Andy Warhol's portrait of actress Elizabeth Taylor, Liz, has been snapped up at a New York auction for £6.7 million ($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.
Auctioneers, Sotheby's, had estimated that it would sell for between £4.8m - £6.4m ($9m -$12m).
Taylor, along with Marilyn Monroe and Jacqueline Kennedy, was one of Warhol's favourite muses and the Coloured Liz series has come to epitomise Pop Art culture.
