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'$47.3 million isn't a lot of money after taxes': Tiffany designer Elsa Peretti on why she was underwhelmed by whopping 2012 paycheck

Published: 11:22 EST, 17 July 2014 | Updated: 12:54 EST, 17 July 2014

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Money Matters: Elsa Peretti, pictured in 2012, says the $47.3 million she received for renewing her contract with Tiffany & Co. isn't as much as it sounds like

When jewelry designer Elsa Peretti renewed her contract with Tiffany and Co. in late 2012, she received a $47.3 million payment - but she says the hefty sum isn't actually a lot of money.

'It was my price for the past,' she told Vanity Fair. 'It might look like a lot, but, after taxes, it’s not really, for the work I’ve done.'

The Italian model-turned-designer, now 74, had tried to sever her licensing agreement with the company two years ago, but ended up signing a new 20-year contract.

Her creations - pendant necklaces featuring hearts, beans, starfish, teardrops and other simple shapes - account for 10 percent of the company's global net sales. In 2012, Tiffany reported revenues of $3.8 billion.

Ms Peretti's relationship with the jeweler spans 40 years: Tiffany began selling her iconic designs in 1974, and she's since earned billions for the company.

She has always received a royalty for Tiffany’s use of her intellectual property, as she is responsible for some of the brand's best-selling items.

Shortly after the contract was renewed, a Tiffany spokesman told Women's Wear Daily: 'Elsa’s designs are as timeless as they can be. It was our intention to make sure that her designs remain at Tiffany for a long period of time.'

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In 2012, the company said in a statement: 'Tiffany has made a firm offer to Ms Peretti in an amount that is based upon the value of the Peretti intellectual property to Tiffany.'

Star power: Ms Peretti's jewelry has made billions of dollars for Tiffany & Co.

Long-term relationship: Ms Peretti (pictured in 1977) launched her Tiffany collection 40 years ago

Her close friend Halston helped her negotiate the initial contract with Tiffany 40 years ago.

Ms Peretti's designs have been hugely popular since the day they launched in 1974: Andy Warhol reportedly said the collection's opening was 'mobbed,' adding: 'I never saw so many people before.'

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roseviolet, usa, moments ago

Great question!

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Terry T, Anywhere USA, United Kingdom, moments ago

Unlike a lot of others, I have nothing against people that work and get big paychecks. It does disgust me that there are some that don't appreciate what they have and by saying things like this cow, trivialize the efforts of working people that don't earn as much. I've seen better "designs" at craft shows. Maybe Tiffany's could save some money, and she could get rid of that trivial salary by dumping her. Give her a taste of real life.

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bluestar52281, Exoplanet, 6 minutes ago

Do you even know how many chicken nuggets you could get with your millions.

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ioniancat21, NYC, United States, 7 minutes ago

With people struggling to keep their jobs and suffering financially, people like her should keep their mouths shut and be thankful that she was as lucky as she was...

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stargate, N VA, United States, 9 minutes ago

MOST people would think they hit the lottery on a yearly basis with that salary

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catloving, dc, United States, 11 minutes ago

I can't believe this isn't satire. Her work is so boring and outdated.

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Kezza, BB, United States, 18 minutes ago

I had one Tiffany Bracelet, turns out everyone else had it too and I saw knock offs of it at TJ Maxx. So I sold it on Ebay for more than I paid!! I still can't figure out that one, but I'm not complaining.

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RedneckInNY, New Yawk, United States, 20 minutes ago

Being wealthy is expensive. You dummies think the wealthy live in huge mansions where they keep great stacks of cash around to swim in, lighting cigars with $100 bills. The wealthy have the same bills as everyone else, except theirs are 20 times more expensive. She will be lucky to get about half that after Uncle Sam steals...um, I mean "collects" his share.

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Carlos, San Diego, United States, 23 minutes ago

Though I don't have riches like this, I do sympathize with the pain and frustration of having half -- or more if she's in NYC or California -- of your earnings taken from you. Then again, as an "artist" she probably voted for people who support confiscatory taxation so tough luck lady, you reap what you sow.