Gustav Klimt's "Portrait of Elisabeth Lederer" sold for $236.4 million at Sotheby's New York on Tuesday night, becoming the second most expensive artwork ever sold at auction and the most expensive modern artwork ever auctioned. The six-foot-tall painting, created between 1914 and 1916, depicts the young heiress and daughter of Klimt's patrons. Six bidders competed for 20 minutes before the work was sold, though Sotheby's declined to name the buyer. The painting had been looted by the Nazis during World War II, returned to the Lederer family in 1948, and later acquired by Estée Lauder heir Leonard A. Lauder in 1985. Lauder died in June at age 92, and the sale was part of his collection auction that fetched $575.5 million total.
The sale shatters the previous Klimt auction record of $108 million set by "Lady with a Fan" in 2023 and represents over 40% of Lauder's collection value. It underscores the enduring strength of the ultra-high-end art market, even as broader economic uncertainties persist. The auction also included Maurizio Cattelan's solid gold toilet "America," which sold for $10 million, highlighting continued fascination with provocative contemporary works. The record price positions Klimt among the most valuable artists at auction, second only to Leonardo da Vinci's "Salvator Mundi" ($450.3 million in 2017).