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Klimt portrait sells for $236.4m, second-highest auction price in history
A 1914-1916 portrait by Austrian artist Gustav Klimt sold for $236.4 million (£179 million) at a Sotheby's auction in New York on Tuesday, becoming the second most expensive artwork ever sold at auction. The Portrait of Elisabeth Lederer sparked a 20-minute bidding war among six competitors before exceeding its $150 million pre-sale estimate.
Nazi-looted artwork with a turbulent history
The painting, depicting heiress Elisabeth Lederer in a white robe against an Asian-motif tapestry, was looted by the Nazis during World War II after Austria's 1938 annexation. Though nearly destroyed in a wartime fire, it was recovered in 1948 and returned to Lederer's brother, Erich-a friend and subject of Klimt's contemporary, Egon Schiele. Erich retained it until selling it in 1983.
Estée Lauder heir Leonard A. Lauder acquired the work in 1985, displaying it in his Fifth Avenue residence. Sotheby's declined to name the buyer, who secured the piece amid fierce competition.
Record-breaking sale caps Klimt's market dominance
The auction shattered expectations, surpassing Klimt's prior record-Lady with a Fan, sold for $108.8 million in London in 2023. Other Klimt works from Lauder's collection, including Flowering Meadow and Forest Slope at Unterach am Attersee, fetched between $60 million and $80 million each.
The all-time auction record remains Leonardo da Vinci's Salvator Mundi, sold for $450.3 million in 2017.
Gold toilet sculpture fetches $12.1m in same event
Hours after the Klimt sale, Maurizio Cattelan's America-a fully functional 101-kg gold toilet-sold for $12.1 million following a single bid. Sotheby's revealed the buyer was an unnamed "famous American brand."
The Lederer portrait's journey-from Nazi looting to record-breaking sale-underscores its historical and artistic significance.
Sotheby's statement, 2025
