Gustav Klimt’s Portrait Breaks Records with $236 Million Sale

A full-length portrait by Austrian artist Gustav Klimt has achieved a remarkable sale price of $236.4 million at auction on November 18, 2023. The auction took place at Sotheby’s new headquarters located in the Breuer Building in New York, setting multiple records in the process.

This sale marks the highest price ever paid at auction for a work by Klimt, the top amount for a modern artwork at auction, and the second-highest price for any painting ever sold at auction, following the $450 million sale of Leonardo da Vinci’s Salvator Mundi in 2017. The painting, titled Portrait of Elisabeth Lederer, was created between 1914 and 1916 and is believed to be one of just two full-length portraits by Klimt that remain in private collections.

The portrait was commissioned by Klimt’s primary patrons and depicts their daughter, who was just twenty years old at the time, dressed in an imperial Chinese dragon robe. The painting was confiscated by the Nazis during World War II and was returned to its rightful owners in 1948. It was acquired by cosmetics mogul Leonard A. Lauder in the mid-1980s from dealer Serge Sabarsky and had been displayed in Lauder’s New York apartment for nearly four decades.

The auction commenced with an opening bid of $130 million and concluded in under twenty minutes, drawing interest from six bidders. Sotheby’s has yet to disclose the identity of the buyer.

“Tonight, we made history at the Breuer,” stated Helena Newman, Sotheby’s worldwide chairman of Impressionist and modern art. “To see Gustav Klimt’s exquisite portrait of Elisabeth Lederer set a new auction record for the artist is thrilling in itself; to see it become the most valuable work ever sold at Sotheby’s is nothing short of sensational. Klimt is one of those rare artists whose magic is as powerful as it is universal.”

The sale reflects not only the enduring appeal of Klimt’s work but also the current vibrancy of the art market, particularly for significant pieces that carry historical importance and cultural significance. As collectors continue to seek out exceptional works, this auction serves as a testament to the value and legacy of Klimt’s artistry.