The "Charlie's Angels" star was honoured for her philanthropic work in Africa combating AIDS but confessed she had no idea why she was picked as the new trophy's first recipient when she first got the invite.
"People were like, 'Wow, you're being honoured?' and I was like, 'Why? This is weird'. I thought, 'Elizabeth Taylor - well, OK, we were both child actresses, we have that in common. And let's face it, we're both hedonists'.
"(But) she brought tremendous awareness... In the most profound way for people with HIV and AIDS... And, as well known as she is, she left a legacy behind where she is so utterly remembered for the philanthropy and the crusading that she did."
Photographers Inez van Lamsweerde and Vinoodh Matadin were also honoured at the Cunard Building event, staged by AIDS and HIV service organisation Acria.