We here at Concierge Auctions love catering luxury real estate properties to our clients, so we are always interested in luxury living and lifestyle. Who better to convey luxury living than Elizabeth Taylor. She was the queen of luxury throughout her fifty years as a Hollywood A-lister. Particularly her jewelry collection was legendary.
We also are huge fans of auctions, if you did not assume…
So, the Elizabeth Taylor jewelry auction that recently took place peaked my attention. Christie’s Auction House conducted the auction and they expected to raise about $20M on the 80 items. Well, they sold the 80 items for a single collection record of $116M. Apparently the buyers placed much higher value on many of the items due to the previous owner, as well as the men that gifted her with the items. A 33-carat diamond ring given to her by Richard Burton sold for $8M, and a diamond a sapphire ring given to her by Michael Jackson sold for $600,000, both well over the expected value.
All this got me thinking whether we would see a similar price jump for luxury real estate owned by the rich and famous. Just last July I blogged about Jerry Seinfeld’s Colorado home for sale: Seinfeld Telluride home on the market. My gut reaction would be that celebrity homes sell at the fair market value. But, with these results from the Elizabeth Taylor jewelry auction who knows? Could a luxury real estate property auction of a well known person’s home produce well over the anticipated market value?
We have a particular famous client in mind that may be selling his property at auction, so we may have a chance to find out after the new year!
