Klimt's portrait of Elisabeth Lederer sells for $236.4M
What's the story
A painting by Austrian artist Gustav Klimt has broken records, selling for a huge $236.4 million at a Sotheby's auction in New York City. The artwork, titled "Portrait of Elisabeth Lederer," is now the second most expensive piece ever sold at auction and the priciest modern artwork to date. The six-foot-tall painting depicts Lederer, a young heiress and daughter of Klimt's patrons, in a Chinese robe.
Auction frenzy
Bidding war ensues for Klimt's painting
The auction saw six bidders fight for 20 minutes before the final price was reached. Sotheby's has not revealed the identity of the buyer. The sale price far exceeded pre-auction estimates of over $150 million and accounted for more than 40% of Leonard A Lauder's art collection, which sold for a total of $575.5 million.
Art history
A history of theft and return
The painting was once looted by the Nazis during World War II and nearly destroyed in a fire. However, it was returned to Lederer's brother Erich in 1948. The artwork remained with him until he sold it in 1983. In 1985, it became part of Estée Lauder heir Leonard A Lauder's private collection, where it was displayed prominently in his Fifth Avenue home. Lauder passed away in June at 92.
Prized possession
Klimt's portrait of Elisabeth Lederer: A prized possession
Art historian Emily Braun, who advised Lauder for nearly 40 years, described the painting as "the jewel of his collection." She recalled that Lauder often ate lunch at a small round table placed right beside it. The sale of Portrait of Elisabeth Lederer now marks a new auction record for Klimt, exceeding the $108 million achieved by Lady with a Fan in 2023.
Record-breaking sale
Klimt painting's sale surpasses previous auction records
The most expensive artwork ever sold at auction remains Leonardo da Vinci's "Salvator Mundi," which fetched $450.3 million in 2017. After the auction of Lauder's collection, Sotheby's held another modern art auction that included Maurizio Cattelan's solid gold toilet titled "America."