Hugh Grant has made more than €12 million after auctioning off an Andy Warhol portrait of Elizabeth Taylor.

The actor sold Warhol's Liz at Christie's sale of post-war and contemporary art at New York's Rockefeller Centre.

The 1962, turquoise-background painting of Dame Elizabeth, went under the hammer for $21 million - five times what Grant reportedly paid for it in 2001.

It is one of 12 works of the actress created by Warhol while she was recovering from an illness.

They were created around the same time the artist also produced similar works of Marilyn Monroe and Jackie Kennedy. The new owner of Liz submitted his bids anonymously by telephone.

Grant is expected to use the profit from the sale to acquire works by newer artists.