Kim Kardashian Buys Jade Bracelets at Elizabeth Taylor Auction

The Jade bracelets by Lorraine Schwartz.

NEW YORK - Kim Kardashian purchased three jade bracelets created by Los Angeles jewelry designer Lorraine Schwartz during the second day of the Elizabeth Taylor auction at Chrstie’s New York. Schwartz, a friend of both the reality TV star and the famous actress and humanitarian, was at the auction and purchased the jewelry for Kardashian. They were sold in one lot for $64,900, well above the high $8,000 estimate.

Schwartz said Taylor wore the white, black and lavender bangles nearly every day, particularly in the latter part of her life.

She also said that Kardashian was going to buy those same bangles directly from her but really wanted the pair that Taylor actually wore.

“She loved those bangles for a long time,” Schwartz said. “She bought them because they’re Elizabeth’s.”

Schwartz is known for creating jewelry for some of Hollywood’s biggest stars, including Taylor and Kardashian.

Kardashian, who was the last person to interview Taylor, said by phone that she admired the movie star and jewelry lover. She also spoke about the power of Jade.

“If you have a piece of jade, the energy goes into the piece and you absorb the energy,” Kardashian said. “So I can feel Elizabeth in the piece.”

She added, “Elizabeth Taylor is iconic. She is my idol and my icon.”

Read More

Historic Elizabeth Taylor Auction by the Numbers

Phone bidders compete with those on the auction floor at Christie's New York during the first day of the Elizabeth Taylor auction. Photo credit: Christie's

The landmark auctions of The Collection of Elizabeth Taylor at Christie’s New York from December 3-17 realized a combined total of more than $156.75 million with every single item sold. Among its achievements:

* The most valuable sale of jewelry in auction history—the two-day jewelry sale along (December 13-14) fetched more than $137.2 million;

* The most valuable collection of fashion ever sold at auction--the live sale totaled more than $5.5 million;

* Christie’s first-ever “Online-Only” auction—conducted in parallel to the live auctions—generated more than 57,000 bids and took in more than $9.5 million;

* Six Items sold for more than $5 million;

* 26 items sold for more than $1 million;

The opening night jewelry sale (December 13) alone set seven world auction records; among them:

* The world auction record for a pearl jewel, “La Peregrina,” the 16th Century pearl on a necklace designed by Cartier for Taylor, sold for $11.8 million.

* The world auction record for a colorless diamond per carat, the Elizabeth Taylor Diamond (also known as the Burton-Taylor Diamond). The 33.19-carat Asscher-cut D color potentially flawless diamond sold for more than $8.8 million, or $265,697 per carat.

* The world auction record for an emerald jewel and an emerald per carat went to an emerald and diamond pendant brooch by Bulgari—more than $6.5 million or $280,000 per carat.

* The world auction record for an Indian jewel, the heart-shaped Taj Mahal Diamond, sold for more than $8.8 million.

* The world auction record for a ruby per carat, A Ruby and Diamond Ring, By Van Cleef & Arpels sold for more than $4.2 million or $421,981 per carat.

* The world auction record for a pair of natural pearl pendants, pearl and diamond pendants by Bulgari sold for nearly $2 million.



The sale drew unprecedented interest from bidders throughout the world, who gathered in Christie’s flagship Rockefeller Center saleroom to compete in person, on the phone, online and by absentee bid to win one of the Collection’s 1,778 lots of jewelry, fashion, decorative arts and film memorabilia. The total far exceeded Christie’s pre-sale expectations for the sale as a whole and for individual items, which were frequently hammered down for five, ten, or even 50 times their estimate in some cases.

As one of the most highly-anticipated sales in auction history, the collection generated intense interest from bidders throughout the world, with 36 different countries represented during the four days of live auctions.

Of the sales, Chris Wilding, son of Elizabeth Taylor and member of the Elizabeth Taylor Trust said, “My mother always acknowledged that she was merely the temporary custodian of the incredible things she owned. Today, I think she would be happy to know that her collections will continue to enrich the lives of those who have acquired pieces. My family is proud that our mother’s legacy as a celebrated actress, tireless AIDS activist, and accomplished businesswoman touched so many people’s lives that they wanted to have a part of it for themselves.”

All sales proceeds will be directed to the Elizabeth Taylor Trust. A portion of the profits generated by sales of exhibition tickets, event sponsorships and the ongoing sales of select publications will be donated to The Elizabeth Taylor AIDS Foundation. An estimated 58,000 visitors viewed highlights from the collection since September, when Christie’s launched an eight-city global exhibition and tour that reached Moscow, London, Los Angeles, Dubai, Paris, Geneva and Hong Kong. The grand finale of the tour was a 10-day museum-quality public display of the complete collection that drew thousands of collectors and fans to the company’s flagship galleries in Rockefeller Center.

“The exhibition and sales of The Collection of Elizabeth Taylor in New York have been the crowning achievement to a very strong year at Christie’s,” said Steven P. Murphy, CEO, Christie’s International. “The success of these sales, with bidders participating from all over the world, demonstrated not only a recognition of the taste and style of Miss Taylor, but also the convening power of Christie’s. I am very proud of our whole team, from all corners of our global operation. Their achievement was successfully bringing this event to fruition in a manner that paid homage to the panache and glamour of Elizabeth Taylor herself.”

Read More

Who Bought What at the Elizabeth Taylor Auction and Why

 I’ve never thought of my jewelry as trophies. I’m here to take care of them and to love them – Elizabeth Taylor

After viewing one of the most complete and magnificent private collections of jewelry, art, memorabilia, accessories and other articles ever amassed by a single person during The Collection of Elizabeth Taylor exhibition at Christie’s New York, I wrote the following:

This collection represents a life well spent. Christie’s presentation of the exhibit makes it seem as if her life’s work was complete.

It’s almost a shame that these items will soon be separated.

However, after attending the two days of the fine jewelry sales (part of the four-day Elizabeth Taylor auction at Christie’s New York along with an “online only” component), my mind has changed.

I met friends of Taylor and those who never knew her. I met people who purchased the product because of their ties to Taylor, because of their fascination with a particular piece, or to use what they purchased in their business. It was auction that attracted some of the world’s wealthiest people, celebrities, top professionals in the jewelry and gems industries, and those of modest means.

Bidders prepare for the opening night auction to begin. Photo credit: Anthony DeMarco

The jewelry and other items amassed will be used in all sorts of ways. The important part is that it appears that the jewelry will be used and that’s the way Taylor, it seems, would have wanted it. After all, this is a woman who wore a 33-carat diamond ring almost every day and who was filmed wearing a priceless ruby jewelry collection by the pool. Taylor didn’t put her baubles away for special occasion, she wore them. And her collection showed an appreciation of priceless pieces along with far less expensive items because she either admired the work or they had personal meaning.

Photo credit: Christie's

Jewelry designer to the stars Lorraine Schwartz bought back the fringe diamond bracelet that Taylor bought from her for her 70th birthday.

“I was wearing it for her party at the Bel-Air Hotel, and she kept calling me over to look at it and to try it on,” Schwartz wrote on her facebook page. “Finally, the next morning she called me and said “‘I know who’s buying that bracelet for my birthday … I’m buying it for my birthday!’”

Photo credit: Christie's

Schwartz also bought a pair of earrings that Taylor’s third husband, Michael Todd, created just for her.

“I could feel Elizabeth nudging me telling me to buy them,” Schwartz said on the auction floor during the second day. “That’s what she used to do. She used to say, ‘go ahead buy it.’ She’d be kicking me under the table (saying), ‘Go ahead. You know you want it.’”

Photo credit: Christie's

Schwartz was very busy for the two days. In addition to what she purchased she lost a bid for one of her pieces and purchased a lot of three of her own bangles for Kim Kardashian, who paid $64,900, well above the high $8,000 estimate. “If you have a piece of jade, the energy goes into the piece and you absorb the energy,” Kardashian said by phone. “So I can feel Elizabeth in the piece.”

Photo credit: Christie's

Companies of course got into the act for the larger pieces. The 33.19-carat Elizabeth Taylor Diamond (also known as the Taylor-Burton diamond and formerly called as the Krupp diamond), a gift from Richard Burton, was reportedly bought by South Korean businessman Daniel Pang for $8.8 million. He was bidding on behalf of E-land World, a South Korean concern. The company plans to exhibit the diamond ring at “E World,” an amusement park in Daegu, according to reports.

Photo credit: Christie's

Bulgari, the Italian luxury jewelry house, bought back $20 million worth of jewels, including a 52.72-carat sapphire-and-diamond sautoir for $5.9 million and an emerald-and-diamond necklace for $6.1 million, according to the New York Post.

Photo credit: Anthony DeMarco

Then there’s the paper jewelry. The gag gift from Malcolm Forbes to Taylor has garnered a great deal of media attention—much of it from me. The suite of paper jewelry had a high estimate of $300. It sold on the second day for $6,875. It was purchased by Jenny and John Caro, owners of Jewelry By Design, an independent jewelry store in Woodbridge, Va.

The couple came to the auction with a $50,000 line of credit and in a few minutes it was obvious they were being priced out of buying any real jewelry. So when the paper jewelry came up on the second day, they went all out to win the lot. The couple is using the paper jewelry along with two jewelry pieces they purchased on the online only auction to create an Elizabeth Taylor display for their customers. The jewelry was chosen because they had pictures of Taylor wearing the pieces in books that will be used in the display.

“We’re a good example of a business doing things, being different and taking risks to help our business grow,” Jenny said in a phone interview.

“You couldn’t go by the intrinsic value of jewels, because the truth is everything was selling so high that what you bought you couldn’t turn around,” she added. “The South Korean who bought the Burton diamond bought it for a business reason. What is $8.8 million when it comes to advertising worldwide? What’s $6,800 when it comes to local advertising?”

Using the Forbes gift as inspiration, Christie’s created its own full-color paper jewelry book with recreations of 15 of Taylor’s most iconic jewels. It ran as a limited edition of 5,000 and was available for purchase in person at Christie’s headquarters during the New York exhibition, which was held December 3 -12. It was sold for $25 each, $5 of which went to the Elizabeth Taylor AIDS Foundation.

Los Angeles jewelry designer Sandra Müller had her own unique story. She first met Taylor as a child while living in Europe and credited the actress with inspiring her to build a life in the jewelry field. Taylor was a friend of her parents. As an adult working and living in Los Angeles, she said she would visit Taylor’s house often as a friend and to show her work. In 2001, Taylor bought three of her pieces.

Müller was already planning to go to the auction to bid for a client. While looking through the auction catalog, she discovered that those pieces were being sold as part of the fashion and accessories auction, held on the third day. Her pieces didn’t include her as the creator. She contacted Christie’s and the auction rectified the error.

The high estimate for the jewels was $300. Müller e-mailed me to let me know that her pieces sold for $15,000. With commission the total was actually $18,750.

“The 18k gold value alone would be about 10,000.00 if melted,” she added. “I think it was one of the few good deals in auction.”

I asked her how it felt to sit in the auction room and watch her pieces being sold at the historic event. Her reply was brief.

“Thrilled”

Read More

Elizabeth Taylor Auction Expected to Fetch $30 Million

The Elizabeth Taylor Diamond, a 33.19-carat, Asscher-cut gem that's expected to fetch $2.5 million-$3.5 million.

The first day of the most anticipated jewelry auction in (well, who knows how long?) will begin at 8 p.m. The Collection of Elizabeth Taylor sale at Christie’s Rockefeller Center headquarters in New York is expected to fetch $30 million for 61 lots.

“This is without a doubt the greatest private collection of jewelry ever assembled in one place,” said Marc Porter, chairman and president of Christie's Americas.

This is only the beginning. Another auction of the actress’ jewelry will be held Wednesday, followed by two more days that will see Taylor’s jewelry, couture clothing, accessories, memorabilia and decorative arts sold to the highest bidders.

Among the items in the sale tonight is the Elizabeth Taylor Diamond, a 33.19-carat, Asscher-cut diamond on a ring that was a gift from her husband Richard Burton. This was the ring that Taylor wore nearly every day. Burton purchased the stone at auction in 1968 for a reported $305,000. It's expected to fetch $2.5 million-$3.5 million.

There’s also the La Peregrina, the pear-shaped pearl, ruby and diamond necklace centered with a 203-grain pear-shaped pearl discovered in the 16th Century as its centerpiece. Taylor and Al Durante of Cartier designed the piece. It’s expected to sell for $2 million to $3 million.

Another highlight is The Taj Majal Diamond, a gift from Richard Burton, for Elizabeth Taylor’s 40th birthday in 1972. Inscribed with the name Nur Jahan, the wife of the Mughal Emperor Shah Jahangir, this heart-shaped diamond is believed to have been a gift from the ruler to his son, who became the great emperor Shah Jahan (1592-1666). It is believed that the young prince presented the diamond to his favorite and most beloved wife, Mumtaz-i-Mahal. The emperor’s grief at her death just four years later inspired him to commission the majestic Taj Mahal in her memory. Estimate: $300,000 – $500,000

I will be attending tonight’s auction and will be either tweeting or blogging live from it, so stay tuned.

Read more about the auction on Jewelry News Network by following this link.

Read More

Elizabeth Taylor Auction Fetches Nearly $116 Million

Christie's employees receiving bids by phones.

NEW YORK - By any measure the first night of the Collection of Elizabeth Taylor auction on Tuesday at Christie’s New York was, as the auction houses often say, exceptional. The auction of some of Elizabeth Taylor’s most precious jewels took in nearly $116 million, a world record for a private collection of jewels.

All 80 lots offered were sold and estimates were shattered then crushed throughout the auction. To the best of my knowledge only two items sold within auction estimates. The rest of the lots made the estimates look like afterthoughts as a jammed room full of bidders competed for items with telephone buyers from around the world.

The auction broke six other world records, including the price achieved for a pearl jewel, the per carat price for a colorless diamond, the price for an Indian jewel, and a ruby per carat.

View the jewels of the auction by following this link.

The big winner of the night was the “La Peregrina,” the 16th Century pearl on a necklace designed by Cartier for Taylor, sold for $11.8 million, setting the world record for a pearl jewel. The pre-auction estimate was $2 million to $3 million. Applause and nervous laughter came from the bidders as the price of the diamond hit the $10 million mark. It was the only 12th lot sold on a day that already started incredibly strong.

La Peregrina upstaged what was expected to be the top lot for the evening, The Elizabeth Taylor Diamond. The 33.19-carat Asscher-cut D color potentially flawless diamond set on a ring that Taylor wore nearly everyday, sold for $8.8 million, well above its $2.5 million to $3.5 million estimate.

Less than halfway into the auction it was estimated in the press area that the $30 million pre-auction estimate for the evening was topped. It was a marathon night where rapid, high-speed bidding was offset by long pauses as prices reached levels that few could have imagined. The auction was led by two of Christie’s jewelry experts, beginning with Francois Curiel, Christie's Asia president and longtime head of Christie’s jewelry department who came in from his post in Hong Kong; followed by Rahul Kadakia, head of Christie’s jewelry department in the Americas.

At one point Curiel said, “I don’t know where to start. Should I ask you? Maybe I’ll start at $10 million.”

The Taj Mahal Diamond, a gift from Richard Burton to Elizabeth Taylor for her 40th birthday sold for $8.8 million. The heart-shaped diamond is believed to have been owned by emperor Shah Jahan (1592-1666). He presented the diamond to his favorite and most beloved wife, Mumtaz-i-Mahal. The emperor’s grief at her death just four years later inspired him to commission the majestic Taj Mahal in her memory. The estimate was $300,000 - $500,000.



A Bulgari 18.26-carat emerald and diamond pendant brooch sold for $6.5 million, spectacularly above the $500,000 to $700,000 estimate.

It was a big night for Bulgari. An emerald and diamond necklace sold for $6.1 million, well above its $1 million to $1.5 million estimate. This was followed by a sapphire and diamond sautoir that sold for $5.9 million, smashing the high estimate of $800,000.

Van Cleef & Arpels also had a big night. A ruby and diamond ring, a gift from Burton, sold for $4.2 million, a world record for a ruby per carat.

The Mike Todd Diamond Tiara, which made some of the women weak in the knees, sold for $4.2 million, totally smashing its estimate $60,000 to $80,000 estimate.

A Bulgaria emerald and diamond bracelet sold for just over $4 million.

Cartier also had a great night. A ruby and diamond necklace from the Parisian luxury jewelry house sold for $3.7 million, smashing its $200,000 to $300,000 estimate.

At the brief press conference that followed, Curiel was asked to explain why the prices for the jewelry were so far above the actual prices. He explained that the items were priced according to their “intrinsic value” and not based on Taylor’s celebrity appeal.

“We wanted to let the market decide what premium to pay over the value of the stones or the value of the stones or the value of the jewels,” he said.

The market decided.

Read More

Elizabeth Taylor Two-Day Jewelry Sale Fetches a Record Breaking $137.2 Million

Francois Curiel Leads the auction Wednesday.

NEW YORK - Nothing could have topped Tuesday night’s $115.9 million jewelry auction of Elizabeth Taylor’s Legendary Jewelry and no one expected that to happen. However, the second and final day of the jewelry sale, held Wednesday at Christie’s New York fetched another exceptional result: $21.3 million.

The two days of marathon auctions achieved the combined total of more than $137.2 million, making it “not only the most valuable private collection of jewelry ever offered at auction, but also the most valuable sale of jewelry in auction history,” the auction house said Wednesday. 

Again, 100 percent of the lots were sold during the eight-hour sale and no more than one item sold for its auction estimate. Sales 10 times the high estimate was the norm. Two items sold for more than $1 million. They are:

An antique garland-designed necklace with suspended natural and rose cut diamonds sold for nearly $1.5 million and was the top lot of the daylong session. The high estimate was $150,000.

The other was the most anticipated piece, the Burton wedding bands. Two eternity bands, the first designed as a baguette-cut diamond eternity band, mounted in gold; the second designed as a circular-cut and single-cut diamond octagonal-shaped eternity band, mounted in white gold. The pair sold for just over $1 million after 15 minutes of intense bidding. The high estimate was $8,000.

“It took eight hours and three auctioneers to sell 190 more jewels from Elizabeth Taylor’s storied collection,” said François Curiel, international director of jewelry at Christie’s. “The atmosphere was electric from the very first to the last lot, with collectors from Asia, the Middle East, Europe and America chasing each individual jewel with a tenacity never seen before.”

Wednesday’s event at Christie’s Rockefeller Center headquarters was more casual than the intense black tie affair Tuesday night, but it had plenty of moments of intense bidding, dramatic pauses and even moments of humor. Like the previous auction estimates were treated as something one needn’t be bothered with.

Online bidders were strongly involved in many items and there were many other bidders on the phone from around the world. Curiel said the spectacular results of the prior night’s sale led to more international interest. Circular cut amethyst with turquoise ear clips led to a battle among three online bidders before selling for $52,500. New Zealand’s name came up during several bids.

Jewelry from the House of Taylor did very well with three lots selling for more than $200,000. Taylor licensed her to the company, which produced fine jewelry at several price points. Rge short-lived company had a spectacular rise and sudden fall in 2008 during the beginnings of the economic recession.

Pieces from many of the luxury jewelry brands associated with Taylor for years (Van Cleef & Arpels, Cartier, Bulgari and others) had another exceptional day.

Bidders whom I spoke with were awestruck by the selling prices over the two days. But they were smiling, knowing that they were part of a once in a lifetime event. Los Angeles-based jewelry designer, Lorraine Schwartz, a friend of Taylor who designed some of her jewelry, tried to buy back one of the pieces. She lost.

“I was thinking like the dealer that I am,” she said. “I just couldn’t bring myself to go higher.”

One of the more unusual lots was a suite of paper jewelry that Forbes founder, Malcolm Forbes, gave to Taylor as a gag gift. It sold for $6,875. Its estimate was $200 to $300. How do you explain this?

The longest and most intense bidding was for the Burton wedding rings, the last lot of the two-day sale. There was several moments of extended silence as Rahul Kadakia, head of Christie’s jewelry department in the Americas, extended the bidding as the price moved up in tiny increments.

When the gavel finally sounded, the audience let out a breath and applauded.

Read More