Warhol's Elizabeth Taylor Portrait to Fetch $30 Million

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The famed painting hits the auction block May 12.

Going once…

On May 12, Andy Warhol's famed portrait of the late Elizabeth Taylor will hit the auction block in New York — and auctioneers Phillips de Pury said Thursday it could go for as much as $30 million.
The 1963 painting is titled "Liz #5" and has been described by Michael McGinnis, head of contemporary art at Phillips de Pury, as "a pristine gem."
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"It is Warhol at his very best with a perfect screen, glowing colors, and impeccable provenance," he told Reuters. "She is classic yet every bit as cutting edge as she was when Warhol painted her nearly 50 years ago."
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."
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The painting is estimated to be worth $20-30 million.
Hugh Grant sold a Warhol portrait of Taylor in New York in 2007 for $23.6 million, several times what he paid for the work, notes Reuters.
Taylor died Wednesday at age 79.