According to Sotheby's, this is the first "Double Elvis" to appear on the market since 1995. Warhol created 22 images of Elvis with nine of them currently in museum collections and the others in private collections.
The most expensive Warhol ever sold went for $71.7 million in 2007 when Christie's auctioned off his "Green Car Crash - Green Burning Car I."
The contemporary art auction will also include Roy Lichtenstein's "Sleeping Girl" and Francis Bacon's "Figure Writing Reflected In Mirror." Both works are expected to fetch $30 million to $40 million. It is likely the sale of Lichtenstein's "Sleeping Girl" will set a new record for one of his works.
The auction comes less than a week after after Edvard Munch's "The Scream" sold for $119.9 million, an auction record.
The Associated Press contributed to this report.