Warhol’s Iconic Liz Taylor Portrait Gets $27 Million at Auction

Hedge fund billionaire Steve Cohen put his iconic 1963 Andy Warhol silkscreen portrait of Elizabeth Taylor on the block at Phillips de Pury’s Manhattan auction house on May 12, 2011, and it sold for $26,962,500 Million.

“Liz #5” (1963) has been described as is a rare and exquisite example of the world renowned images of feminine grace that catapulted Warhol to prominence nearly 50 years ago. This glamorous portrait of the legendary actress, Elizabeth Taylor, embodies the most important themes of Warhol’s body of work, including his fascination with celebrity, real-life drama and the fleeting nature of beauty. One of the artist’s most instantly recognized images, “Liz #5” is said to be a testament to Warhol’s unique and unrivaled contribution to the visual arts. “Liz #5” was created at the height of the Taylor’s fame, which also coincided with the most significant and creative period of Warhol’s career. The epitome of old-world Hollywood style and glamor, Elizabeth Taylor, who died on March 23rd, was one of Warhol’s most famous inspirations, along with Marilyn Monroe and Jackie Kennedy.

Taylor captured Warhol’s attention early on with her life’s high-profile romances and tragedy, a vibrancy and pathos that so attracted Warhol to her and ensured she was a formidable influence on his work throughout his career. It has been said that the power of her attraction has never been as evident as it is in this Warhol painting, which is a dazzling tribute to Elizabeth Taylor. This striking portrait is a testament to the legend and beauty of one of the world’s most beloved and iconic actresses, both capturing her very essence and transcending the limits of time.

Warhol’s 1962 Elizabeth Taylor work, “Men in Her Life,” went for $63.3 Million, the highest auction price paid in 2010 for a contemporary artwork and the second-highest auction price ever paid for a Warhol painting, behind the $71.7 Million paid in 2007 for his “1963 Green Car Crash, Green Burning Car I.” In 2009, Andy Warhol’s 1962 silk-screen painting “200 One Dollar Bills” sold for $43.8 Million at Sotheby’s, more than four times its estimated selling price. Unfortunately, Warhol wasn’t around to enjoy the fabulous joke of his pictures of money grabbing so much money. The seven-and-a-half-foot-wide canvas, one of Warhol’s first silk-screen paintings, looks like just what you’d think: 200 one-dollar bills. Yes, if you just take a wide look at today’s contemporary art world, that confection of bucks, puff and street smarts, you realize anew that Andy Warhol was the big daddy of it all!!

This piece includes a number of high-resolution color photographs, a photo-gallery and three documentary short films.

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