Movie costumes pull in millions

In the past few months, some of the best collectibles that depict celebrities or were owned by celebrities have recently jumped off the auction block for multi-million dollar prices.

For instance, a few months following Elizabeth Taylor's death, the famous silkscreen on linen called Liz No. 5 by Andy Warhol sold. The iconic work of art highlights one of the world's most famous faces. The work of art was produced by arguably America's most famous 20th century artists. A dramatic actress at an early age, Taylor was a celebrity with a capital C. She did not seem to mind the limelight nor did she let her celebrity stand in the way of her philanthropic pursuits. In fact, she used her role as a stage icon to help others. She was legendary not only for her many marriages (to fellow celebs Nicky Hilton, Eddie Fisher, Mike Todd and Richard Burton among others), but also for her performances in Cleopatra and Butterfield 8, for which she won an Oscar.

Warhol rode on the Taylor popularity wave and produced a characteristic Pop art painting of the starlet in 1963. Liz No. 5 is the brilliant work of art and one of 13 works that Warhol produced based on Liz's image. It shines in multi-colors as the background highlights Taylor's black hair and red lips. Taylor's world famous violet eyes are enhanced by Warhol's use of turquoise eye shadow in the work of art. The canvas, Liz No. 5, became a central piece of gallery owner Ileana Sonnabend's personal and spectacular art collection. The piece remained in the collection until her death in 2007. In that same year, actor Hugh Grant purchased a turquoise "Liz" painting by Warhol for $23.5 million. In 2008, a year after her death, Sonnabend's heirs sold $600 million worth of art including the Warhol painting. The group of paintings were said to have been sold to Manhattan art dealer, Larry Gagosian. Hedge fund billionaire Steven Cohen and a group of fellow collectors sold Liz No. 5 in the spring 2011. In 2011, Warhol's Liz No. 5 sold for $24 million (that is really $26.9 million including auction house fees).

Another ultra-famous 1960s movie star recently sold off her collection of objects related to, what else, movie stars. Debbie Reynolds, once known as America's sweetheart, not only shared the Hollywood screen with Elizabeth Taylor, but curiously enough also shared a husband, Eddie Fisher, with her. Divorces aside, Reynolds' collection highlighted some of the best decades of film history. Some of the pieces that Reynolds sold were worn by none other than Elizabeth Taylor.

The objects that were sold in June by Debbie Reynolds from her world-class Hollywood costume collection brought Reynolds a hefty sum to the actress. Some of the objects are immediately recognizable while others somewhat obscure. For example, the ivory pleated rayon-acetate halter dress from the famous subway scene worn by Marilyn Monroe in the Seven Year Itch (20th Century Fox, 1955) designed by Travilla is arguably the most recognized costume in film history. The costume and the famous image of Monroe wearing it gained awareness after her tragic death on April 5, 1962.

Wardrobe worn by other leading ladies included Barbara Streisand's gold dress from "Hello Dolly!" brought $100,000; Grace Kelly's dress from To Catch a Thief, which sold for $450,000, and the Ascot gown that Audrey Hepburn's wore in "My Fair Lady" sold for $3.7 million. A Hollywood costume auction would not be complete without objects from the "Wizard of Oz." Judy Garland, who played Dorothy Gayle in the film, wore a famous blue jumper which sold for $910,000. Ready for the new value of one of the most coveted pair of Hollywood shoes? That's right, move over Sarah Jessica Parker; your Sex and the City Manolos can't hold a candle to these valuable kickers. Judy Garland's ruby slippers were hammered down for $510,000.

You just got to love the movies!

(Celebrity Ph.D. antiques appraiser, author, and award-winning TV personality Dr. Lori presents antique appraisal events nationwide. Visit www.DrLoriV.com, www.Facebook.com/DoctorLori, or call (888) 431-1010.)