Liz Taylor’s jewel auction breaks all records

The ring which was given to the British-American actress by her two-times husband actor Richard Burton was expected to fetch in $2.5 million to $3.5 million but shattering all estimations the ring was sold for $8,818,500.

The reports suggest that the ring was purchased by a private buyer from Asia.

The auction took place at Tuesday night at Christie's auction house in New York City and the collection comprised of pieces from renowned Cartier, Van Cleef & Arpels and Chopard.

The auction, as a whole, was estimated to sell for $20 million; however, it gathered a record-breaking $116 million which is more than twice the record for a single collection.

Apparently, the last record for a single collection fetching a huge amount was set in 1987 when the jewelry of the Duchess of Windsor was sold for over $50 million.

"La Peregrina", a 203-grain pear shaped-shaped 16th century pearl purchased by Burton for $37,000 for the late actress was sold for $11,842,500 breaking the auction record for a pearl in 2007 during which The Baroda Pearls were sold for $7,096,000 at the same place in New York. It was anticipated to sell for $2 million to $3 million.

The pearl was once owned by England's Mary Tudor and later by Spanish queens Margarita and Isabel.

Among the other exclusive pieces was a bracelet studded with diamonds given to the actress by late singer Michael Jackson. It was estimated to sell for $30,000 to $50,000 but contrary to speculations roped in $194,500.
It is reported that some part of the proceeds will go to The Elizabeth Taylor AIDS Foundation which the actress established in 1991 to help people diagnosed with AIDS.

Taylor was believed to be a great lover of jewelry was recognized for her acting ability and for her glamorous lifestyle, beauty and distinctive violet eyes. She died in march at the age of 79.

(Writing by Vatsal Verma)