Gustav Klimt's *Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer)* sold for $236.4 million at Sotheby's first auction in its new Breuer building location in New York, becoming the most expensive modern artwork ever sold at auction. Painted between 1914-1916, the six-by-four-foot portrait depicts Elisabeth Lederer, daughter of Klimt's patrons Serena and August Lederer, dressed in a white gown against a wisteria backdrop. The painting was looted by the Nazis, survived a fire during World War II, was returned to the Lederer family in 1948, and later entered the collection of Estée Lauder heir Leonard A. Lauder, who died earlier this year.
The sale marks a historic milestone for the art market, as the work now ranks as the second most expensive artwork ever sold at auction, behind only Leonardo da Vinci's *Salvator Mundi* ($450.3 million in 2017). The result underscores the enduring demand for top-tier modernist masterpieces and highlights Sotheby's strategic move to its new Breuer building venue. The painting's complex provenance—from Nazi looting to postwar restitution to a prominent American collector—also reflects ongoing conversations about the legacy of art displaced during World War II.