Fierce bidding for 'La Peregrina' pushes price to world record $11.8 million
There was a fierce bidding battle at Christie’s New York at the opening auction of The Collection of Elizabeth Taylor for the pearl known as “La Peregrina”.
December 14, 2011
There was a fierce bidding battle at Christie’s New York at the opening auction of The Collection of Elizabeth Taylor for the pearl known as “La Peregrina”.
With a pre-sale estimate of $2-3 million, the pearl sold for a world auction record price for a pearl at $11,842,500 after more than four minutes of bidding.
The pearl, an historic 16th century pear-shaped pearl suspended from a necklace custom-designed for Taylor by Cartier, was one of Elizabeth Taylor’s most iconic jewels.
The previous world auction record price for a pearl jewel, set in 2007 at Christie’s New York, was The Baroda Pearls which sold for $7,096,000.
La Peregrina is a 203-grain pearl, equivalent to 50 carats, that was first discovered in the 1500s in the Gulf of Panama. King Philip II of Spain was among the first recorded owners of the pear-shaped pearl, which later passed on to the Spanish queens Margaret and Elisabeth, who wore the pearl in 17th century portraits painted by Velázquez.
Richard Burton purchased the pearl for Elizabeth Taylor at auction in 1969 for $37,000, after successfully outbidding a member of the Spanish Royal family. Inspired by a 16th century portrait of Mary Queen of Scots, Taylor later commissioned Cartier to design a new mount of matched natural pearls and rubies to offset what she called “the most perfect pearl in the world.”
La Peregrina sold to a phone bidder on December 13 after bidding involving more than 20 bids. The lot opened at $2 million and quickly jumped to $4 million and on from there, with clients shouting out bids in increments of $1 million or more.
There will be two day-sale sessions today (December 14), with 190 jewels on offer.
