A Diamond in the Rough

The jewellery of Elizabeth Taylor sets a new world record for the most valuable private collection of jewels ever sold at auction, raising nearly $116 million in New York on Tuesday night.

“This is without a doubt the greatest private collection of jewellery ever assembled in one place,” Marc Porter, chairman and president of Christie’s Americas, told the crowd of eight-figure bidders, according to the Telegraph.

The Elizabeth Taylor Diamond, a 33.29 carat diamond ring that Taylor wore nearly every day after Richard Burton gave it to her in 1968, was one of the star pieces of the evening. Again, the piece burst through all pre-sale estimates: rather than selling for $2.5-$3.5m, auctioneers said “sold!” to a private buyer in Asia at a final price of $8,818,500.

Diamond, ruby and sapphire-strewn showpieces that Taylor claimed she wore to “do wholesome things like swim laps” sold for ten to twenty times their highest pre-sale estimates, spurred on by the late actress’ mystique. Among the other high-profile items was a diamond bracelet given to the National Velvet and Cleopatra actress by singer Michael Jackson.

La Peregrina, a diamond, ruby and 16th-century pearl necklace by Cartier bought at auction in 1969 by Burton for Taylor reached the world record price of $11m after auctioneers estimated $3m. The price surpassed the previous auction record for a pearl, set in 2007 at Christie’s auction house in NYC with the sale of The Baroda Pearls.

The screen goddess who starred in Cleopatra, A Place in the Sun, Rhapsody, Who’s Afraid of Virginia Woolf and Father of the Bride died at age 79 in Los Angeles last March. As a jewellery lover, she had pieces from some of the most famous names in the jewellery world, including Cartier, Van Cleef & Arpels and Chopard, in her collection.

The high spending meant the sale closed having fetched more than triple its expected bottom line. A portion of the $115,932,000 takings will be donated to The Elizabeth Taylor AIS Foundation.