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.
This sale resets the record for modern art at auction, overtaking Andy Warhol's *Shot Sage Blue Marilyn* ($195 million in 2022). It also underscores the enduring strength of the high-end art market, with Lauder's collection exceeding expectations. The portrait's Nazi-era provenance adds a layer of historical significance, highlighting ongoing issues of restitution and the market's appetite for works with complex pasts.