The case centers on how courts decide when an artist makes "fair use" of another's work under copyright law.
The Supreme Court will hear arguments in the estate's appeal of a lower court's decision favoring Goldsmith.
The Supreme Court's eventual decision could have broad or narrow implications for fair use depending on the ruling, Tushnet said.
The Warhol estate told the Supreme Court the 2nd Circuit's decision "casts a cloud of legal uncertainty over an entire genre of visual art, including canonical works by Andy Warhol and countless other artists."
Goldsmith's lawyers told the Supreme Court that a ruling favoring the foundation would "transform copyright law into all copying, no right."