Liz Taylor jewels smash auction records, fetch $116 million

An auction of actress Elizabeth Taylor's world-renowned jewels took in $116 million, more than double the record for a single collection and setting new marks for pearls, colorless diamonds and Indian jewels.

Christie's sale of 80 items from Taylor's collection on Tuesday had been estimated to raise about $20 million, but everything from her famous 33-carat diamond ring, a gift from Richard Burton, to her charm bracelets sold for many times their estimates.

Just halfway into the marathon four-hour sale, the Taylor collection broke the record for a single-owner jewelry collection set in 1987 when the Duchess of Windsor's jewels sold for just over $50 million.

The pattern was set early on, when one of the most historic pieces, a 203-grain (equivalent to 55 carat) pear-shaped 16th-century pearl, once owned by England's Mary Tudor and later by Spanish queens Margarita and Isabel, sold for $11,842,500 including commission, setting an auction record for a pearl.