Christie's director Nicolette Tomkinson said the sale price, more than double the highest estimate, reflected the gown's significance in the history of film and fashion, reported the Huffington Post.
"The dress is inextricably tied to the golden age of Hollywood, as well as to the extraordinary life and career of the star who wore it. Since it was unveiled, it has attained global appreciation, resulting in competitive bidding for it today," Tomkinson said.
Taylor wore the cream-colored, seed pearl-encrusted satin dress, complete with waist-cinching built-in corset, to the first of her eight weddings in May 1950.