Yeo has painted portraits of Tony Blair, Andrew Lloyd Webber, Rupert Murdoch and Prince Philip.
He got the idea for the collages following the cancellation of a commission by the White House to paint Bush in 2004. He made the portrait, anyway, but in the form of a collage using pieces of pornographic magazines.
Barrett said posters of the Hilton portrait, titled "Paris, 2008," will be sold for $20 each at the gallery.
She said Yeo was offering Hilton proceeds from the sale of the posters as a "lighthearted" gesture because the hotel heiress has said she didn't receive any money from the notorious 2004 sex video that starred her and then-boyfriend Rick Salomon.
Hilton was in New York on Thursday to tape an appearance on CBS' "Late Show with David Letterman." Her manager did not immediately return a telephone call seeking comment.
The London-based Lazarides Gallery will operate the temporary gallery, called a pop-up, at a former restaurant supply store on the Bowery. The two-week show, "The Outsiders," opens to the public Friday.
