The side came tantalisingly close to pulling off an historic Football League championship and FA Cup double.
But in the end Wolves finished second in the league, missing out on the 1939 title by just five points.
They were also runners up in the FA Cup final at Wembley on April 29,1939, when they lost 4-1 to Portsmouth.
The signed pictures of that outstanding Wolves team were bought by a mystery bidder at Graham Budd Auctions at Sotheby's in the capital.
Among the players featured on the cards are a youthful Stan Cullis, who went on to become one of Wolves' greatest managers,between 1948 and 1964. Also pictured are Wolves' two leading scorers in the 1938-1939 season, Dennis Westcott and Dicky Dorsett who between them scored 58 of Wolves' 88 league goals that year.
Westcott scored 32 while Dorsett, affectionately known as The Brownhills Bomber after his birthplace, got 26.
Dorsett also scored in the 1939 FA Cup final, which was attended by King George VI, father of the current Queen.
The other eight Wolves stars featured on the cards are: Tom Galley, Bill Morris, Frank Taylor, Teddy Maguire, Joe Gardiner, Stan Burton, Alex McIntosh and 6ft 4ins goalkeeper Alex Scott, whose 100th birthday it would have been next Monday.
A remarkable detail about that 1939 Wolves FA Cup final team is that it contained 10 Englishmen, the other player being inside right, Alex McIntosh, who was born in Dunfermline, Scotland.
Just 18 weeks after Wolves' appearance in the 1939 FA Cup final, the Second World War started.
Cullis' illustrious reign as manager is honoured by a statue which stands outside a stand bearing his name at Molineux which was recently rebuild.