New York--The second day of auctions devoted to the jewelry collection of Elizabeth Taylor garnered $21.3 million, bringing the total sale of the icon's jewelry to $137.2 million.

That makes it not only the most valuable private collection of jewelry ever offered at auction--surpassing the 1987 sale of The Duchess of Windsor's jewels, which realized $50.3 million--but the most valuable sale of jewelry in auction history.

François Curiel, international director of jewelry at Christie's, called the atmosphere at Christie's during the sale "electric," with collectors from Asia, the Middle East, Europe and America "chasing each individual jewel with a tenacity never seen before."

He said every single jewel offered greatly exceeded its estimate, sometimes by as much as 100 times.

The second sale of Taylor's jewelry, held Wednesday during the day at Christie's, sold 100 percent by lot.

One of the most sought-after lots of the day was "The Burton Wedding Bands," which were given to Elizabeth Taylor by Richard Burton when they were married in 1964 and when they got re-married in 1975. Estimated to sell for $6,000 to $8,000, the bands sparked a 15-minute bidding war, eventually selling for $1.0 million.

David Fuller's view This was one of the great all-time marketing exercises, with Christie's showcasing the jewels in major cities all over the world. Anyone on Christie's mailing list must have received at least a dozen emails from the auction house over the last six months mentioning various public viewing opportunities.

The occasional very fashionable and highly publicised auctions, featuring items rarely seen by potential buyers, can quickly turn into competitive bidding manias, particularly when conducted by a skilful, charismatic and witty auctioneer. The process often resembles a high-speed version of the parabolic accelerations that we see in markets from time to time. These moves are usually climactic.

Elizabeth Taylor and Richard Burton may have been Hollywood royalty. Nevertheless, those two wedding bands estimated to sell for $6,000 to $8,000, which were bid up to $1 million yesterday, would probably struggle to reach half that price if they were resold at auction a few years from now.

(See also yesterday's report and comment on the first day of the auction.)