A mysterious portrait by Gustav Klimt, ‘Portrait of Elisabeth Lederer,’ sold for a record $236 million at a Sotheby’s auction in New York, making it the second-most expensive artwork ever sold and the highest for modern art. The sale far exceeded expectations and highlights the enduring appeal of Klimt’s work.
The auction took place on Tuesday and featured an intense 20-minute bidding battle among six participants, driving the price well beyond the pre-sale estimate of $150 million. Sotheby’s has not disclosed the identity of the buyer, adding to the intrigue surrounding the sale. This event underscores the fierce competition for rare masterpieces in the high-stakes art market.
The painting, created between 1914 and 1916, depicts Elisabeth Lederer, an heiress and the daughter of one of Klimt’s patrons, wearing a white robe and standing before a blue tapestry adorned with Asian motifs. This piece is part of Klimt’s later works and is noted for its exquisite detail and symbolic elements, reflecting the artist’s signature style that blends realism with decorative abstraction. Its relative obscurity until recently added to its allure, as it had been hidden from public view for decades.
Historically, the painting has a tumultuous past; it was looted by the Nazis after they annexed Austria in 1938 and was nearly destroyed in a fire during World War II. It was rescued in 1948 and returned to the Lederer family, specifically to Erich Lederer, the brother of the subject. This restitution story highlights the ongoing impact of wartime looting on art collections and the importance of provenance in valuing cultural artifacts.
After its return, the portrait remained in the Lederer family’s possession for decades until it was sold in 1983. It was later acquired by Leonard A. Lauder, heir to the Estée Lauder fortune, who displayed it in his Fifth Avenue home in New York as part of his private collection. Lauder’s ownership helped preserve the work and eventually led to its high-profile auction, drawing attention from collectors worldwide.
The same auction also saw the sale of other Klimt works from Lauder’s collection, including ‘Flowering Meadow’ and ‘Forest Slope at Unterach am Attersee,’ which fetched between $60 million and $80 million each. Additionally, a fully functioning gold toilet sculpture by conceptual artist Maurizio Cattelan sold for $12.1 million with just one bid, and Sotheby’s indicated the buyer was a famous American brand. These sales demonstrate the diverse interests of bidders and the robust market for both classical and contemporary art.
This sale sets a new record for Klimt, surpassing the previous high of $108.8 million for ‘Lady with a Fan’ sold in 2023, and positions the painting as the second-most expensive artwork ever sold at auction, behind only Leonardo da Vinci’s ‘Salvator Mundi,’ which sold for $450.3 million in 2017. The event underscores the high demand for masterpieces with rich histories and the escalating prices in the art world, driven by factors like rarity and historical significance.
The mystery of the buyer and the painting’s dramatic backstory contribute to its allure, sparking discussions in the art world about the valuation of cultural treasures and the impact of provenance on auction prices. Future exhibitions or disclosures about the new owner may provide further insights, but for now, the sale cements Klimt’s legacy and raises questions about the future of art collecting in an era of record-breaking deals.
