Record-Breaking Sale of Gustav Klimt's Portrait of Elisabeth Lederer

On November 18, 2025, Gustav Klimt's "Portrait of Elisabeth Lederer" sold for an unprecedented $236.4 million at Sotheby’s in New York, marking it as the second most expensive artwork ever sold at auction and the most valuable modern art piece to date. The sale followed a 20-minute bidding war involving six bidders, ultimately surpassing its initial estimate of $150 million. This auction was significant not only for its record-breaking price but also as the inaugural sale at Sotheby’s newly renovated Breuer Building, formerly the Whitney Museum of American Art.

Klimt's Elisabeth Lederer Portrait Sells for $236.4 M. at Sotheby'sGustav Klimt portrait ‘Elisabeth Lederer’ shatters records, sells for $236.4M at Sotheby’sKlimt portrait sells for record $236.3m at Sotheby’s in New YorkFrance 24Gustav Klimt Masterpiece Smashes Auction Records with $236.4 Million SaleNBC NewsGustav Klimt's rare 'Elisabeth Lederer' painting fetches record $236.4 million - Most expensive work of modern art ever sold at auctionPortrait of Elisabeth Lederer shatters records, sells for $236.4M at Sotheby’s

Painted between 1914 and 1916, the portrait depicts Elisabeth Lederer, the daughter of Klimt's prominent patrons, dressed in an imperial Chinese robe against a backdrop of Asian motifs. The painting is one of only two full-length portraits by Klimt still in private hands, making it exceptionally rare. It has a storied history, having survived Nazi looting during World War II and a near destruction in a fire at Immendorf Castle. After the war, it was returned to the Lederer family, and in 1985, it was acquired by Leonard A. Lauder, heir to the Estée Lauder cosmetics empire.

The IndependentCNBC TV18The GuardianPortrait of Elisabeth Lederer shatters records, sells for $236.4M at Sotheby’sLeonard Lauder’s Klimt Fetches $236.4 Million at Sotheby’sNew York TimesKlimt Painting sells for $236.4 Million, becoming Priciest Modern Artwork ever auctioned

The auction was a pivotal moment for Sotheby’s, which had guaranteed a minimum price for Lauder's collection, valued at over $400 million. The total sales from the evening reached approximately $575.5 million, with the Klimt portrait alone accounting for over 40% of that total. Other notable sales included two additional Klimt landscapes, which sold for $86 million and $68.3 million, respectively.

New York TimesPortrait of Elisabeth Lederer shatters records, sells for $236.4M at Sotheby’sThe GuardianGustav Klimt portrait ‘Elisabeth Lederer’ shatters records, sells for $236.4M at Sotheby’sA dazzling portrait of a woman by Gustav Klimt has become the second most expensive painting in art . .France 24

Helena Newman, Sotheby’s worldwide chairman of Impressionist and modern art, expressed her excitement, stating, “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.” Emily Braun, an art historian and Lauder’s advisor, highlighted the painting's significance, noting that it was a centerpiece in Lauder's home for decades.

Klimt Painting sells for $236.4 Million, becoming Priciest Modern Artwork ever auctionedGustav Klimt Masterpiece Smashes Auction Records with $236.4 Million SaleThe GuardianThe IndependentPortrait of Elisabeth Lederer shatters records, sells for $236.4M at Sotheby’sGustav Klimt portrait ‘Elisabeth Lederer’ shatters records, sells for $236.4M at Sotheby’sKlimt portrait sells for record $236.3m at Sotheby’s in New York

While the auction was celebrated, some critics pointed to the broader implications of such high prices in the art market, particularly during a period of economic uncertainty. The art market has faced a downturn, with global sales of arts and antiques declining for two consecutive years prior to this auction. This record sale raises questions about the sustainability of such high valuations amidst fluctuating market conditions.

CNN

• “Tonight, we made history at the Breuer,” — Helena Newman, Sotheby’s Worldwide Chairman of Impressionist and Modern Art

Klimt's Elisabeth Lederer Portrait Sells for $236.4 M. at Sotheby's

• “The portrait of Elisabeth Lederer is a masterpiece that represents the pinnacle of modern art.” — Sotheby’s Official Statement

Portrait of Elisabeth Lederer shatters records, sells for $236.4M at Sotheby’s

• “He elevates her to almost mythical stature,” — Lisa Dennison, Sotheby’s Executive Vice President

NBC News

Following this landmark auction, Sotheby’s is set to continue with additional sales from the Lauder collection, with expectations of further record-breaking results. The art world will be closely monitoring upcoming auctions, particularly the anticipated sale of a Frida Kahlo self-portrait, which could set a new record for female artists.

France 24

In conclusion, the sale of "Portrait of Elisabeth Lederer" not only reaffirms Gustav Klimt's status as a leading figure in modern art but also reflects the enduring appeal and investment potential of historically significant artworks.

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