Steve Cohen and Phillips de Pury have joined together in memory of Elizabeth Taylor to auction off a portrait of her done by Andy Warhol. This legendary piece, which is expected to go for approximately $20 million, portrays Taylor during her award winning performance in “Butterfield 8” in 1963. Depicting Elizabeth with berry-red lips in the form of a smile, and her eyelids doused in blue eye shadow, this portrait, nicknamed “Liz #5,” is apart of Warhol’s signature series of pop-culture icons from the 1960s.

Warhol’s collection, which includes Marilyn Monroe and First Lady Jacqueline Kennedy, has helped to transform pop culture and art into what it is today. This work of art was bought by Cohen for an undisclosed amount from widely known New York art dealer Illeane Sonnabend. Since passing away in 2007, Sonnabend is known for showcasing artists such as Robern Raushenberg and Jasper Johns. Another work of art by Mr. Warhol, entitled “Liz,” was sold for a cool $23.5 million.

[Source: WSJ Online]