Michael Jackson (1984) by Andy Warhol. (Courtesy of the Andy Warhol Estate/Vered Gallery)

A multicoloured portrait of the late Michael Jackson by Andy Warhol is to be auctioned off with a starting price of $800,000 US.

"This Andy Warhol portrait brings together the uncontested King of Pop Art with the uncontested King of Pop. The portrait was painted at the height of their careers and is a celebration of two of the great talents in global cultural history," said Janet Lehr of the Vered Gallery, agents for the seller, in a statement released on Friday.

The iconic portrait, created in 1984 to celebrate the massive popularity of Jackson's Thriller album, will be on show at London's British Music Experience from Aug. 6 to 8th.

The exhibition space is inside the O2 arena where Jackson had been due to perform a series of concerts this summer into September.

The 50-year-old performer suffered a cardiac arrest at his rented home in Los Angeles on June 25. An autopsy report is expected out soon.

Warhol's Technicolor silkscreens of iconic celebrities such as Liz Taylor and modern objects continue to reap high bids. The artist died in 1987.

The silkscreen, which measures 76.2 by 66 centimetres, is expected to fetch much more than its starting price of $800,000 U.S.

The highest price ever paid for a Warhol portrait was $28 million for Lemon Marilyn in 2007.

The auction of the Jackson portrait will be held at the Vered Art Gallery in East Hampton, N.Y. on Aug. 18.