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Posted at 01:47 PM ET, 12/14/2011

Elizabeth Taylor’s jewels break auction records

The 33.19 carat diamond Elizabeth Taylor playfully referred to as an “everyday ring” sold for $8,818,500 Tuesday night, as the late actress’s legendary jewelry was auctioned off at Christie’s in New York.
"The Elizabeth Taylor Diamond," a 33.19 carat a gift to the actress from Richard Burton at Christie's, in New York. (Richard Drew - AP)

The diamond — a possibly flawless rock given to her by Richard Burton — was one of many items that helped net a record-setting $115 million.

The total more than doubled the comparatively dull $50 million record established by the Duchess of Windsor’s jewels in 1987.

While the ring made headlines, the pear-shaped pearl, ruby and diamond necklace known as “La Peregrina” was the real star of the night. The Cartier design sold for $11.8 million, setting a world record for pearl jewelry. The 16th century piece was once owned by Mary Tudor of England and Spanish queens Margarita and Elizabeth, Time reports.

A tiara (which every good, diamond-loving woman needs) sold for $4.2 million, or 50 times its estimated worth. Husband and director Mike Todd gave Taylor the tiara as a gift.

Besides a clear obsession for all things sparkly, Taylor’s collection tells a tale of one of the most glamorous and loved individuals in American culture. She was a connoisseur of the art and design world, amassing creations of some of the most influential couturiers, painters and jewelers of her time.

The auction will continue today with the sale of Taylor’s haute couture collection, namely her impressive array of designer caftans, the dress she wore to marry Burton and three beaded Versace boleros. Her famed artwork will also be sold later in the week, proceeds from all of which will partially benefit The Elizabeth Taylor AIDS Foundation.

More on Elizabeth Taylor:

Celebritology: Elizabeth Taylor’s 33.19-carat diamond ring, other jewels head to auction (Photos)

Elizabeth Taylor's diamond ring fetches $8.8 M

Video:Elizabeth Taylor collection up for sale

By Cara Kelly  |  01:47 PM ET, 12/14/2011

 
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