The shields, made for the 1839 Eglinton Tournament in Ayrshire, went under the hammer for £8,000 in Edinburgh.
Art expert James Knox, who bought the pieces, said he hoped to make them the centrepiece of a new exhibition.
Mr Knox, who is also campaigning to raise funds to buy 20 rare watercolours that recorded the event, said: "I am delighted to have been able to buy the Eglinton shields for Scotland.
"I hope to use the shields as a centrepiece to a blockbuster exhibition about the tournament in Edinburgh and Ayrshire."
Auction house Lyon & Turnbull said the three-day re-enactment of a medieval jousting competition, in August 1839, was the brainchild of the Earl of Eglinton.
More than 100,000 visitors turned out to watch some of Britain's richest aristocrats take part.
But the tournament became a wash-out after heavy rain flooded the nearby Lugton Water, meaning that spectators were forced to walk miles through the mud as their carriages became stuck in the quagmire.
The shields, originally valued at between £3,000 and £5,000, were sold by the owner of Skelmorlie Castle in Ayrshire, where they were found during an attic clear out.
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