art auctions

Andy Warhol’s Elizabeth Taylor Portrait Will Net Billionaire Steve Cohen A Handsome Profit

Andy Warhol’s “Liz #5,” which Hugh Grant bought (supposedly in a drunken stupor) for a mere $3.6 million in 2003 before selling it for $21 million at auction in 2007, is going up for sale again. Now owned by billionaire hedge funder Steve Cohen, the 1963 portrait of the late actress Elizabeth Taylor will be sold by auction house Phillips de Pury on May 12, with an estimated sale price of $30 million — a sum well under the record-setting Warhol sale of “Green Car Crash” for $71.7 million in 2007. Not that Cohen is seeking to capitalize on Taylor’s death, apparently: he arranged to sell the Warhol two weeks ago. Coincidence, my dear?