London - A portrait of Hollywood actress Elizabeth Taylor by Andy Warhol will go under the hammer in New York on May 12 and is expected to fetch as much as $30m, auctioneers Phillips de Pury said on Thursday.
Liz #5 was painted in 1963 and is "a dazzling tribute to Elizabeth Taylor", the auction house said in a statement.
Taylor died on Wednesday aged 79.
"Liz #5 is a pristine gem," said Michael McGinnis, head of contemporary art at Phillips de Pury.
"It is Warhol at his very best with a perfect screen, glowing colours, and impeccable provenance. She is classic yet every bit as cutting edge as she was when Warhol painted her nearly 50 years ago."
'Old-world Hollywood style'According to the company, the portrait "embodies the most important themes of Warhol's oeuvre including celebrity, wealth, scandal, sex, death and Hollywood.
"The epitome of old-world Hollywood style and glamour, Liz Taylor was one of Warhol's most famous inspirations alongside Marilyn Monroe and Jackie Kennedy."
The painting is estimated to be worth $20 to $30 million.
British actor Hugh Grant sold a Warhol portrait of Taylor in New York in 2007 for $23.6m, several times what he paid for the work.