A portrait by Austrian artist Gustav Klimt sold for $236.4 million (£179 million) in New York on Tuesday, becoming the second most expensive artwork ever sold at auction. The sale concluded after a 20-minute bidding process involving six participants.
The Artwork
The painting, titled 'Portrait of Elisabeth Lederer,' was created between 1914 and 1916. It depicts Elisabeth Lederer, an heiress and daughter of one of Klimt's patrons, wearing a white robe and positioned in front of a blue tapestry adorned with Asian motifs.
Historical Context
The artwork was part of the Lederer family art collection, which was looted by the Nazis following Austria's annexation in 1938. The painting was subsequently rescued in 1948 after nearly being destroyed in a fire during World War Two. It was returned to Elisabeth Lederer's brother, Erich Lederer, a friend and subject of Egon Schiele. Erich Lederer retained possession of the piece for much of his life before selling it in 1983, according to Sotheby's. In 1985, Leonard A. Lauder acquired the painting for his private collection, where it was displayed in his Fifth Avenue residence in New York.
Auction Performance
The final sale price of $236.4 million surpassed the pre-auction estimate of $150 million. This sale establishes a new public auction record for a Klimt work, with the previous record held by 'Lady with a Fan,' which sold for $108.8 million in London in 2023. At the same event, several other Klimt works from Lauder's collection were auctioned, including 'Flowering Meadow' and 'Forest Slope at Unterach am Attersee,' each selling for amounts between $60 million and $80 million.
The most expensive artwork ever sold at auction remains 'Salvator Mundi,' attributed to Leonardo da Vinci, which achieved $450.3 million in 2017.
Other Notable Sales
Also on Tuesday, a 101-kilogram sculpture of a functional gold toilet by conceptual artist Maurizio Cattelan sold for $12.1 million, approximately one hour after the Klimt auction. Sotheby's stated that the buyer was an American brand, and the item received a single bid.