Klimt's Portrait of Elisabeth Lederer sells for record $236.4 Million at auction
The November 18, 2025 auction at Sotheby’s in New York made headlines when Klimt’s Portrait of Elisabeth Lederer fetched US$236.4 million, establishing a new record for any work of modern art sold at auction.
Painted between 1914 and 1916, the portrait depicts Elisabeth Lederer — the daughter of two of Viennese high society’s leading patrons, August and Serena Lederer. The life-size, full-length oil on canvas captures her draped in a sinuous, richly decorated East-Asian–style robe against a decorative tapestry-like background — typical of Klimt’s mature style blending symbolism and decorative elegance.
What elevates this painting beyond its aesthetic beauty is its remarkable provenance and history. During World War II the Lederer collection was seized by the Nazis; however, this particular portrait survived — one of the very few major Klimt works to avoid destruction or loss. That historical journey amplifies its cultural and emotional value.
The sale marked the first time this painting appeared publicly at auction. It came from the collection of Leonard A. Lauder (heir to Estée Lauder), who died earlier in 2025. Hanging for decades in his Manhattan home, the painting is one of only two full-length Klimt portraits still privately owned.
The bidding — a 20-minute duel among six bidders, ultimately between two telephone participants — soared well beyond the pre-sale estimate of around US$150 million. The final hammer price doubled Klimt’s previous auction record (~US$108.8 million) and vaulted this portrait to become not only his most expensive painting ever sold but also the most expensive modern art piece auctioned to date.
Beyond the significance for Klimt, the sale is a strong signal for the high end of the global art market. It was part of the inaugural auction at Sotheby’s newly reopened Breuer building, and helped lead a total sale result of US$1.17 billion for that sales series — a rare show of robust demand for blue-chip masterpieces at a time when many sectors of the art market have softened.
In art-historical terms, the record price underlines renewed reverence for the early 20th-century Viennese golden age and the lasting appeal of Klimt’s fusion of portraiture, decoration, and psychological subtlety. For collectors and institutions, acquiring such a work now likely means paying top dollar for both its beauty and its layered historical — even moral — significance.
In sum: the sale of Portrait of Elisabeth Lederer stands as a landmark event — a confluence of art history, provenance, cultural memory, and market dynamics — affirming Klimt’s enduring position among the titans of modern art.
Below is a full write up that was also very interesting and the full video of the actual auction:
https://apnews.com/article/golden-toilet-cattelan-auction-sothebys-ef4c0b1ccb2841c078ff59756fe6d7b2
https://www.youtube.com/watch?v=0hmym3W53No
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