Editor’s Note
This article explores how the meticulous organization of Elizabeth Taylor’s jewelry collection, as captured in Catherine Opie’s photographs, offers a surprisingly practical lesson for collectors. It serves as a reminder that clear documentation is a thoughtful and strategic step in managing valuable assets, especially during emotionally complex transitions.
Expert Advice on an Emotional Process
Expert advice on the smartest ways to navigate an emotional and potentially complicated moment.
In photographer Catherine Opie’s intimate series of images from inside Elizabeth Taylor’s home, one holds unexpected wisdom for jewelry collectors. A stack of boxes —mostly, it appears, for necklaces and rings — sits neatly on a table. Each is individually, and clearly, labeled. Given how meticulously the jewels were catalogued, it’s clear it had been earmarked for someone and likely stayed within the family. There are many lessons learned from the jewelry habits of Dame Elizabeth, but here is another: know exactly what you have, and be clear on where you want it to go after you are gone. In other words, when planning how to preserve your treasures, and perhaps, family peace, be an Elizabeth Taylor.
The Importance of Detailed Documentation
Or a Bunny Mellon, if you prefer. The collector and philanthropist left meticulous notes on every single piece of her extensive collection.
“Bunny Mellon’s will was detailed and specific piece by piece, which was shocking considering how many pieces she had,” says Sotheby’s head of jewelry, Frank Everett. “But each piece absolutely was. For instance, the only piece of Jean Schlumberger we were able to offer at auction was a big sapphire brooch because she specifically left that Schlumberger brooch to her grandson, and then he ended up offering it at auction. Everything else Schlumberger went to the Virginia Museum of Fine Arts. It went on and on and on. This butterfly bracelet goes to this person. This coral bead necklace goes to that person. And I think if you care about the pieces as much as most of my collectors do, I would do it that way. I would go piece by piece because even if it’s not about the value, it’s about the sentimental attachment.”
Initiating Frank Family Discussions
Understanding the role sentiment plays in perceived value is key.
“From the heirs’ perspective, jewelry can be the most emotionally charged asset in an estate,” explains Michael Duffy, Merrill Private Wealth Strategist & Head of Art Planning. “I always encourage parents to have a frank discussion with their heirs as to what pieces they intend to leave to certain heirs ahead of a parent passing. I also encourage parents to ask their heirs which pieces they would be interested in inheriting, ranking them in order of most wanted so the parents can work things out while they are alive.”
Victoria Brynner, the daughter of the late Yul Brynner and Doris Brynner, speaks from recent personal experience.
“I was lucky enough; my mother shared stories of her jewelry over the years which made it much easier for me to identify and understand,” says Brynner of organizing her mother’s estate for the sale. “For my kids, I chose another approach; I had them each pick what they wanted from me. I was then able to create a document cataloging each item, its provenance, history and its future recipient leaving transparency and clarity which I believe will support their relationship after I am gone.”
The Crucial Role of Appraisals
In addition to knowing what is in a collection, understanding what it is truly worth is vital.
“Appraise your jewelry regularly, at least every five to ten years,” says Christie’s Head of Jewelry, Americas, Claibourne Poindexter. Understanding the market value of a piece can, he explains, make certain decisions much clearer. “Once a family diamond ring is appraised, for example, it might be easier to see why selling it and allocating the money fairly is the smarter choice. You can divide money; you can’t divide a ring. We have all seen families fight over some pieces that are not worth the fight.”
“You can divide money; you can’t divide a ring.”
Navigating Emotional Complications
The sentimental complications that arise when dividing jewelry in the estate process may be even more difficult to entangle than current tax law. Experts have clear but sensitive advice on the matter.
“Understand,” explains Sotheby’s Everett, “that it does get emotional, obviously, but I think one thing to remember as a collector, is that your collection really only means what it means to you. A collection is an entity that has been created by you and it will never be enjoyed and appreciated to the fullest by someone else. This means an heir will rarely inherit an entire collection and keep it intact. I have seen it done a couple of times, but that’s usually more for emotional reasons and then they really don’t need the money. That does get tricky with siblings, particularly if there are multiple siblings. We do see estates where heirs will have to bid on their own parents’ jewelry to make it fair and equitable. That is quite a fair way to do it. We saw that with several estates, certainly with the Mellon estate.”
