Taylor died Wednesday of congestive heart failure. She was 79.
"Liz #5," a turquoise silk screen bearing Taylor's likeness, is being sold by hedge-fund manager Steve Cohen at Phillips de Pury's May 12 contemporary art sale, the Journal said.
The price Cohen paid for the work when he bought it from the estate of an art dealer who died in 2007 has not been made public, the newspaper said.
Gal Gadot cast as Wonder Woman for 'Batman vs. Superman'
Ron Burgundy interviews Peyton Manning on SportsCenter