Sotheby's New York held a landmark auction evening on November 18, 2025, featuring two headline-grabbing lots: Gustav Klimt's 'Portrait of Elisabeth Lederer' (1914-16), which sold for $236.4 million, becoming the most expensive modern artwork ever sold at auction, and Maurizio Cattelan's solid-gold toilet 'America', which sold for a disappointing $12.1 million after a single bid. The Klimt came from the collection of the late cosmetics heir Leonard Lauder, whose two-night auction total reached $527.5 million. The toilet, previously owned by investor Steve Cohen, had been commissioned when gold prices were far lower, ensuring the seller a profit regardless of the modest bidding.
These sales matter because they provide a much-needed boost to a sluggish art market that contracted 12% last year amid economic uncertainty. The Klimt record—surpassing Picasso's 'Les Femmes d'Alger (Version O)' at $179.4 million—signals continued demand for top-tier museum-quality works, while the Cattelan toilet's underwhelming performance highlights the gap between conceptual art's cultural buzz and its actual market value. The auction also marked Sotheby's inauguration of its new headquarters in Marcel Breuer's former Whitney Museum building, underscoring the ongoing transformation of New York's auction landscape.