Warhol and Basquiat, Untitled, 1984-1985 Image: Sotheby's Warhol and Basquiat, Untitled, 1984-1985
Image: Sotheby's

The painting is expected to raise at least £700 000 in the evening contemporary art sale next month. According to Sotheby's, the sale of this work will contribute to the couple's charity donations.

The work by Warhol and Basquiat was executed in 1984-1985 and has been estimated to sell for between €700 000 to €1 000 000.

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Warhol and Elton John did meet during Warhol's lifetime, and today John's private collection features works by Warhol. Although his collection is kept under wraps, John has sold works at Sotheby's by Gilbert & GeorgeTracey EminWillem de Kooning, Damien Hirst, Louise Bourgeois, Keith Haring and Julian Schnabel.

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Later this year, in November, Elton John's photography collection will be exhibited at the Tate Modern. ''A Radical Eye: the Sir Elton John Collection'' will feature warless by Man Ray, Alexander Rodchenko and Berenice Abbott as well as countless other photography talents.

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