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The first part of the sale of Liz Taylor's collection of jewels organised on December 13, 2011 by Christie's in New York realized 115,932,000 USD, thus becoming the most valuable jewelry auction in history with seven world records recorded during the evening.

A tribute to the discerning eye of this celebrated film star, fashion  icon, and humanitarian, the sale  was  100%  sold  by  lot  and  100%  by  value, with  24  of  the  80 jewels  fetching  over  $1  million  and  6  jewels  over  $5  million.  7  new  world  auction  records  were established: price per carat for a colorless diamond and for a ruby; a pair of natural pearl ear pendants; a pearl jewel; an Indian jewel and an emerald jewel. 

The top lot of the sale was the legendary 16th century pearl La  Peregrina which realized  $11,842,500 (£7,579,200/ €9,118,725), setting two world auction records: for an historic pearl (against the previous record of $2.5 million set by La Regente at Christie's Geneva, 2005) and for a pearl jewel (surpassing the $7 million record paid for The Baroda Pearls at Christie's New York, 2007). A gift from Richard Burton in 1969 (having been bought for  $37,000  at  auction),  this remarkable  pearl of  203  grains in size  is equivalent to 50  carats. Discovered in the 1500s in the Gulf  of Panama, it became part of the crown jewels of Spain and ranks as one of the most important historic pearls in the world.

Elizabeth Taylor designed the Ruby and Diamond Necklace with Al Durante of Cartier to offset what she called “the most perfect pearl in the world"

“Elizabeth  Taylor's  magnificent  collection  of  jewels has  captivated the  auction  world  this  fall,  resulting in world-wide bidding and this first landmark result. Without a doubt the greatest private collection of jewelry ever assembled, this sale marked  the  powerful  start  of Christie's historic  week  of  sales  auctioning  the  Jewelry,  Fashion,  Accessories  and Memorabilia from The  Collection of Elizabeth Taylor between  the 13  – 16 December,  in tandem with the online-only sale (3 – 17 December),” said Marc Porter, Chairman and President of Christie's Americas. 

“The extraordinary results of the first jewelry sale are a tribute to Elizabeth Taylor's expert eye for fine gemstones and jewels, as well as her stature as a legendary star and inspiring philanthropist. During the international pre-sale exhibition tour, which travelled all the way to Hong Kong, via Moscow, London, Tokyo, Los Angeles, Dubai, Geneva and Paris, before arriving in New York, thousands of collectors and admirers braved long lines to get a glimpse of one of the greatest collections of all time,” noted  François  Curiel,  International  Jewelry  Director  and  President  of Christie's Asia. “For many, there was both the desire to share in the stories behind Elizabeth Taylor's iconic jewels and  to dream  of  perhaps  acquiring  one.  For  others,  the  sale  provided  the  opportunity  to  purchase  unique  jewels, which brought Elizabeth Taylor such joy and reflect her remarkable taste and connoisseurship. I know she would be thrilled that her  passion  has  inspired  others  through  this  landmark  event.  Being  the  auctioneer  for  this  sale  was  one  of  the  most memorable auctioneering events of my life.”

From the start of the sale, conducted by Francois Curiel and Rahul Kadakia - Head of Christie's Jewelry Americas  -the  atmosphere  was  electric; the  palpable  sense  of  drama, intensity  and  passion appropriately reflecting the iconic collection of diamonds, pearls, gemstones, historic jewels, one-of-a-kind  creations  and  storied  gifts  which accompanied Elizabeth Taylor's remarkable lifetime and great moments.  The  first  showstopper  was  The  Edith  Head  Necklace  which  realized  $314,500 (£201,280/€242,165).  This  one-of-a-kind  gold  necklace  with  ivory  opera  passes,  circa  18th  and  19th centuries,  captivated the  imagination  of clients  around the  globe and  attracted  fierce  competition. Having been  bequeathed to  Elizabeth Taylor by her dear  friend, the  renowned  Hollywood  costume designer, Edith Head -whom she often described as being like a second mother to her – it was one of Miss Taylor's most cherished possessions.

The Elizabeth Taylor Diamond, of 33.19 carats, D color, potentially internally flawless, realized $8,818,500 (£5,643,840/€6,790,245), setting a record price per carat ($265,697). This far exceeds the $240,000 per carat paid for The Annenberg Diamond of 32.01 carats when it sold at Christie's New York in 2009. A gift from  Richard  Burton  in 1968,  The  Elizabeth Taylor  Diamond  was  a constant  in Ms.  Taylor's life and became the ring that she wore virtually every day for more than three decades. Bought at auction as the Krupp diamond, for $300,000, it was renamed in homage to this spectacular gem's most glamorous owner.

Another favourite of Ms. Taylor's, The JAR Sapphire Ear Clips sparked a frenzied bidding war selling for $602,500 (£385,600/ €463,925). Perhaps best known for her affinity for the storied jewelry houses of BVLGARI, Cartier and Van Cleef & Arpels, these diamond and multi-colored sapphire “ball” ear clips, by  the  celebrated  jewelry  designer  Joel  Rosenthal  (known  by  his  initials  JAR)  illustrate  that  Elizabeth Taylor also had her finger on the pulse of contemporary jewelry design.  Purchased in Paris, 2001, they were  custom-designed  to  evoke  the  elusive  hue  of  her  eyes.  A  diamond  and  platinum  ring  by  JAR which was a gift to Elizabeth Taylor from the designer on her 70th birthday also secured a strong price fetching $158,500 (£101,440/€122,045).

Further Highlights from The Legendary Jewels:

The BVLGARI Emerald Suite, a suite of emerald and diamond jewelry (lots 26-31) fetched a total of $24,799,000  (£15,871,360/€19,095,230).  Comprising a  pendant  brooch  which  achieved  $6,578,500 (£4,210,240/ €5,065,445)  setting a  record price  for an  emerald  jewel and an emerald  per  carat ($280,000); necklace ($6,130,500 /£3,923,520/ €4,720,485); ring ($3,330,500/£2,131,520/ €2,564,485); flower brooch ($1,538,500/£984,640/ €1,184,645); bracelet ($4,002,500/ £2,561,600/ €3,081,925) and earrings  ($3,218,500/£2,059,840/ €2,478,245),  the  suite was  acquired  between  1962  and  1967.  The majority  of  these jewels  were  selected over  many  repeat  trips  to  the  BVLGARI  boutique  on  the  Via Condotti in Rome. 

The BVLGARI Sapphire Sautoir, set with a magnificent sugarloaf cabochon sapphire of 52.72 carats sold for $5,906,500 (£3,780,160/ €4,548,005). This bold Art Deco style sautoir was a gift from Richard Burton for Elizabeth Taylor's 40th birthday in 1972.

The  Taj  Mahal  Diamond,  circa  1627-28,  on  a  gold  and ruby  chain,  by  Cartier  realized $8,818,500 (£5,643,840/€6,790,245), setting a world auction record for an Indian jewel (against the previous record of  $5.2  million  set  by  the imperial  Mughal  spinel  necklace  at Christie's Geneva, May 2011).  Inscribed with the name Nur Jahan, the wife of the Mughal Emperor Shah Jahangir, this heart-shaped diamond is believed to have been a gift from the ruler to his son, who became the great emperor Shah Jahan (1592-1666). Richard Burton gave this remarkable necklace to Elizabeth Taylor for her 40th birthday in 1972.

The  Cartier  Ruby  Suite,  a  suite  of  ruby  and  diamond  jewelry  (lots  74  –  76)  realized  a  total  of $5,403,500  (£3,458,240/  €4,160,695).

Comprising a necklace ($3,778,500/£2,418,240/€2,909,445); bracelet  ($842,500/  £539,200/ €648,725)  and earrings  ($782,500/£500,800/  €602,525),  Elizabeth Taylor's husband, the film producer Mike Todd, famously presented her with a trio of Cartier  boxes containing this magnificent suite of ruby jewels while she was swimming laps in the pool at their villa in St.-Jean-Cap-Ferrat, in August 1957. Without a mirror at hand to see how her new jewels looked, she  studied  her  reflection  in  the  pool  instead.  When  she  saw  the  full  array  of  dazzling  jewels  lighting  her neck, ears and wrist, she recalled, “I just shrieked with joy, put my arms around Mike's neck, and pulled him into the pool after me.”

The  Richard  Burton  Ruby  and  Diamond  Ring,  of  8.24  carats,  by  Van  Cleef  &  Arpels,  was  a  gift from Richard Burton on Christmas 1968. He had promised to buy Elizabeth Taylor a special ruby, with perfect red color, “But it has to be perfect”, he warned. Four years after making his promise, he tucked a  small  box  into  the bottom of Elizabeth's Christmas stocking –  so  small  that  she  missed  it  when opening her gifts. This ring achieved $4,226,500 (£2,704,960  / €3,254,405)  setting  a  record  for a ruby per carat ($421,981).

A  Pair  of  Natural  Pearl  and  Diamond  Ear  Pendants,  by  BVLGARI  achieved  $1,986,500 (£1,271,360/ €1,529,605), setting a world auction record for a pair of natural pearl ear pendants. This far exceeds the previous record set in 2004, when a pair of white and purplish gray pearl ear pendants sold at Christie's Hong Kong for $881,887.

The  Night  of  the  Iguana  Brooch,  by  Jean  Schlumberger,  Tiffany  &  Co. sold  for  $1,202,500 (£769,600/ €925,925). More catfish in form than iguana, Richard Burton gave this exquisite brooch to Elizabeth Taylor to wear to the star-studded premiere of his film The Night of the Iguana, in 1964. 

The five highly personal Gold and Multi-Gem Charm Bracelets (lots: 1, 2, 45, 46 & 47) all attracted enormous interest and strong bidding, fetching a combined total of  $1,110,500 (£710,690/ €855,085).

From  her  teenage  years  through  to  adulthood,  Elizabeth  Taylor  collected  charms  for  her  many bracelets. 

The Mike  Todd Diamond  Tiara,  an  antique  diamond  tiara,  circa  1880,  sold  for  $4,226,500 (£2,704,960/€3,254,405).  As  noted  in  her  2002  book  My  Love  Affair  with  Jewelry,  Elizabeth Taylor's husband  Mike  Todd  presented  this  antique  diamond tiara to her, saying, “You  are  my queen.”  She wore it to the Academy Awards in Los Angeles in 1957, where Todd's film Around the World in 80 Days won for best picture.  

*The top 5 most valuable jewelry auctions in history, led by The Collection of Elizabeth Taylor : The Legendary Jewels Evening Sale, are: 

2nd: The Duchess of Winsdor sale - $50.3million in Geneva, 1987. 

3rd: The Royal House sale - $31.3 million at Christie's Geneva, 2006

4th: The Countess du Boisrouvray sale - $31.2 million, New York, 1989

5th: The Salimah Aga Khan sale - $27.6 million at Christie's Geneva, 1995