Legendary Sale

Fierce bidding at the auction for Elizabeth Taylor's jewellery

The collection of Elizabeth Taylor's jewellery went under the hammer Wednesday morning Hong Kong time, Tuesday evening in New York and it was a record-breaking one that made over $115.9 million, far surpassing the Duchess of Windsor sale in 1987 at over $50.2 million.

From the hype it gathered thanks to the touring exhibition that went to cities like London, Paris, Moscow, Dubai, Geneva, Tokyo, Hong Kong and Los Angeles, there was keen interest in this sale of a Hollywood collection of jewels amassed over decades.

The record-breaking La Peregrina

The highlight was La Peregrina, a diamond and ruby necklace that sold for a record $11.8 million. Richard Burton had bought her the large 16th century pearl that has been declared as the most beautiful pearl in the world at $37,000 in 1969. She later had it set by Cartier in pearls and rubies, significantly increasing the value of the necklace and with its provenance led to its amazing sale price.

Another was The Elizabeth Taylor Diamond at 33.19 carats, D colour and potentially flawless went for over $8.8 million, making it $240,000 a carat. Jewelers are probably now recalibrating the values of all their giant rocks now.

Her Taj Mahal Diamond, a heart-shaped stone suspended from a gold and ruby chain by Cartier given to her by Burton on her 40th birthday in 1972 also set a record for an Indian jewel at over $8.8 million as well.

The list goes on and on, many of the pieces sold way beyond the estimated price which was probably the perceived value of the jewellery without taking into account Taylor as the owner. But once her star power was factored in, the prices went through the roof.

It was a very successful sale as it demonstrates the world's one percent the other 99 were protesting about, had no shame in shelling out millions of dollars to get what they wanted.

So while it was a good sign that there are people willing to pay top dollar for the "Crown Jewels of Hollywood", perhaps it was the last hurrah before 2012?

We shall see what next year brings -- downward spiral or struggling to keep buoyant.

At least Elizabeth Taylor helped us see off 2011 in glittering style.