Sotheby's inaugural sale at its new New York headquarters on Tuesday evening set multiple records, led by Gustav Klimt's "Portrait of Elisabeth Lederer," which sold for $236.4 million—the most valuable work of modern art ever auctioned and the highest price ever achieved by Sotheby's globally. The painting, spared from destruction during World War II, was part of the collection of Estée Lauder heir Leonard A. Lauder, whose holdings fetched $527.5 million total. Other highlights included an Edvard Munch painting at $35.1 million, a Klimt landscape at $86 million, and a Jean-Michel Basquiat work at $48.3 million, while a Cecily Brown set a new record at $9.8 million. However, works by Kerry James Marshall and Barkley L. Hendricks failed to sell, and Maurizio Cattelan's gold toilet "America" drew only a single bid from Ripley's Believe It or Not! at $12.1 million.
The sale signals a resilient top end of the art market after a two-year slowdown, with Sotheby's achieving a personal best of $706 million combined across its evening sales. The record-breaking Klimt portrait underscores sustained demand for rare, historically significant works, while the mixed results for contemporary artists and the gold toilet's tepid reception highlight a selective market where conceptual value may not always outweigh material worth. The event also marks a triumphant debut for Sotheby's new US headquarters, positioning the auction house for continued dominance in high-value art sales.