Gustav Klimt portrait ‘Elisabeth Lederer’ shatters records, sells for $236.4M at Sotheby’s

Gustav Klimt‘s Portrait of Elisabeth Lederer just shattered auction records. The painting sold for $236.4 million on Tuesday, November 18, 2025. It became the second most expensive artwork ever sold at auction. This also marks the highest price ever paid for modern art.

What Happened at the Historic Auction

The six-foot-tall portrait depicts Elisabeth Lederer, a young heiress dressed in an ornamental Chinese-inspired robe. The painting commanded the room for 20 intense minutes. Bidders drove the price from a $130 million opening bid to $205 million (hammer price). With Sotheby’s fees included, the final tally reached $236.4 million.

Helena Newman, Sotheby’s worldwide chairman of Impressionist and modern art, celebrated the milestone. “Tonight, we made history at the Breuer,” she stated. “To see Klimt’s portrait set a record is thrilling. To see it become the most valuable work ever sold by Sotheby’s is sensational.” The Leonard A. Lauder Collection sale fetched $575.5 million total with fees.

“He ate lunch whenever he was at home, and lunch would be at a little round table right by the painting.”

Why This Moment Reshapes the Art Market

This sale proves Klimt’s staying power in a volatile art market. Only Leonardo da Vinci‘s Salvator Mundi ($450.3 million in 2017) ranks higher. Before this sale, Picasso‘s Woman of Algiers ($179.4 million in 2015) held the second place. Klimt just commanded the second spot globally.

The painting survived one of history’s darkest chapters. Nazis looted the portrait during World War II and nearly destroyed it in a fire. In 1948, it was restituted to Erich Lederer, Elisabeth’s brother. He sold it in 1983, two years before his death. Leonard Lauder acquired it in 1985 from dealer Serge Sabarsky.

The Record-Breaking Sale Details

The painting was originally estimated at over $150 million. It exceeded expectations by over 57%. It represented more than 40% of the entire Lauder Collection‘s value in a single lot. Sotheby’s inaugural auction at the newly refurbished Breuer Building proved momentous.

What the Art World Should Watch Next

• Will Lauder’s Cubist collection pieces follow at upcoming sales?
• Are museums now competing for ultra-rare Klimt works worldwide?
• Did this sale signal strong collector appetite despite recent market uncertainty?
• Will Sotheby’s Breuer location attract more trophy consignments soon?
• Are other Jewish-owned artworks from Vienna emerging from private collections?

Could This Redefine How We Value Early-Modern Portraits?

Klimt’s Elisabeth Lederer commanded prices previously reserved for only the rarest Old Masters. This portrait represents the zenith of Fin de siècle Viennese culture. The painting embodies luxury, craftsmanship, and historical significance in ways few works can match.

The successful sale suggests collectors still crave authentic masterpieces with compelling backstories. The Nazi restitution angle added cultural weight. The fact that only two full-length Klimts remain in private hands created scarcity. Lauder’s 40-year ownership and care enhanced its provenance. Will other museums and collectors now reconsider their Klimt holdings? Will you soon see this portrait traveling to major exhibitions worldwide?

Watch the art market closely. Sotheby’s just proved that early modern masters still command breathtaking prices when conditions align perfectly.

Sources

• ARTnews – Comprehensive auction reporting and market analysis
• The Guardian – Detailed provenance and historical context documentation
• Sotheby’s Official – Lot details and painting specifications

Jessica Morrison

Jessica Morrison is a seasoned entertainment writer with over a decade of experience covering television, film, and pop culture. After earning a degree in journalism from New York University, she worked as a freelance writer for various entertainment magazines before joining red94.net. Her expertise lies in analyzing television series, from groundbreaking dramas to light-hearted comedies, and she often provides in-depth reviews and industry insights. Outside of writing, Jessica is an avid film buff and enjoys discovering new indie movies at local festivals.