Andy Warhol's Elizabeth Taylor portrait to sell at auction

(CBS/AP) An Andy Warhol portrait of Elizabeth Taylor is heading to the auction block in New York, where it's estimated to fetch at least $20 million.

The 1963 silkscreen, titled "Liz #5," is owned by hedge-fund manager Steven Cohen, the Wall Street Journal reports. It will be sold at Phillips de Pury on May 12 during its contemporary art sale.

Pictures: Elizabeth Taylor, 1932-2011
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Special section: Remembering Elizabeth Taylor

Taylor died on Wednesday at age 79.

The portrait shows the legendary actress smiling and her eyelids covered in blue eye shadow. It comes from Warhol's 1960s series of pop culture icons like Jacqueline Kennedy and Marilyn Monroe.

"Liz #5 is a pristine gem," Michael McGinnis, head of contemporary art at Phillips de Pury, said in a statement. "It is Warhol at his very best with a perfect screen, glowing colors, and impeccable provenance. She is classic yet every bit as cutting edge as she was when Warhol painted her nearly 50 years ago."

The Journal says Cohen bought the portrait for an undisclosed sum from the estate of a major New York dealer. He declined to comment.

The current Warhol auction record is $71.7 million for "Green Car Crash."