Klimt portrait sets new modern art record at $236.4 million New York auction

Gustav Klimt's portrait *Bildnis Elisabeth Lederer* (1914–1916) sold at Sotheby's New York on November 18 for $236.4 million, becoming the second most valuable artwork ever sold at auction and the most valuable modern work. The painting was the highlight of the Leonard Lauder collection sale, which totaled over $600 million. After a 20-minute bidding war, the portrait hammered at $205 million before fees, surpassing its $150 million estimate. The work, stolen by the Nazis during World War II, was acquired by Lauder in the 1980s.