Andy Warhol’s classic silkscreen of Elizabeth Taylor fetched $662K at the Christie’s Elizabeth Taylor auction held at Rockfeller Centre in NYC this past Wednesday. The lucky bidder not only received the iconic portrait but also a handwritten thank you letter that was sent to Warhol from Taylor. The screen legend waited over 14 years to acquire the personalized painting which reads: To Elizabeth, with much love.

Taylor will always be known for her impressive jewellery collection but from a young age, she appreciated decorative arts.  She grew her art collection over decades and inherited many paintings from her father, an art dealer. Christie’s calls her private collection an “exceptional group of late 19th century and early 20th century French and British paintings and drawings.” These were not auctioned off at the recent auction. Instead, they will be presented by Christie’s in London on February 7, 2012 at the Impressionist & Modern Art auction.

This is not the first Liz portrait to command top dollar. In June 2010, the famous Silver Liz (with violet coloured eyes – one of the only two made by Warhol)  sold for £6.7 million at another Christie’s auction held in London. This particular silkscreen had not been seen for over 20 years when it went under the hammer.

The image of the actress was taken from a publicity photograph for the film, Butterfield 8. Warhol started the paintings the year Taylor became gravely ill with pneumonia. When she recovered, Warhol went back to them and added the brightly coloured lipstick and eyeshadow.

Elizabeth Taylor was always a muse for Warhol.  Men in Her Life, a 7-foot canvas inspired by a photo from Life Magazine, features Taylor walking with her third and forth husband. The black and white painting sold for $63 million when it was auctioned off at Phillips de Pury & Co. in NYC on Nov. 8, 2010. It was the second most expensive Warhol painting ever sold at an auction. The most expensive? Green Car Crash (Green Burning Car 1), 1963, sold at an auction in 2007 for $71.7 million. The most expensive private Warhol sale was for Eight Elvises, which was sold to a private collector for $100 million.

Andy Warhol's 'Men In Her Life'