(Image Source: Forbes/Wikimedia Commons)

BY LAUREN ZIMA

Tough economic times apparently don’t apply to jewelry. Screen icon Elizabeth Taylor’s famous jewels auctioned Tuesday in New York, and went for $116 million -- setting the new world record for a private collection, and stunning the media.
 

The New York Post spoke with Marc Porter, auction house Christie’s president:

 

“It’s one of the most extraordinary auctions that Christie’s has ever had and a testament to the affection for Elizabeth Taylor worldwide.”


Taylor died at age 79 in March. All 80 lots of her jewels sold -- many of which were given to her by longtime love Richard Burton. Seven world records were set -- including the highest price ever for a colorless diamond. The Los Angeles Times puts into perspective just how much the sale exceeded expectations.
 

“A pearl, diamond and ruby necklace … a gift to Taylor from Richard Burton in 1969, sold for a record $11.8 million. Christie's … estimated the necklace would sell for $2 million or $3 million. Burton paid $37,000 for it.”


Christie’s priced the items at what their values would be without Taylor’s name attached to them, valuing the collection at a now-paltry $30 million in all. Trade publication Jewelers’ Circular Keystone says the $116 million proves that -- contrary to the old saying -- a lot is in a name.


“The power of provenance—the circuitous journey of ownership that can render an ordinary, if beautiful, jewel extraordinary—was evident from the start of the sale.”


Still -- even with the power of a name -- was the power of money made all too obvious? Maybe so. The Boston Herald says the auction is:


“From the files of How the Other Half Lives”


And a writer for Gather says -- obscene, but partially forgivable.

“The prices paid for Elizabeth Taylor's jewelry are obscene, but part of the proceeds are worthy … They will go to The Elizabeth Taylor AIDS Foundation ...”


Like it or not, there may be more mega-million dollar sales to come. More of Taylor’s belongings went up for sale Wednesday. Forbes spoke with Christie’s Regional Director:


CHRISTIE’S REGIONAL DIRECTOR: “It is taking up our entire headquarters here at Rockefeller center -- the entire building. We have the collection of haute couture fashion and accessories, and then furniture and decorative objects, along with some memorabilia from her films.”
“The envelope please. Elizabeth Taylor.”


And there’s even more to come -- Taylor’s art collection goes up for auction at Christie’s in London in February.