Some of the pieces that will be up for auction are:
An 8 carat ruby and diamond Van Cleef & Arpels ring. The ring was a gift from then-husband Richard Burton for Christmas in 1968. It's projected to bring $1-1.5 million at auction.
This stunning ring is a 33 carat (yes, 33 carats!), D color, VS1, internally flawless diamond, another gift from Richard Burton. Being called The Elizabeth Taylor Diamond, it's expected to bring $2.5-3.5 million.
A more unique piece from Taylor's collection is the Taj Mahal Diamond (circa 1627!), on a gold and ruby chain from Cartier. This necklace was a 40th birthday gift to Taylor from, of course, Richard Burton. It's estimated to bring $300-500,000 at auction.
A portion of the proceeds from Taylor's auction (being held in December) will be donated to the Elizabeth Taylor AIDs Foundation.