In an extraordinary event that invigorated the modern art market, Gustav Klimt’s portrait of Elisabeth Lederer sold for a staggering $236.4 million at Sotheby’s in New York, setting a new benchmark for the Austrian artist and marking the second most expensive painting ever sold at auction. The sale far exceeded its initial estimate of $150 million, highlighting Klimt’s enduring appeal and the strength of demand for iconic works of art.
The monumental painting depicts Elisabeth Lederer, the daughter of Klimt’s prominent patrons, adorned in an exquisite imperial Chinese dragon robe. Created between 1914 and 1916, this lush portrait has long been a prized possession, hanging for nearly four decades in Leonard A. Lauder’s Fifth Avenue apartment before being consigned to auction from the cosmetics heir’s estate. Notably, it is one of only two full-length Klimt portraits still held in private hands, which adds to its rarity and appeal.
The intense bidding war for the portrait lasted more than 19 minutes, with six determined bidders vying for the masterpiece. The final price of $236.4 million, including fees, dramatically surpassed Klimt’s previous auction record of $108 million, reaffirming his legendary status in the art world. This sale represents nearly 45 percent of the total value achieved by the Lauder estate’s works sold that evening, which together amassed over $527 million.
The auction night at Sotheby’s also featured other remarkable sales, including two additional Klimt pieces: “Blooming Meadow” sold for $86 million, and “Forest Slope in Unterach on the Attersee” fetched $68.3 million. These sales further underscore the high regard for Klimt’s art within the Vienna Secession movement and contribute to the record-breaking total of $706 million generated during the evening—a milestone for Sotheby’s single-night auction results.
Adding an unusual twist to the event, the conceptual art piece “America,” an 18-karat gold toilet by Maurizio Cattelan, sold for $12.1 million. This functional sculpture sparked buzz and curiosity, placing an intriguing counterpoint to Klimt’s historic portrait. While the toilet attracted much attention, it was Klimt’s masterpiece that truly captured imaginations and commanded a historic valuation.
This landmark sale is a defining moment for the contemporary auction world and signals renewed vitality in a market that had experienced contraction recently. Gustav Klimt’s “Portrait of Elisabeth Lederer” cements its place among the most celebrated and valuable works of art ever sold, underscoring the timeless power of his visionary style and the prosperous allure of European modernism.
As collectors continue to seek rare treasures and masterpieces, Klimt’s record-breaking achievement promises to influence the trajectory of art auctions in the years ahead, setting a new pinnacle for Austrian art and the legacy of one of the 20th century’s most revered painters.
