According to a just published Rapaport News article, early sales in Christie’s Auction Gallery sale of Elizabeth Taylor’s collection of jewels far exceeded their pre auction estimates. The first part of the auction has achieved record prices at Christie’s, and they reported that the first portion of the four-day sale generated $115.9 million in sales. This makes it the most valuable jewelry auction in history. All of the 80 lots offered yesterday were sold.
So far, the top lot sold was ''La Peregrina'' (pictured), a natural pearl, diamond, ruby and cultured pearl necklace by Cartier which went for $11.8 million, a price well above the high presale estimate of $3 million. This piece set a record for a pearl jewel sold at auction.
Marc Porter, the chairman of Christie’s America’s, stated that the auction drew in bids from all over the world. In advance of the event Christie’s exhibited the collection in Hong Kong, Moscow, London, Tokyo, Los Angeles, Dubai, Geneva and Paris.