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. The 1914-1916 portrait depicts Elisabeth Lederer, daughter of Klimt's patrons Serena and August Lederer, and was previously owned by Estée Lauder heir Leonard A. Lauder, who died earlier this year. The painting was looted by the Nazis during World War II, returned to the Lederer family in 1948, and later sold in 1983.
The sale marks a historic moment 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 record-breaking price underscores the enduring demand for iconic modernist works and the strength of the high-end auction market, particularly at Sotheby's new flagship location. The painting's complex provenance—including Nazi looting and restitution—adds layers of historical significance to its commercial value.