Rarely a week went by in 2011 without news of some auction record being set, especially during the fall season, when new notches were struck with Paul Bunyan-like efficiency. Due to this summer's Euro crisis, the volatile stock market, and historically low interest rates, many of the world's wealthiest scrambled to diversify their portfolios, ultimately benefiting the art and jewelry markets in the latter half of the year. Even celebrities like Jennifer Aniston and Leonardo DiCaprio were swept up by the glamor of the salesroom, buying art that is likely to mature in value better than most Hollywood careers. But 2011 can't be totally summed up as the year of alternative investments — it was also dominated by news of rapidly rising prices at Beijing auctions, and, of course, the glittering behemoth that was the Elizabeth Taylor sale bonanza at Christie's.

Click above to see a slide show of the year's top five auction highlights.