Sources tell People that Elizabeth Taylor's collection of jewelry, with an estimated value of $150 million, will be auctioned at Christie's. Luxury Jewels of Beverly Hills president and CEO Peter Sedghi worked with Liz on her House of Taylor jewelry line and says she knew more about jewels than he did. And she was wise to make her love of jewelry so well known, according to friend and jeweler Lorraine Schwartz:

“The studios, in order to make her happy, they’d always give her jewelry. So she grew up collecting it,” she explains. “People always gave her gifts … it was something that she learned to love.” And she took great care of them, too. “She [had] collections and collections, and rooms. She [knew] where every single piece was. [It was] amazing.”

Taylor always wore at least one piece of jewelry.

In fact, Schwartz remembers receiving a phone call one morning in 2003 after Taylor had taken a fall. “She was like, ‘I don’t feel good, my hair is dirty but I’m wearing my bracelet,’” she recalls. “I mean, fabulous.”

Christie's would not comment on the rumored fabulous-to-end-all-fabulous auction.

Sources: Elizabeth Taylor’s Jewels to Be Auctioned at Christie’s [StyleWatch/People]
Related: A Tribute to Elizabeth Taylor: Fashion Icon