Now, it has been announced that the magnificent assortment of items is going to be auctioned off in an extravagant event in December this year.
It will be sold by Christie's in New York, and will take place over the course of four days at the Rockefeller Center Headquarters gallery, after having been displayed there for 10 days.
Before then, it is going to be shown in exhibitions around the world, in locations including London, Paris, Hong Kong and Los Angeles as part of the three-month international tour.
An actress who was part of Hollywood's golden years, Taylor became universally famous for playing roles in films like Little Women, Cleopatra and National Velvet.
She was renowned for her love of diamonds, and owned some of the most valuable precious stones in the world. When she died aged 79 in March, 2011, her collection of jewellery alone was thought to be worth more than $100m.
Marc Porter, Chairman of Christie's Americas, said: "The global tour and exhibition of her collection at Christie's will be a window into the world of a true icon, a rare woman who was at once an international film and fashion star, loving mother, successful businesswoman, and generous humanitarian.
"This collection of her many cherished possessions will bring us closer to the essence of Elizabeth Taylor's unique spirit, and promises to inspire admiration, delight and, at times, sheer wonder in all who come to see it."
Taylor lived an extraordinary life outside of her work as an actress, as she was famously married eight times and also worked hard as a humanitarian, having set up The Elizabeth Taylor AIDS foundation in 1991.
It is possible that the sale of her collection could match or surpass that of Debbie Reynolds, which took the world by storm earlier this month. In that sale of legendary film memorabilia, Marilyn Monroe's white subway dress sold for $5.6m. What that proved is that buying the right piece of memorabilia at the right time can provide a sensational alternative investment opportunity.
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