads until November, and the special artwork was created ahead of the car's mainland European launch dates.
Audi UK director Jeremy Hicks said: 'We are enormously proud to support Sir Elton John's remarkable fundraising ball for the eighth year in succession with the donation of a priceless and unrepeatable work of art for auction.'
Damien Hirst's artworks in formaldehyde brought him widespread attention in the 1990s, and the artist recently courted controversy with For the Love of God, a platinum cast of a human skull encrusted with diamonds.
- Daily Mail