New York ( CNN ) -- The actress ' appearances on the silver screen transformed men with hearts of stone into quivering masses during Hollywood 's Golden Age . On Tuesday night , the simple fact that they were once worn by Elizabeth Taylor transformed the silver , the stones and the gold themselves -- into fortunes . If the prices commanded by Christie 's auction house are any indication , the British-American actress ' luster appears to have rubbed off on the jewels she once wore . The items in her collection rocketed far beyond their original estimates . For example , the 50-carat pearl known as La Peregrina , given to her in 1969 by actor Richard Burton and once part of the crown jewels of Spain , went for $ 11.8 million , which Christie 's said was the highest recorded price ever of pearl jewelry sold at auction . Its value had been estimated at $ 2 million to $ 3 million . The pearl was mounted onto a specially commissioned diamond-and-ruby Cartier necklace . A diamond tiara given to Taylor by her husband , Mike Todd , estimated at $ 80,000 pre-auction brought in a surprising $ 4.2 million . The Taj Mahal , an Indian diamond and jade pendant sold for $ 8.8 million . Its initial estimate was a range of $ 300,000 - $ 500,000 . An emerald and diamond necklace went for $ 6.1 million . And the sale of the Elizabeth Taylor Diamond fetched $ 8.8 million more , capping a spectacular night of bidding that included other jewelry . The auction continues through Friday with sales of clothing and film memorabilia . More than 400 people filled the bidder seats and more than a dozen Christie 's staffers were on the phone with buyers . Before the bidding started , the auction house played a two-minute video showing clips from some of Taylor 's movies , including `` Giant , '' `` Cat on a Hot Tin Roof '' and `` Who 's Afraid of Virginia Woolf . '' Also included was an undated clip showing the actress clad in a white swimsuit at poolside , her head wrapped in a towel , bidding for jewelry by phone . `` It 's now $ 120,000 , '' says an unidentified male voice from the other end of the line . `` Do you want me to bid ? '' `` Yes ! '' says Taylor , holding a cigarette , then leaning into the speakerphone . `` Darling , it sounds like things that are really desirable are going to go for 10 times what expected , right ? '' `` That 's the way it works , '' a male voice responds from the other end of the line . `` Holy cow ! '' she says . At that , the Christie 's audience breaks into laughter and applause . Her dazzling collection of jewels , many of which were given to her as presents by husbands , were referred to in September -- as the auction was being planned -- by Jonathan Rendell , deputy chairman of Christie 's Americas , as `` the crown jewels of Hollywood . '' Keith Penton , head of the jewelry department at Christie 's , said then that Taylor 's taste in jewels was `` extraordinarily refined . She really understood her gemstones ( and ) she had a passion for design and workmanship , quite a rare combination . '' According to Nancy Schoenberger , co-author of the book `` Furious Love : Elizabeth Taylor , Richard Burton , The Marriage of the Century , '' Taylor developed her taste for jewels from a young age . `` Her father was an art and antiques dealer , '' Schoenberger said . But it was n't until Taylor 's marriage to Todd that her passion for collecting serious jewels took hold , Schoenberger said in September . Todd , Taylor 's third husband , bought her a 29.4-carat diamond ring as well as a diamond tiara , which she wore to the 1957 Academy Awards . Schoenberger believes that when Burton bought Taylor the 33.19-carat Krupp Diamond ring in 1968 -- possibly the star piece in the exhibition at Christie 's , estimated to fetch between $ 2.5 million and $ 3.5 million -- he was trying to out-do Mike Todd , who had died unexpectedly just over a year into his marriage with Taylor . `` I think that was a big deal for Richard , to buy her a diamond as big as Mike Todd 's . And he liked showing that the son of a Welsh coal-miner could buy his lady love these extravagant jewels , '' she said . The actress , who died this year at age 79 , eulogized her love of gems in her 2002 memoir , `` My Love Affair With Jewelry . '' In it , she wrote : `` I never , never thought of my jewelry as trophies . I 'm here to take care of them and to love them . When I die and they go off to auction I hope whoever buys them gives them a really good home . '' In memory of the actress 's life-long devotion to humanitarian causes , a portion of profits generated by admissions , events and select publications related to the sales will be donated to the Elizabeth Taylor AIDS Foundation ( ETAF ) , which she set up in 1991 . CNN 's Joe Vaccarello contributed to this report .
The Jonathan Rendell diamond fetches $ 2 million to $ 3 million . 50-carat `` Holy cow ! pearl goes for $ 2 million to $ 3 million . Its value had been estimated at $ 8.8 million .