An Emanuel ball gown owned by Princess Diana will provide the highlight of Kerry Taylor Auctions' Vintage and Antique Fashion and Textiles auction on December 3 in London.

Princess Diana selected the actual show dress, which is a standard model size, and it fitted her perfectly

The dress is from Emanuel's "Diaghilev" collection of 1986, and is labelled Emanuel Special, England. It will sell with a £50,000-80,000 ($80,384-128,614) estimate.

Princess Diana first spotted the dress at a fashion show to benefit the Red Cross, and selected it from 12 creations that Emanuel had designed for the event.

She reportedly wore it on many occasions, including at the German ambassador's banquet for the state visit of Richard von Weizsaker, former president of the Federal Republic of Germany.

She was also seen in the gown at the Royal Opera House, and is pictured in it at the premiere of the James Bond film The Living Daylights, in 1987.

The gown itself is lavish, produced in bone ivory satin over a white organza skirt with rhinestones and gilt beads. It was inspired by the costumes of Leon Bakst, the Russian artist who produced sets and clothing for the Ballets Russes.

The Emanuels, a husband and wife team, were the princess' favourite designers, responsible for her majestic bridal gown in 1981. A scrapbook compiled by Elizabeth Emanuel for the wedding sold through PFC Auctions in May 2012 for £3,194 ($5,010).

This is the second auction of Princess Diana's dresses held by Kerry Taylor Auctions, with the first taking place in March this year. Highlighting was the dress Diana wore while dancing with John Travolta at the White House, which sold for £240,000 ($362,563).

A Catherine Walker-designed dress owned by Diana will be sold at Julien's Auctions' Icons and Idols 2013 sale on November 9.

Paul Fraser Collectibles has a superb selection of Princess Diana memorabilia for sale.