Gustav Klimt's "Portrait of Elisabeth Lederer" sold for $236.4 million at Sotheby's, becoming the most expensive work of modern art ever sold at auction. The sale occurred after a 20-minute bidding war that drew gasps and applause from the room, and it also set a record as the most expensive artwork ever sold by the auction house globally.
This record-breaking sale underscores the enduring strength of the high-end art market, particularly for iconic modernist works. It also highlights Sotheby's competitive position in the auction world, as the price surpasses previous benchmarks for modern art and demonstrates sustained collector demand for top-tier pieces.