The New York Post reported that the 52-year-old actress is selling the jewelry in an attempt to move on with her life after being hit with divorce papers in January from the Revlon head.
"As exquisite as the collection is, they're just not memories I want to wear out every day," Barkin said in a recent Vogue interview.
"For other people, they're pieces of jewelry; for me, they have history ... I'll take a break from the jeweled-trophy-wife look."
The auction, which will include a $1.5 million apricot diamond ring, is scheduled for Oct. 10 at Christie's auction house in London, the Post said.
The marriage was the second for the "Switch" actress -- she was previously married to actor Gabriel Byrne -- and the fourth for Perelman.