With important jewelry, provenance sometimes plays a starring role. Quite simply, extremely famous, important owners beget famous, important jewels of extreme value.

A prime example is the exceptionally fine jewelry collection of The Duchess of Windsor, Wallis Simpson. Commissioned by the Duke & Duchess from the likes of Van Cleef & Arpels, Cartier and Harry Winston; each piece is worthy of its ‘Important’ moniker for sheer quality alone.

Of particular note are her Prince of Wales brooch of platinum, yellow gold and diamonds, (bought at Sotheby’s 1987 Sale by Elizabeth Taylor), and Cartier emerald-eyed panther bracelet, pavé set with brilliant and single cut diamonds and calibré cut onyx. Sold in 2010 (allegedly to Madonna), it is the most expensive bracelet ever bought at auction.

“The historical significance of these jewels can’t be overestimated”, says Kulukundis. “The furore they cause on the rare occasions they appear at auction is incomparable. Nothing else comes close.”

Undoubtedly, the love story behind the collection affords it an inimitable significance. Notably, many works are inscribed with declarations of love. One, an art deco Van Cleef & Arpels ruby and diamond bracelet, is engraved in the then still King’s handwriting, with the inscription, “Hold Tight 27.III.36.” Extraordinary tokens of an illicit love that changed the course of British history forever; had these gifts come to light at the time, the outcry would have been catastrophic.

“Here was a man who abdicated as not just King of the United Kingdom and the Dominions of the British Empire, but also as Emperor of India. As a testament of love, that takes some beating,” admits John C. Kulukundis.

Jewels with a royal or aristocratic heritage are always of interest. For example, the Romanoff Jewels — the 19th-century jewelry of the Russian Imperial Court, including the art nouveau genius of Peter Carl Fabergé — cause a stir, because they so rarely come onto the market.

“A pair of Georgian Siberian amethyst and diamond earrings, mounted in silver and yellow gold — purporting to be from the court of Catherine the Great — were sold for five times the value of a comparable jewel, simply because of the connection,” explains Kulukundis.

“One of my favourite aristocratic pieces of jewelry are The Harcourt Emeralds,” he adds. “Originally a suite of emeralds from the Victorian era; in 1920, the stones were remounted by Cartier into an art deco necklace for The Viscountess Harcourt. Emeralds are the most difficult colored stones from which to get a perfect match of cut, color, and carat.”

The mesmerising necklace, totalling 150 carats of emeralds, was sold by Christie's in 1989.

Magnificent gems aside, what affords jewelry mythical status is invariably history. One of the few collections to rival the Duchess of Windsor’s was that of her good friend, Elizabeth Taylor. Christie’s New York’s 2011 sale of Taylor’s ‘Legendary Jewels’ proved the most successful single-owner important jewels auction in history. Unsurprisingly, attention focused on rings and necklaces from Taylor’s ex-husband, Richard Burton, who, famously, once remarked,

“I introduced Elizabeth Taylor to beer, and she introduced me to Bulgari.”

Taylor & Burton’s turbulent relationship was fabulously studded with astonishing jewels, including the illustrious La Peregrina Pearl. Exalted as the most symmetrical natural pearl ever discovered, and with a royal history dating from the 16th century, the 50.56 carat pearl was a 37th birthday gift for Taylor. Collaborating with Al Durante of Cartier, Elizabeth had La Peregrina remounted on a white diamond, ruby and pearl necklace of exceptionally high quality. At Christie’s 2011 sale, La Peregrina became the most expensive natural pearl jewel ever sold at auction.

“I feel as though I’m only the custodian of my jewelry. When I die and they go off to auction I hope whoever buys them gives them a really good home.” Elizabeth Taylor.