Phillips de Pury & Co., which prides itself as being an edgy auction house for younger collectors, is presenting “Hip Hop’s Crown Jewels,” a sale of 70 pieces that are estimated to raise $3 million. The sale, scheduled for Oct. 1, has been billed by Phillips de Pury as display of the “iconic cultural artifacts worn by some of the 20th century’s most influential musical artists.” This includes 50 Cent, Biz Markie, MC Lyte, Missy Elliot (her diamond encrusted turnable ring is at right), Notorious B.I.G., P. Diddy, Slick Rick and Tupac Shakur.  A portion of proceeds will benefit three nonprofits within Russell Simmons’ charitable arm.

There’s no denying the devotion to the bling among this crowd and although gaudy is an understatement when describing many of the pieces, there is some beauty to be found. The dream big, live big bravado, was largely a superficially show of look at what I can buy, but some people have sought to use it as inspiration. If rappers, the majority of which come from underpriviledge backgrounds and can accumulate an freakishly, outlandish jewelry they can dream up then they must be living the American dream. And if they can do it, you can too.

Too bad, the tacky shows of fleeting wealth were too often just cautionary tales of the overzealous nouveauo riche that they should have invested in real estate, not diamond-studded gold baubles. Ironically, the more standing a hip-hop artist achieves, the less likely they are to sport something so ridiculous, maybe it’s maturity.

Either way, the auction is a mini-exhibition on art of bling and even people who don’t agree with the aesthetic can’t refute the cultural phenomenon and stare with a little child-like fascination at the many shiny objects. A New York preview of the auction will be open to the public, Sept. 22-30, but if you aren’t planning a trip, you can check out a few glimpses in press previews like “Hip hop heirlooms,” from Vogue’s Fashion Rocks supplement.

Lil Jon’s 73-carat diamond and gold (shown at left), reportedly weighs about 12 pounds and could win the record for the world’s largest diamond pendant (Call Guiness… and a chiropractor). It is expected to fetch $200-250,000. That’s a lot of bling for the buck.

Among other dubious bling up for sale will be the diamond and ruby crown-shaped ring that Tupac Shakur was wearing when he was killed in Las Vegas in 1996. The inscription reads “Pac & Dada 1996,” referring to his relationship with Kidada Jones, daughter of Quincy Jones. It comes from his estate.

To reserve tickets for the auction call (212) 940 1365 or email  hiphop@phillipsdepury.com