A stunning portrait by renowned Austrian Symbolist painter Gustav Klimt has rewritten auction history, becoming the second most expensive artwork ever sold under the hammer. The painting, Portrait of Elisabeth Lederer, achieved an extraordinary price of $236.4 million (£179 million) during a high-profile auction in New York on Tuesday. The intense bidding session, which lasted nearly 20 minutes, saw six determined collectors push the price far beyond initial estimates.
Hosted by Sotheby’s, the auction drew global attention, though the identity of the winning bidder remains undisclosed. The sale marks a milestone moment not only for Klimt’s legacy but also for the evolving dynamics of the international art market.
Painted between 1914 and 1916, the portrait carries a dramatic past shaped by political upheaval and war. During World War II, the painting was seized by the Nazis following their annexation of Austria in 1938. According to historical records, the Lederer family’s extensive art collection was taken, though family portraits—including this one—were initially left untouched. Even so, the painting later faced near destruction in a wartime fire, only to be salvaged and restored in 1948.
After the war, the artwork was returned to Erich Lederer, brother of Elisabeth and a close acquaintance of the celebrated Austrian Expressionist Egon Schiele. The painting remained in his private collection for much of his life until its sale in 1983. Two years later, the portrait was acquired by Estée Lauder heir Leonard A. Lauder, who showcased it prominently in his Fifth Avenue residence for decades.
The piece itself depicts Elisabeth Lederer—an heiress and the daughter of one of Klimt’s long-time patrons—draped in a flowing white garment, positioned against a richly decorated blue backdrop adorned with Asian-inspired motifs. The painting is widely regarded as one of Klimt’s most expressive and intricately detailed later works.
Tuesday’s sale shattered its pre-auction valuation of $150 million, underscoring the sustained demand for Klimt masterpieces. The previous high record for a Klimt painting, Lady with a Fan, was set at $108.8 million in 2023 in London, less than half of this latest achievement.
In addition to the headline-making sale, several other Klimt works from Lauder’s private collection also attracted major buyers. Notable pieces such as Flowering Meadow and Forest Slope at Unterach am Attersee achieved between $60 million and $80 million each, reinforcing Klimt’s enduring appeal among elite collectors.
While the Klimt portrait dominated the evening, another attention-grabbing sale took place shortly after: a fully operational gold toilet sculpture created by provocative Italian artist Maurizio Cattelan. The 101-kilogram artwork, receiving a single bid, fetched $12.1 million and was acquired by a well-known American brand, Sotheby’s confirmed.
The most expensive auction sale in history remains Leonardo da Vinci’s Salvator Mundi, sold in 2017 for a staggering $450.3 million. Still, Klimt’s newly set record reinforces his status as one of the most coveted artists of the modern era.
