The black-and-white bust portrait shows a grinning monarch wearing a string of pearls and a dress by Angela Kelly, personal assistant and senior dresser to the queen since 2002.
The queen's 88th birthday is Monday, but it's officially celebrated throughout her kingdom June 14.
The photograph was shot as part of the British government's campaign to promote tourism, investment and education.
"I've always been a huge fan of the Queen. She has very kind eyes with a mischievous glint. I've always liked strong women, and she is a very strong woman," Bailey said of the portrait sitting.