The farmous Warhol portraits that leap to mind are of Marilyn Monroe, Elizabeth Taylor, Jackie Kennedy, Michael Jackson, Grace Kelly, Prince, John Lennon, Muhammed Ali, Debbie Harry, Liza Minelli, Chairman Mao, David Bowie, Albert Einstein, Audrey Hepburn, Judy Garland, Twiggy, Queen Elizabeth (one of those prints hangs in the British Embassy in DC), and Ingrid Bergman. He painted several of those subjects at multiple times, in various poses.
I think it refers to the “fifteen minutes of fame” thing.