Elizabeth Taylor's trustees file lawsuit against auction house

Los Angeles, PTI | Updated : 26 February 2015, 08:37 PM

The trustees of Elizabeth Taylor’s estate have hit bosses at Christie’s Inc auction house with a lawsuit following a stand-off over millions from a jewellery sale.

The lawsuit alleges that the auction house mismanaged the sales of the late Hollywood icon’s “most prized and valuable possessions” (including her jewelry, wardrobe, and art collection) and stole proceeds earmarked for her AIDS foundation, reported the Los Angeles Times.

“Pursuant to the consignment agreement, Christie’s had an obligation to the trust not to cancel the sale of any property, including the diamond, unless it reasonably believed that the sale has subjected, or would subject, Christie’s or the trust to liability,” the complaint reads.

“Despite facing no credible threat of legal liability, Christie’s nonetheless rescinded the sale of the diamond. In doing so, Christie’s not only deviated from its usual business practises and its own established policies, but it violated its obligations to the trust, all in an effort to appease the buyer,” the complaint added.

Taylor’s auction in New York set a world record in 2011 after the items fetched USD 118 million in one night, making the actress’ gems the most valuable private collection of jewels ever sold at auction. 

First Published: Thursday, February 26, 2015 02:24 PM
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