Klimt Masterpiece Shatters Records, Becomes Second Most Expensive Artwork Sold at Auction

Gustav Klimt's monumental "Bildnis Elisabeth Lederer" (Portrait of Elisabeth Lederer) achieved a staggering $236.4 million at Sotheby's New York on Tuesday, November 18, 2025, securing its place as the second most expensive artwork ever sold at auction. This historic sale also established a new record for the most valuable modern artwork publicly sold, according to Sotheby's.

The iconic portrait, painted between 1914 and 1916, was the centerpiece of an evening auction held at Sotheby's new Manhattan headquarters in the Breuer Building. The sale, which included buyer's fees, significantly surpassed its pre-sale estimate of $150 million, as reported by The Value.

A fierce 20-minute bidding war unfolded among at least six contenders, culminating in a telephone bid secured by Julian Dawes, Sotheby's vice chairman and head of Impressionist and Modern art. The intense competition underscored the enduring demand for rare masterpieces, according to artnet News.

The painting was consigned from the esteemed collection of the late cosmetics heir Leonard A. Lauder, who passed away in June 2025. His extensive collection generated a total of $527.5 million during the evening, highlighting the strength of the high-end art market, as noted by Artsy.

This sale now positions "Portrait of Elisabeth Lederer" only behind Leonardo da Vinci's "Salvator Mundi," which holds the all-time record at $450.3 million from a 2017 Christie's auction. The Klimt piece notably surpassed Andy Warhol's "Shot Sage Blue Marilyn," which sold for $195 million in 2022, according to sky News.

Sotheby's confirmed that this transaction also set a new auction record for Gustav Klimt himself, eclipsing his previous high of $108.8 million for "Dame mit Fächer" (Lady with Fan) in 2023. This remarkable achievement reflects the continued high valuation of Klimt's works in the global art market, heni reported.

• Historical Provenance and Nazi Seizure: The "Portrait of Elisabeth Lederer" carries a profound and complex history, having been commissioned by August and Serena Lederer, prominent Viennese art patrons and close associates of Klimt. The painting, along with the family's extensive art collection, was tragically seized by the Nazis following Austria's annexation in 1938. While many of the Lederer family's Klimt works were destroyed in a fire at Immendorf Castle during World War II, this particular portrait was stored separately and miraculously survived, as detailed by The Journal.

• Elisabeth Lederer's Survival Story: The subject of the portrait, Elisabeth Lederer, employed a remarkable and courageous strategy to protect herself during the Nazi occupation. As a young Jewish woman, she fabricated a story claiming that Gustav Klimt, who was not Jewish, was her biological father. This assertion, supported by an affidavit from her mother and assistance from a former brother-in-law who was a high-ranking Nazi official, allowed her to secure a document stating her descent from Klimt, enabling her to remain safely in Vienna until her death in 1944, according to 1news.

• Journey to Leonard Lauder's Collection: After its restitution to Elisabeth's brother, Erich Lederer, in 1948, the portrait remained in the family's possession for decades. It was eventually sold in 1983 to the Serge Sabarsky Gallery in New York, a dealer known for championing Viennese modernism. Two years later, in 1985, the painting was acquired by the late Leonard A. Lauder, the Estée Lauder cosmetics heir, becoming a cherished centerpiece of his private collection, Artnet News reported.

• Impact on the Art Market: The record-breaking sale of "Portrait of Elisabeth Lederer" has injected significant energy into the global art market, signaling a robust appetite for top-tier masterpieces despite broader economic uncertainties. Market observers noted that the presence of billionaire collectors and the painting's impeccable provenance, combined with Lauder's reputation as a connoisseur, reinforced confidence. This momentum extended to other works from Lauder's collection, which collectively generated over half a billion dollars, as highlighted by GuruFocus.

• Klimt's Artistic Significance: Gustav Klimt, a leading figure of the Austrian Symbolist movement, is renowned for his opulent and decorative style, often incorporating gold leaf and intricate patterns. The "Portrait of Elisabeth Lederer," completed in Klimt's mature period, showcases his mastery of portraiture and his unique blend of naturalism with decorative elements. Sotheby's described the six-foot-tall oil-on-canvas work as a "masterpiece of portraiture" whose "pictorial inventiveness" propelled modernism, according to people.com.

• Rarity and Future Implications: The rarity of "Portrait of Elisabeth Lederer" significantly contributed to its exceptional valuation, as it is one of only two full-length Klimt portraits that remain in private hands. This scarcity, combined with its profound historical narrative and artistic merit, made it a once-in-a-generation opportunity for collectors. The sale's success could set a precedent for future auctions of similarly significant works, potentially signaling a renewed upward trend in the ultra-high-end art market, as noted by Azat TV.

• Comparison to Other Top Sales: While "Salvator Mundi" by Leonardo da Vinci remains the undisputed most expensive artwork ever sold at auction, the Klimt portrait now firmly holds the second position. It surpassed other notable sales such as Andy Warhol's "Shot Sage Blue Marilyn" and Pablo Picasso's "Les Femmes d'Alger (Version 'O')," which previously held high ranks. This sale further solidifies the market's focus on iconic works by established European masters, according to THE VALUE.