Gustav Klimt has shattered art-market history once again. The Austrian modernist's Portrait of Elisabeth Lederer sold for an extraordinary $236.4 million at Sotheby's on Tuesday night, setting a new record as the most expensive modern artwork ever sold at auction. The staggering figure also makes it the second-most-valuable artwork ever to cross an auction block.
The sale, already expected to be one of the biggest art moments of the decade, came from the private collection of the late Leonard Lauder, the cosmetics heir, philanthropist and major force behind some of America's most influential museums. His collection, long whispered about as one of the finest still in private hands, drew global attention as it was unveiled for public viewing earlier this month.
Sotheby's said the total for Tuesday's session exceeded half a billion dollars (£380.5 million), with another 30 works from the Lauder trove scheduled to go under the hammer on Wednesday.
A Masterpiece Rarely Seen
Painted between 1914 and 1916, Portrait of Elisabeth Lederer is one of only two full-length Klimt portraits remaining in private hands. The other is unlikely to ever appear at auction, making Tuesday night a once-in-a-generation moment for collectors. The work showcases Klimt's distinctive fusion of portraiture and ornamental design, with Lederer depicted in an imperial Chinese robe amid a tapestry of Asian-inspired motifs.
'He elevates her to almost mythical stature,' said Lisa Dennison, Sotheby's executive vice president and chairman of the Americas. 'The sensitivity of the face and the richness of the robe — it's regal, transcendent and deeply modern.'
The painting has survived war, displacement and decades of careful stewardship. For years, it hung above Leonard Lauder's dining table: an audacious placement given its value and fragility. As Emily Braun, Lauder's longtime curator, recalled: 'People were terrified someone might back a chair into it ... but it was never going to happen.'
Klimt Dominates the Night
The record-breaking portrait was just one of three Klimt works offered in the sale, each achieving eye-catching sums. Blooming Meadow sold for $86 million (£65.45 million) surpassing its high estimate of $80 million (60.88 million), while Forest Slope in Unterach on the Attersee fetched $68 million (£51.75 million). All three were described by Sotheby's specialists as 'miraculous survivors' given their age and the turbulent history of early 20th-century Europe.
Other major highlights included Edvard Munch's Midsummer Night, which sold for $35 million (£26.64 million), and works from Henri Matisse, Vincent van Gogh and Agnes Martin. Sotheby's noted that all pieces were in exceptional condition and represented many of the best examples ever created by each artist.
The Legacy of Leonard Lauder
Leonard Lauder, who died in June at 92, spent his life building a collection defined by quality, scholarship and a deep emotional connection to European modernism. His collecting journey began in childhood, when he amassed Art Deco hotel postcards before moving on to wartime posters and, eventually, some of the world's most coveted paintings.
He famously donated his entire postcard collection—more than 100,000 pieces—to the Museum of Fine Arts, Boston. He also played a transformative role at the Whitney Museum of American Art, helping to acquire roughly 1,000 works, or about 10 per cent of its current holdings.
Lauder's link to Klimt was also personal. His wife Evelyn fled Vienna as a child because she was Jewish, and the artist's work carried echoes of the world their families left behind. 'The painting's story had a multilayered meaning for him,' Braun said.
A Market Moment in a Slowing Art Economy
The sale comes amid a softer global art market, with high-end international sales down 12 per cent in 2024, according to the Art Basel and UBS Global Art Market Report. Yet the frenzy around the Lauder collection demonstrates that for top-tier works—especially those with impeccable provenance—demand remains sky-high.
As Lisa Dennison put it: 'He cared deeply about quality and legacy. If he believed in something, he wanted it to be the best of the best.'
The sale of Portrait of Elisabeth Lederer not only confirms Klimt's enduring allure, it also cements Lauder's status as one of the most influential collectors of the modern era. For art lovers, one San Francisco visitor summed up the moment to NBC News: 'We're lucky to see it in one place. The sad part is it's going to go all over the place, and I truly hope some museums pick it up so the public can see the art again.'
Originally published on IBTimes UK
