Over 236 million for Klimt: the Portrait of Elisabeth Lederer dominates the auction of the century

A lost masterpiece, a turbulent history, and a bidding frenzy that reignites the modern art market.

Gustav Klimt’s Portrait of Elisabeth Lederer has shattered every record, reaching 236.4 million dollars at the first auction held by Sotheby’s in its new headquarters at the Breuer Building in New York. The painting has become not only the most expensive work by the artist ever sold but also the new world record for a piece of modern art at auction.

The sale was part of the dispersal of the monumental collection assembled by Leonard Lauder, the cosmetics magnate who died in June. The entire auction totaled more than 527 million dollars, marking a reversal after uncertain years for the market. Works by Matisse, Van Gogh, and Oldenburg easily exceeded estimates, confirming that iconic pieces continue to attract the global elite of collectors.

The portrait of Elisabeth Lederer, begun in 1914, is rooted in a complex history. Once owned by a Viennese Jewish family stripped of its assets by the Nazis, the work miraculously survived the war and returned to the rightful heir only in 1948. Its elegance — the young woman’s intense gaze and flowing white dress set against an East Asian–inspired background — captures the final glow of fin-de-siècle Vienna, just before Klimt’s death and the tragedies that would strike the Lederer family.

The auction was not only a commercial triumph: it signaled a renewed sense of confidence and excitement in a global market that had seemed to cool. The Lauder collection, considered a benchmark for quality and curatorial vision, drew extraordinary attention, with thousands lining up to view the pieces before the sale.

The success of the Klimt confirms a truth long known in the art world: when a once-in-a-lifetime masterpiece returns to the market, top collectors do not hold back. And this time, the competition has rewritten history.

Andrea Pelucchi