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Elvis cowboy portrait by Andy Warhol may fetch up to $50M

This undated image provided by Sotheby's shows Andy Warhol's portrait of Elvis Presley depicted as a cowboy. The silver silkscreen painting is called 'Double Elvis (Ferus Type).' (Courtesy of Sotheby's)

March 16, 2012 12:00:00 AM PDT
Art collectors are "All Shook Up" over an upcoming auction of a portrait of the King, Elvis Presley.

The silver silkscreen painting by Andy Warhol called "Double Elvis (Ferus Type)" depicts the rock and roll icon as a cowboy. He is shown armed and aiming from the hip with a shadowy figure of himself in the background.

It is expected to sell for between $30 million and $50 million when Sotheby's puts it up for auction in New York City on May 9.

The auction house says it's the first "Double Elvis" to appear on the market since 1995. It was first exhibited at the Ferus Gallery in Los Angeles in 1963. Sotheby's identified the seller only as a private collector.

Warhol made a series of 22 images of Elvis, of which nine are now in museums.

The Associated Press contributed to this report.