Colin Farrell Honors Relationship with Elizabeth Taylor

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Colin Farrell surprisingly revealed his close relationship with the late Elizabeth Taylor in December while he was a guest on The Ellen DeGeneres Show -- calling it "the last kind of romantic relationship" he's had -- and he continued to honor their close bond by hosting the Elizabeth Taylor AIDS Foundation Art Auction & Benefit Thursday night in Los Angeles.

"I got roped in through my friend Tim Mendelson who worked with Elizabeth Taylor for years and who works for the Elizabeth Taylor AIDS Foundation ... I was honored and I had been friends with Elizabeth for the last couple of years of my life so here I am," he told ET about how his hosting duties came about. "To me, it's an opportunity to some way continue the work that she birthed in the '80s really, and just advocated to continue the spread of her message, which is one of, fundamentally, tolerance and acceptance, and also putting forth compassion and attention in the places that it should be put forth."

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Farrell, who has two sons -- James, 10, and Henry, 5 -- also commented on the recent policy spearheaded by Kristen Bell and Dax Shepard, which asks media outlets to join their fight against paparazzi stalking and harassing children of celebrities.

"Oh yeah, that's great -- I think it should have nothing to do with kids," he said. "I accepted the pros and cons of fame -- not that I was aware of what they were even when it all started for me -- but, I get the paycheck, and I reap the benefits of how fortunate I am to do what I do -- you know, if being handled by the paparazzi ... is a nuisance ... it's a nuisance that certainly, unequivocally, should never be inflicted on children, so I think it's a good thing."

Video: Farrell Reveals Elizabeth Taylor Relationship

Watch the video to see some of the stunning portraits of Taylor on display at the event.