Elizabeth Taylor "La Peregrina" Jewellery Auction Breaks Records

The auction of actress Elizabeth Taylor’s world-renowned jewels took more than double the record for a single collection and setting new marks for pearls, colorless diamonds and Indian jewels.

While the auction that took place at Christie's was far from mass market, with items such as her La Peregrina pearl, diamond and ruby necklace, fetching a record of $11.84 million, a recent report in WWD highlights how the auction has made an impact on jewelry design, most notably on a mass market level.

US celebrity Jill Zarin, former star of reality show The Real Housewives of New York City, attended the auction in order to gain inspiration for her upcoming costume jewelry line, where prices will begin at $20. Zarin, who will launch the line for Fall 2012 following a licensing deal with Glitterrings, explained how nowadays fine jewelry doesn't need to be expensive. "We can be inspired by Liz Taylor's pieces - it just doesn't have to cost as much," she said.

American costume jewelry designer Kenneth Jay Lane, who counted Taylor among his clients, also unveiled a more affordable collection evoking the glamour of the late actress on QVC and qvc.com December 15.

Entitled Leading Lady Chic, the line retails from $39.50 to $199.50 with earrings, rings, watches, brooches and a necklace featuring details reminiscent of the famous pear-shaped Taylor-Burton Diamond.

Overstock.com is also selling a jewelry line comprising jewels evocative of Taylor's most iconic pieces, with items including chandelier earrings for $18.99 and a crystal bow brooch for $89.99.