A historic auction at Sotheby’s in New York saw Austrian modernist Gustav Klimt’s ‘Portrait of Elisabeth Lederer’ sell for a record-breaking $236.4 million. This makes the portrait the second most expensive artwork ever sold at auction globally, and the most expensive modernist artwork in auction history.
Six collectors engaged in a fierce 20-minute bidding war for the painting. The final price soared to almost one and a half times its initial $150 million estimate.
History of the Painting
Hidden for over four decades, the painting boasts a dramatic history: it was confiscated by the Nazis in 1938 and miraculously saved from a fire during World War II. Prior to the auction, the portrait belonged to the private collection of American philanthropist Leonard Lauder.
About the Portrait of Elisabeth Lederer
The portrait depicts 20-year-old Elisabeth Lederer, daughter of the renowned Viennese collectors and patrons of Klimt, August and Serena Lederer. Klimt worked on the painting from 1914 to 1916, showing the young woman full-length, dressed in a Chinese robe or a light white dress adorned with ornaments. Some art historians believe the background remained unfinished due to the artist’s death in 1918.
The Lederer family was of Jewish descent and faced persecution after Austria’s annexation by the Nazis (Anschluss) in 1938, leading to the confiscation of Elisabeth’s portrait. In 1948, the painting was returned to Erich Lederer, Elisabeth’s brother. The portrait remained with him until 1983 when he sold it to art dealer Serge Sabarsky, two years before his death.
Leonard Lauder acquired the painting in 1985. For decades, it hung above his dining table in his New York residence and was occasionally exhibited in art galleries.
Comparison with Other Artworks
The sale of ‘Portrait of Elisabeth Lederer’ has established several new price records in the art world, making it Klimt’s most expensive painting and the second most costly artwork ever sold at auction:
| Painting | Artist | Sale Price (USD) | Year of Sale | Status |
| Salvator Mundi (Salvator Mundi) | Leonardo da Vinci | $450.3 million | 2017 | Absolute world record for the most expensive painting sold at auction. |
| Portrait of Elisabeth Lederer | Gustav Klimt | $236.4 million | 2025 | The second most expensive lot in auction history. The most expensive work of modernist art in history. |
| Lady with a Fan (Dame mit Fächer) | Gustav Klimt | $108.8 million | 2023 | Previous record for a painting by Gustav Klimt. |
