The 80-piece collection was auctioned off on Tuesday at a private Christie's auction in New York, with another collection that includes 189 pieces to be in auction today, and other items from the late actress's estate to be sold later in the week.
A pearl necklace known as La Peregrina sold for $11.8 million (£7.6m) and a 33-carat diamond ring went for $8.8 million (£5.7m). Both pieces of jewellery were gifts from Taylor's actor husband Richard Burton.
A portion of the proceeds from the auction will be donated to the actress's own charity, Elizabeth Taylor AIDS Foundation.
Taylor passed away on March 23 at the age of 79 from congestive heart failure.
A private memorial service was held for the legendary actress, which was attended by stars such as Sir Elton John, Colin Farrell and Sir Michael Caine.
Watch footage from the auction below: