A masterpiece by Austrian symbolist painter Gustav Klimt has shattered expectations at a New York auction, fetching a staggering $236.4 million (£179.7 million) and securing its place as the second most expensive artwork ever sold at auction.
A Tumultuous History: From Nazi Looting to a Fifth Avenue Home
The painting, Portrait of Elisabeth Lederer, was completed by Klimt between 1914 and 1916. It depicts the young heiress and daughter of the artist's patrons, Elisabeth Lederer, adorned in an elegant Chinese robe. The six-foot-tall portrait's journey to the auction block is a dramatic tale of survival. It was looted by the Nazis and later came perilously close to being destroyed in a fire during the Second World War.
Miraculously, the artwork was recovered and returned to Elisabeth's brother, Erich Lederer, in 1948. It remained with him for most of his life until he sold it in 1983. The painting then entered the esteemed private collection of Leonard A. Lauder, the Estée Lauder heir, in 1985. Lauder, who passed away in June at the age of 92, cherished the piece, displaying it prominently in his Fifth Avenue home in New York.
Art historian Emily Braun, Lauder's long-time art adviser, revealed to CNN that the Klimt was the centrepiece of his collection. "He ate lunch whenever he was at home, and lunch would be at a little round table right by the painting," Braun said, highlighting its personal significance.
The Fierce Bidding War and Record-Breaking Result
At the Sotheby's auction on Tuesday evening, the art world watched as six bidders battled for 20 minutes to secure the coveted portrait. The final sale price of $236.4 million (including fees) far exceeded pre-sale estimates, which had predicted a result of over $150 million. Sotheby's has chosen not to disclose the identity of the successful buyer.
This sale establishes a new auction record for a work by Gustav Klimt, surpassing the $108 million paid for Lady with a Fan in 2023. The painting's sale was a major contributor to the total value of Leonard A. Lauder's collection, which realised $575.5 million with fees. The Klimt portrait alone accounted for more than 40% of this monumental sum.
Klimt's Enduring Legacy in the Art Market
The sale of Portrait of Elisabeth Lederer underscores the immense and growing value placed on Klimt's rare portraiture. This work is one of only two full-length Klimt portraits still held in private hands, adding to its desirability. While this sale sets a new public auction benchmark, Klimt's works have previously commanded huge sums in private transactions. In 2006, Lauder's brother, Ronald, paid $135 million in a private sale for Klimt's famed Portrait of Adele Bloch-Bauer I.
The title of the most expensive artwork ever sold at auction remains with Leonardo da Vinci's Salvator Mundi, which fetched an astonishing US$450.3 million in 2017.
