An auction of Elizabeth Taylor’s world-renowned jewels took in $116 million (R963m), more than double the record for a single collection and setting new marks for pearls, colourless diamonds and Indian jewels.

Christie’s sale of 80 items from Taylor’s collection on Tuesday had been estimated to raise $20m, but everything from her famous 33-carat diamond ring, a gift from Richard Burton, to her charm bracelets sold for many times their estimates.

Halfway into the marathon four-hour sale, the Taylor collection broke the record for a single-owner jewellery collection set in 1987 when the Duchess of Windsor’s jewels sold for just more than $50m.

The pattern was set early on, when one of the most historic pieces, a 203-grain pear-shaped 16th-century pearl, once owned by Mary Tudor, sold for $11 842 500 including commission, setting an auction record for a pearl.

Burton had bought the pearl in 1969 for $37 000, and Taylor, who died in March at the age of 79, commissioned Cartier to design a ruby-and-diamond necklace mount. It had been estimated to sell for $2-$3m.

But from the very first item, a charm bracelet, estimated at $30 000, it was clear the Taylor cachet was delivering beyond expectations. The bracelet fetched $326 500. An ivory and gold necklace soared to more than 100 times its estimate, selling for $314 500.

The trend continued until the final offering – Taylor’s iconic 33.19-carat diamond, which Burton had bought for $300 000 in 1968. It sold for a record $8 818 500, about three times the estimate, setting a per-carat record for a colourless diamond.

Christie’s officials were ecstatic with the results, which followed a monumental 10-day exhibition of Taylor’s jewellery, couture, art and memorabilia that sold 25 000 tickets at $30 each.

Rahul Kadakia, head of jewellery for Christie’s, said the auctioneers knew the sale was going to do very well, given Taylor’s expert eye and worldwide fame. “This truly is one of the greatest jewellery collections in the world. But in my wildest dreams I did not think we would outsell the estimate by five times.”

Marc Porter, Christie’s Americas president and chairman, said the auction was “one of the most extraordinary sales Christie’s has ever had”. He called it a testament to the love of Elizabeth Taylor worldwide as well as to her collecting ability.

Other highlights included the Taj Mahal diamond, another gift from Burton marking Taylor’s 40th birthday. It sold for $8 818 500, a record for an Indian jewel.

The per-carat record for a ruby was also broken, by Burton’s Van Cleef & Arpels ruby and diamond ring. Another record, for a tiara, fell when third husband Mike Todd’s 1957 gift to Taylor sold for $4.2m, or about six times the estimate.