The 33.19-carat ring was part of Christie's sale of jewelry and other items from the collection of late actress, who starred in the "National Velvet" and "Cleopatra." Christie's says a private buyer from Asia purchased the ring, which was estimated to sell for $2.5 to $3.5 million.
A diamond bracelet given to the actress by Michael Jackson sold for over $194,000. Its estimated sale price was $30,000 to $50,000. Prices include the buyer's premium.
Other sales of Taylor's art, clothing and memorabilia will be held later in the week. An online-only sale of some items runs until Saturday.
Taylor died in Los Angeles in March at age 79.