Liz Taylor’s fabulous La Peregrina pearl necklace sold in December for a record $11 million at Christie’s, reaching the highest price ever for pearl jewelry at auction and far surpassing its $2-3 million estimated price. The Cartier pearl, diamond and ruby necklace given to the actress by her husband Richard Burton features a huge tear-drop natural pearl discovered in the 16th century in the Gulf of Panama. The pearl La Peregrina, meaning “the wanderer,” has a long resplendent history. Owned by kings and queens including King Philip II of Spain, it is immortalized in 17th century Velazquez royal portraits. It’s a statement necklace par excellence.