Sotheby's held its first sale at its new US headquarters in New York, where Gustav Klimt's "Portrait of Elisabeth Lederer" sold for $236.4 million, becoming the most valuable work of modern art ever sold at auction and the most expensive artwork ever sold by Sotheby's globally. The record-breaking 20-minute bidding war also saw strong results for works by Edvard Munch ($35.1 million) and a Klimt landscape ($86 million), while the evening's total reached $706 million. However, two top lots 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! for $12.1 million.
The sale marks a triumphant night for the top end of the art market, which has experienced a slowdown for over two years, signaling renewed confidence among high-end collectors. The portrait's survival from near-destruction during World War II and its provenance from the collection of Estée Lauder heir Leonard A. Lauder added to its significance. The event demonstrates that while the market remains selective—with some major works failing to sell—exceptional pieces can still command unprecedented prices, and conceptual works like Cattelan's toilet may struggle to exceed their material value.