Phillips de Pury & Co. scored its second-highest tally ever for a contemporary art sale in New York last night, boosted by a hot property from hedge-fund manager Steven Cohen.

The founder and chairman of SAC Capital Advisors LP consigned Andy Warhol’s portrait of Elizabeth Taylor, and the late screen idol was the star of the evening’s 50-lot sale.

With two telephone bidders dueling for the work, the 40- inch-square 1963 canvas titled “Liz #5” fetched $26.9 million, falling within its target range of $20 million to $30 million.

The sale brought in $98.8 million, close to the low end of the forecast $84.5 million to $121.4 million, and 22 percent of the lots failed to sell. Still, the total was more than double the boutique auction house’s tally of a year ago.

“They are definitely the underdog and they are hanging in there. It’s remarkable,” said Wendy Cromwell, New York art adviser, comparing Phillips with much bigger players Sotheby’s (BID) and Christie’s International.

In “Liz #5,” the legendary actress, who died in March, is depicted with a clownlike red mouth and turquoise eye shadow that matches the background. The painting used to belong to the influential art dealer Ileana Sonnabend. Six months after her death in October 2007, her heirs sold the work to the Gagosian gallery along with other Warhols from her collection.

A Maurice de Vlaminck landscape from Cohen’s collection sold at Christie’s last week for $22.5 million. Together the two works brought in $49.4 million.

Another 1963 turquoise “Liz” appeared on the market in 2007. Consigned by actor Hugh Grant, it fetched $23.6 million at Christie’s in New York.

More Warhol

Warhol accounted for four of the top 10 lots; in addition, his collaboration with Jean-Michel Basquiat titled “Third Eye” was the third-priciest piece at $7 million, more than double its $3 million high estimate.