In brief
A stunning portrait by Austrian artist Gustav Klimt has been sold for $236.4 million in a recent New York auction, making it the second most expensive artwork ever sold. The Portrait of Elisabeth Lederer, painted between 1914 and 1916, attracted intense bidding from six participants over 20 minutes. This piece not only showcases Klimt's artistic talent but also holds historical significance, having been looted during World War II and nearly destroyed before its recovery in 1948. The buyer's identity remains undisclosed, but the painting's sale greatly surpassed pre-auction estimates of $150 million.
A portrait by the Austrian artist Gustav Klimt was sold for $236.4 million (£179 million) in New York on Tuesday, making it the second most expensive piece ever sold at auction.
Six people took part in a 20-minute bidding battle for the Portrait of Elisabeth Lederer, which was painted between 1914 and 1916.
Auction house Sotheby's has not disclosed the buyer's identity.
The portrait was looted by the Nazis and almost destroyed in a fire during World War II, but was rescued in 1948.
The artwork was returned to Lederer's brother, Erich, a friend and subject of Klimt's contemporary, Egon Schiele. The piece remained in Lederer's possession for most of his life before he sold it in 1983, according to Sotheby's.
The painting portrays Lederer, an heiress and daughter of one of Klimt's patrons, dressed in a white robe against a backdrop of blue tapestry adorned with Asian motifs.
The Nazis, who annexed Austria in 1938, looted the Lederer art collection but left family portraits behind, as stated by the National Gallery of Canada.
In 1985, Estée Lauder heir Leonard A. Lauder acquired it for his private collection, where it was displayed in his Fifth Avenue home in New York.
This sale exceeded the expected price, with predictions set around $150 million prior to the auction. The previous record for a Klimt was held by Lady with a Fan, which sold for $108.8 million in 2023.
Several of Klimt's works from Lauder's collection were auctioned at the same event, including Flowering Meadow and Forest Slope at Unterach am Attersee, which sold for between $60 million and $80 million each.
The most expensive artwork ever sold at auction remains Salvator Mundi, attributed to Leonardo da Vinci, which was sold in 2017 for $450.3 million.
Additionally, a fully functioning gold toilet sculpture by conceptual artist Maurizio Cattelan fetched $12.1 million just an hour after the record-breaking Klimt sale; it received only one bid, reportedly from a famous American brand.
