Princess Diana Would Be 'Delighted' with $1.1 Million Record Dress Sale, Designer Reveals (Exclusive)

Jacques Azagury, designer of her most expensive dress to date, explains why the "Princess Diana Effect" is stronger than ever

Princess Diana's style influence is all part of her legacy, says her designer pal.

Jacques Azagury, who designed the iconic ballerina-style dress that sold for a record $1.15 million in Hollywood on Sunday, said he’s certain Diana would approve.

“I think she would be so happy because fashion was a big part of her life,” the recently retired designer tells PEOPLE exclusively. "That might sound flippant, but she loved getting ready for an occasion, she loved stepping out and being seen by all these people; not disappointing anyone, that was very important to her."

The dress, which features a black velvet bodice with embroidered stars in metallic thread, a royal blue organza skirt and padded shoulders typical of the 1980s, was worn by the royal twice during her lifetime. In 1985, she wore it on a royal tour of Italy with Prince Charles in Florence, and in 1986, she wore it again in Vancouver.

Related: Meghan Markle and Kate Middleton Were Encouraged to Dress Like Princess Diana, New Book Claims: 'Diana Cosplay'

On hearing the news of the hefty sale price (11 times the estimate!), the Moroccan-British designer said it brought back wonderful memories. "I was really excited and quite emotional actually as this was the first dress I ever made for her," he said. "I’m just so happy that it’s still loved so much."

It was Princess Diana’s stylist Anna Harvey who brought the royal along to see Azagury’s second "New Romantics" collection in London while he was still an up-and-coming designer on the scene.

"I remember while I was talking to her, her eye kept going to a certain dress,” he recalls of the fateful moment. Three weeks later, Diana came to visit him at his studio, and it was the blue and black drop-waist design that she chose immediately.

"It wasn’t specially designed for her at all, although, of course, we made it for her proportions, but she didn’t care that someone else might have it, not at all," he said.

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The pair went on to work with each other for 12 years, right up until her fateful trip to Paris in 1997 from which she never returned. But that first dress was symbolic.

"It's almost as valuable as an important piece of art really because it represents the time," Azagury says. "That one dress speaks to so much of what was happening at the time; it was the '80s, the big shoulders and it was also the start of the story of Diana."

The appetite for all things Princess Diana-related shows no sign of waning, especially when it comes to her fashion. This year alone has seen the sale of her famous black sheep jumper by Warm and Wonderful, which was bought in September for what was then a record $1.143 million (despite several moth holes!).

In January, a black velvet gown by Victor Edelstein sold for $604,800, also record-breaking at the time.

Included in Julien’s Auctions lot was also Princess Diana’s blush pink chiffon blouse worn in her official engagement photos. The design by Emanuel, sold for $381,000, nearly four times its original estimate at the sale on Sunday.

“I think the Diana effect is as strong as ever, maybe stronger because of the mystique that will always surround Diana,” Azagury says. “People are still very hungry to know more about her, I don’t think this will change."

The dress, which was donated by Diana (encouraged by her son Prince William) along with 78 other dresses from her closet was sold at Christie's auction house in 1997, with all the proceeds going to charity. Purchased by PEOPLE magazine, then owned by publishing house Time Inc., for $26,450, the dress was loaned to Kensington Palace for the “Fashion Rules” exhibit in 2013 before finding a new home at the New York Historical Society.

Related: Princess Diana's Iconic Black Sheep Sweater Sells for Record $1.1M at Auction

"I think she would be delighted that there is still this amazing interest in the dresses that she wore and in herself too," says the designer, who recently shut his Knightsbridge boutique, where he and Princess Diana would often meet. “Each of those dresses has a story, and they are all part of her story. They are very relevant in history.”

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