A royal portrait by Diego Velázquez is up for auction.

The painting of former Queen Isabel de Bourbon Diego Velasquez is up for auction at Sotheby's in New York. This is the first time in fifty years that a work is to be sold.

The price tag for the painting is expected to be $35 million dollars. The auction will take place next year, in February.

Velazquez worked on the portrait of Isabella twice - first in the late 1620s and then again in 1631 after meeting Flemish painter Peter Paul Rubens.

The price for the painting is expected to surpass the previous auction record for a Velazquez work.