Portrait of Elizabeth Taylor by Andy Warhol to be auctioned

A portrait of the late actress Elizabeth Taylor by famous artist Andy Warhol will be auctioned in New York. The portrait is expected to go for as much as $30 million, according to auctioneers Phillips de Pury.

Liz #5 was painted in 1963 and is a dazzling tribute to Elizabeth Taylor, the auction house said in a statement according to MSNBC.

Liz #5 is a pristine gem, said Michael McGinnis, head of contemporary art at Phillips de Pury. 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.

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.

In 2007 British actor Hugh Grant sold an Andy Warhol painting of Taylor in New York for $23.6 million.

Taylor passed away Wednesday morning. She was 79 years old. She was hospitalized last month for issues regarding congestive heart failure. In 2004 she announced that she has been diagnosed with congestive heart failure, a progressive condition in which the heart is too weak to pump enough blood throughout the body, especially to the ankles and feet.