The most common and most likely answer to this crossword clue is the 4 plus 3 plus 5 letter word VIVA LAS VEGAS
V
I
V
A
L
A
S
V
E
G
A
S
Buddy explains!

The straight part
We know that "picture of the King" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case picture of the king = viva las vegas.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.