The world famous La Peregrina necklace - a diamond and ruby rope with a 16th century pearl pendant - pulled in $11.8 million, prompting a chorus of applause at Christie's auction house in New York. Taylor was given the pearl pendant in 1969 by Richard Burton, whom she married twice and from whom she divorced twice.

The “Taj mahal” gold chain decorated with rubies also a present by Richard Burton to Taylor’s 40. birthday reached the price of $ 8,8 million, while the 33.29-carat Elizabeth Taylor diamond, a christmas present from Richard Burton, was also sold for $8.8 million.

The evening's auction was expected to fetch $30 million, but a new world record was set after $115.9 million was raised. It makes Taylor's gems the most valuable private collection of jewels ever sold at auction.

Marc Porter, chairman and president of Christie's America, says, "This is without a doubt the greatest private collection of jewelry ever assembled in one place."

A portion of profits from the sale is to be donated to the Elizabeth Taylor AIDS Foundation