A painting by the celebrated Austrian artist Gustav Klimt has achieved a monumental feat, becoming the most expensive piece of modern art ever sold at auction after a staggering final bid of $236.4 million.
The Record-Breaking Sale
The historic sale took place on November 18 at Sotheby's in New York City, marking the first auction held at their new location in the Breuer building. The artwork in question, Klimt's Portrait of Elisabeth Lederer, was part of a sale of 24 pieces from the personal collection of the late Leonard Lauder, the son and heir to Estée Lauder, who passed away in June. The Lauder family are renowned as major patrons of the arts.
According to reports from the Wall Street Journal, the bidding was intensely competitive, with at least six hopeful participants vying for the portrait. Several joined the fray by telephone, and it was ultimately a telephone bidder who emerged victorious, concluding the tense event to a round of applause from the room.
A Painting with a Profound History
The six-foot-tall masterpiece, completed in 1916, is one of Klimt's most intricate works. It portrays the daughter of one of his wealthy Viennese clients, elegantly depicted in an ornamental robe and surrounded by Chinese art. The painting's journey to the auction block was far from straightforward.
As reported by the Guardian, the portrait has a tumultuous past; it was looted by the Nazis and nearly destroyed by a fire during the Second World War. It was later recovered by a friend of the artist and eventually purchased by the Lauder family in 1985. Leonard Lauder, a devoted admirer of Klimt, rarely let the painting out of his sight, though it was occasionally displayed at the Museum of Modern Art and his brother's Neue Galerie.
This portrait was one of only two remaining full-length Klimt portraits still in private hands, making it an exceptionally rare and sought-after piece.
Wider Collection and Lasting Impact
The sale of the Portrait of Elisabeth Lederer was not the only success of the evening. Lauder's collection, which Sotheby's described as 'once in a generation', achieved a combined total of approximately $528 million, with every single piece finding a buyer.
Two other Klimt paintings from Lauder's holdings were also sold. Blooming Meadow from 1908 fetched $86 million, while Forest Slope in Unterach on the Attersee from 1916 sold for $70.8 million. The auction also saw millions raked in for works by Henri Matisse, Edvard Munch, and Robert Rauschenberg.
This record-breaking sale has cemented the painting's status as one of the most valuable works of the 20th century. It surpasses the previous record for a Klimt at auction and overtakes the $179.4 million paid for Pablo Picasso's Les Femmes d'Alger in 2015. However, the overall auction record is still held by Leonardo da Vinci's Salvator Mundi, which sold for $450 million in 2017.
Helena Newman, Sotheby's Worldwide Chairman, stated that the auction 'made history,' calling the new record for Klimt 'thrilling' and the outcome 'nothing short of sensational.'
