WHEN ELIZABETH Taylor walked into an American Society of Newspaper Editors party after her "Little Foxes" performance at the Kennedy Center last week, one out-of-town fan gushed admiringly:

"You are so good in that role, it's as though Lillian Hellman wrote it for you!"

Since the character she portrays is not very nice, Taylor did not appear to take the remark as a compliment.

"You mean I'm the perennial bitch?" she replied.

The way one observer tells it at Sloan's auction gallery here, the door flew open and an irate Marion Javits stormed in carrying what looked like a potentially valuable presidential political picture from Henry Clay's campaign.

Former Sen. Jacob Javits' wife, while cleaning out his Capitol Hill office, had attempted to give the banner to the Smithsonian.

When they wouldn't accept it, said the source, she then brought it to Sloan's to be sold."

A spokesman for Sloan's estimates that the interesting item will bring no more than a couple of hundred dollars.

There on the first printed page the Friday after the assassination attempt is a political cartoon depiciting the presidential seal riddled with four bullet holes.

Later, a picture of an American apple pie appears with a smoking handgun baked in the middle of it.

Toward the end, a portrait of Secretary of State Alexander Haig is shown with his campaign ribbons spelling out: "I WANT IT ALL."

It's not a radical pamphlet, underground newspaper or far-left magazine, but rather a regular part of the White House News Summary, which the president sees daily. The 20-page "Friday Follies, as it is called, comes out once a week along with the daily White House news summary.

Unlike previous administrations, which got an occasional editorial cartoon interspersed among the summaries of national news stories, the Reagan White House so far has been given a steady dose of the cartoonists' ink dipped in vitrol and venom.

Even though the circulation is only about 300, it could be argued that those 300 people are the most influential in the nation -- going to the president, vice president, cabinet members and the entire White House staff.

New Jersey congresswoman Millicent Fenwick carries a bring red leather briefcase to work.

"It's marvelous," she says. "I can bring in homemade bread on one side and important papers on the other."

That's one of the little tidbits Janet Wallach, former fashion director at Garfinkel's, put in her new book, "Working Wardrobe," which gives advice on how to put together a professional looking career wardrobe for very little money.

First Lady Nancy Reagan, who can afford to spend $1,600 for a single Janet Lieber handbag, was one of those interviewed by Wallach for advice for frugal shoppers.

One Reagan maxim for being chic on any budget is to "Get a three-way mirror and look at yourself from all sides."

The First Lady had hoped to, but didn't make the book party Marshall Coyne, owner of the Madison Hotel, had for Wallach at his Kalorama-area house, but her social secretary, Muffie Brandon, and Michael Deaver, the president's deputy chief of staff, both took extra copies of the book for her.

At the party last week, Deaver was asked, "On a scale of 1-to-10, how is the president compared to how he was before he was shot?"

Deaver thought for a moment and answered "7."