The piece, made from Cuban mahogany and dating from the 1890s, did not meet its reserve price when it went under the hammer at Bonhams on Wednesday.
It was the star piece at the sale of decorative arts and had been valued by experts at £60-80,000.
Originally made for the Pickering family of Glasgow, it features a designs inspired by nature and is similar to the organ casing in the music room at Craigie Hall, Glasgow, also designed by Mackintosh.
They are thought to have put it in their Dumfries home and from there it was sold by their descendents in the 1950s.
It re-emerged in a garage in Dumfries three years ago and was confirmed as genuine Rennie Mackintosh last year by Professor Pamela Robertson of the Hunterian Gallery.
Bonhams director of design Mark Oliver said: “The cabinet is in beautiful condition and is a lost treasure from one of the most important architects and designers of the 20th century.”