Elizabeth Taylor.
Elizabeth Taylor.

Elizabeth Taylor's jewellery to be displayed in Dubai



Elizabeth Taylor's love affair with jewellery actually began when she was just a child, around the same time she made her 1942 screen debut in There's One Born Every Minute.

"At the age of 10 she saved up her pocket money and bought her mother a nice flower spray brooch," says David Warren, the London-based head of Christie's Middle East Jewellery Department. "Although the piece was for her mother [the American stage actress Sara Taylor] I'm sure she enjoyed the whole process."

Following the actress's death some 69 years later, 269 precious pieces from her celebrated lifelong collection were entrusted to Christie's for auction in New York.

"The lots have been divided into a spectacular star-studded evening sale of crème de la crème pieces from her collection on December 13," says Warren. "The remaining items will be sold the following day."

Widely heralded as one of the greatest collections ever assembled, Taylor's jewellery, which spans decades, styles and continents, has been exhibited in Moscow, London, Los Angeles and now Dubai as part of its three-month, seven-city global tour.

From historic jewels to record-breaking diamonds and personal mementos, the exhibition is drawing ardent fans and serious collectors alike. Dubai will display 69 pieces to the public on Sunday, with the coveted 16th-century Peregrina Pearl, sporting a pre-sale estimate of US$2-3 million (Dh7.34-11m), among them.

"The pearl has an extraordinary history, having belonged to eight kings of Spain, a couple of French royals and the Duke of Abercorn's family," says Warren. "It will definitely exceed estimates, and given its beauty, history and Elizabeth Taylor's provenance, I think this makes it the most desirable pearl in the world."

The remarkable pear-shaped pearl - 203 grains in size, equivalent to 50 carats - was purchased by Richard Burton, Taylor's fifth husband, at auction in 1969 for $37,000 after he successfully outbid a member of the Spanish royal family. Taylor then designed the setting with Al Durante of Cartier, remarking that she believed it to be "the most perfect pearl in the world".

Another standout piece set to dazzle Dubai visitors is the "Elizabeth Taylor Diamond", says Warren. Among the actress's most rare and cherished possessions, this D-colour, potentially internally flawless diamond ring was another gift from Burton in 1968. It has been estimated to be worth between $2.5m and $3.5m.

"This piece has the most expensive presale estimate and it was something she wore almost every day of her life," Warren says.

Originally called the Krupp diamond after the German industrialist family that previously owned it, the show-stopping 33.19 carat stone was renamed by the trustees of Taylor's estate and Christie's in homage to the glamorous actress, who had treasured it the longest.

"With its sparks of red and white and blue and purple, and on and on, really, it sort of hums with its own beatific life," she famously said.

Of Taylor's seven husbands, her third spouse Mike Todd, like Burton, greatly indulged her love of expensive accessories.

Legend has it that Taylor was swimming laps in the pool of their St Jean-Cap-Ferrat villa in France when Todd surprised her with the complete Cartier ruby-and-diamond suite of earrings, a necklace and bracelet. Such was Taylor's joy that the playful actress pulled her then husband, fully dressed, into the pool with her.

Although Cartier & Bvlgari suites feature in the exhibition, pieces from other houses, including Boucheron, David Webb, Tiffany and Van Cleef & Arpels, are well represented. So vast, in fact, was Taylor's collection of treasures, including Art Deco, Edwardian and contemporary pieces, that she designed a walk-in jewellery box to house them, says Warren.

"One of the bathrooms was transformed and refitted with shelves and drawers everywhere so that she could literally walk in and see all her jewels - take them out, enjoy them, play with them and put them back again. She was meticulous and organised - with a jewel for every occasion. She called them her babies and they well and truly were."

The auction of the film star's pieces, called The Crown Jewels of Hollywood, is expected to raise in excess of $30m, much of which will be donated to Taylor's humanitarian and charitable foundations.

In addition to the high-priced jewels on offer, there are offerings for more modest budgets, too, says Christie's Middle East director Isabelle de la Bruyere.

"I think it's important to note it's not just multimillion-dollar pieces; there are also pieces that start from around $800.

"[Liz] treasured them all from the smallest to the most important pieces. For example, she spent her life collecting little charms, which she put on to five bracelets, all of them valued at $5,000 - these jewels are affordable and still they were significant to her."

Every piece has a story attached, which, coupled with their iconic owner, gives the jewels a "noble" provenance, says de la Bruyere. A case in point being one of the smallest tokens ever given to Taylor by Burton.

"She was a big ping-pong aficionado and even had a table in her home in Gstaad," says de la Bruyere. "And one day, Richard Burton said to her, if you win against me by 10 points, I'll buy you a diamond!"

Never one to shy away from a challenge, Taylor did indeed triumph and Burton duly sourced the smallest diamond in town for her. Unable to settle for just one, however, he bought three solitaire rings, which were set together and would forever be known as the "Ping Pong Diamonds". The piece, which dates back to the 1970s, will go under the hammer in December with an estimate of $5,000 to $7,000.

With art imitating life, Taylor was not just considered Hollywood royalty. She also had a penchant for blue-blooded pieces, including the Duchess of Windsor's "Prince of Wales" brooch and the heart-shaped "Taj Mahal Diamond", circa 1627 - a 40th birthday present from Burton.

Thirty or so years later, Taylor announced that Christie's would be the auction house of choice for her estate. Since then, says de la Bruyere, clients haven't stopped saying, "when it happens, do call me".

"This is one of the greatest honours for Christie's," she says. "This is such an important collection that will be remembered for decades and it also shows what a really amazing eye she had."

Unforgettable eyes indeed, with a hue possibly best captured in the multicoloured sapphire clip earrings by the contemporary jeweller Joel Arthur Rosenthal, known by his initials, JAR.

"She met with him and said: 'Everyone says I have violet eyes, but the reality is I have blue eyes, just like yours - sometimes green'. So he did earrings with those three colours of her eyes - reflecting how the world saw them but also how they really were."

Check out Oasis on Thursday for a peek at some of Elizabeth Taylor's jewels, then and now. The jewels will be on public display at Jumeirah Emirates Towers on Sheikh Zayed Road from 2pm to 10pm on Sunday.

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A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

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Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Group E: River Plate, Urawa, Monterrey, Inter Milan.

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