Gustav Klimt's portrait of Elisabeth Lederer sold for $236 million (£180 million) at Sotheby's in New York, setting a new record for the most expensive work of modern art ever sold at auction. The painting, completed between 1914 and 1916, depicts the daughter of Klimt's most important patrons and was part of the collection of the late cosmetics billionaire Leonard Lauder, who had purchased it in 1985. The sale took place during Sotheby's first evening sale at its new Manhattan headquarters, with bidding starting at $130 million and narrowing to two contenders before the hammer fell at $236 million.
The record-breaking sale underscores the enduring strength of the high-end art market, even as it highlights the complex provenance of works looted during the Nazi era. The Lederer portrait was deemed "too Jewish" to be stolen by the Nazis in 1939, and was later brought to New York by a Viennese refugee. The auction also included two other Klimts from Lauder's collection, which sold for $86 million and $68 million respectively, along with works by Edvard Munch and Jean-Michel Basquiat, raising a total of $527 million for the collection.