Warhol's 'Liz' could fetch $12 million

Andy Warhol's red silk-screen portrait of film star Elizabeth Taylor may fetch as much as $12 million when it's auctioned in New York on May 10, said Sotheby's Holdings Inc.

"Liz," painted in 1963, is one of 13 similar portraits of the wavy-haired actress that the pop artist painted with colored backgrounds and the only one on a naphthol red ground, Sotheby's said in a statement. The seller is a collector who has owned the work since 1965, the New York-based auction house said.

Rising art prices are bringing sellers to the market, aiding Sotheby's and London-based Christie's International as they gather works for New York sales in May. Values for contemporary art have trebled since 1996, according to Art Market Research's index of the top 25 percent of the most-expensive works.

"Taylor's role as an icon of luxury, decadence, sexuality and celebrity was at its height" when Warhol made the 40-inch by 40-inch portrait, copied from a publicity photograph, Sotheby's said.

Warhol's auction record is $17.3 million, according to sales tracker Artnet AG.