Warhol portrait of Liz Taylor sells for $12.6m

ANDY WARHOL’S portrait of actress Elizabeth Taylor, Liz, has been snapped up at a New York auction for $12.6 million.

British diamond collector and jeweller Laurence Graff outbid five other contenders for the classic image, one of 13 made from a publicity shot taken in 1963.

The silkscreen picture depicts Taylor on a vibrant red background and had been owned by the same Los Angeles art dealer since 1965.