Elizabeth Taylor - Dame Elizabeth Taylor Jewellery Auction Sets World Record
Dame Elizabeth Taylor's jewellery collection set a new world record on Tuesday (13Dec11) after it fetched $118 million (£74 million) at auction in one night.
Buyers from around the world phoned in to bid on the late actress' jewels, with several items selling for 10 times their estimated value.
One collector paid $600,000 (£375,000) for a diamond and sapphire ring given to the Cleopatra star by Michael Jackson, while the 33.29-carat Elizabeth Taylor Diamond, a present from Richard Burton, sold for $8.8 million (£5.5 million).
The world famous La Peregrina necklace - a diamond and ruby rope with a 16th century pearl pendant - pulled in $11.8 million (£7.4 million), prompting a chorus of applause at Christie's auction house in New York.
The evening's auction was expected to fetch $30 million (£18.9 million), but a new world record was set after $115.9 million (£72.4 million) was raised. It makes Taylor's gems the most valuable private collection of jewels ever sold at auction.
Marc Porter, chairman and president of Christie's America, says, "This is without a doubt the greatest private collection of jewellery ever assembled in one place."
A portion of profits from the sale is to be donated to the Elizabeth Taylor Aids Foundation.