Christie's November 11 Magnificent Jewels auction in Geneva has set a $150m record for the highest total in history, with the Blue Belle of Asia sapphire the dazzling highlight at $17m.

The $17.2m bid is now the highest price ever paid for a sapphire at auction.

The sapphire is rumoured ot have been presented to the Queen Mother, Elizabeth Bowes-Lyon, on her coronation

The Blue Belle of Asia is a huge 392.52-carat stone found in Ceylon in 1926, bought by Lord Nuffield (1877-1963) of Morris Motors Limited, who is rumoured to have presented it to the Queen Mother on her coronation in 1937.

"We are extremely proud that the Blue Belle of Asia established a new world record for any sapphire sold at auction for $17.2m. The private collector, seated in the room, is now the new owner of the most valuable sapphire in the world," said Rahul Kadakia, head of Christie's jewellery.

Also selling was a "Feuilles de Groseillier" brooch made for French Empress Eugenie (1826-1920) by Bapst Jewellers in 1855, which was apparently left behind as the empress and Napoleon III fled France.

Wallis Simpson's jewellery collection was the most valuable in the world at the time of its sale in 1989

A pair of tiger-shaped Cartier bracelets formerly owned by Wallis Simpson, Duchess of Cambridge, and later soprano Sarah Brightman, made $3.2m.

Diamond dealer Laurence Graff paid $15.8m for a spectacular pair of Bulgari earrings, which featured fancy vivid blue diamond weighing 6.95 carats and a fancy vivid pink diamond weighing 6.79 carats.

Fancy vivid diamonds are prized for their clarity, and fetch the largest sums at auction

The earrings weigh in at a total of 19.28 carats, with a diamond cluster top mounted in platinum and gold.

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