A painting titled ‘Portrait of Elisabeth Lederer’, one of the lesser known works by Austrian master Gustav Klimt, has now etched its place in art history as the most expensive piece sold by Sotheby’s auction house. Closing for an extraordinary $236.4 million (inclusive of fees), this is also the most expensive work of modern art ever sold at auction and the second most expensive overall - coming second only to Da Vinci’s enigmatic Salvator Mundi.
The sale took place on 18 November at the Breuer Building, officially inaugurated as the new Sotheby’s global headquarters in Manhattan earlier this month. The evening’s sales totalled $706 million, the largest in the auction house’s history and a stellar beginning to its latest chapter. All 24 lots up for bid were part of the personal collection of Leonard A. Lauder, heir to the Estee Lauder fortune and a well-known patron of the arts. Portrait of Elisabeth Lederer was one of three extremely rare Klimts up for bid, all of which sold for a combined $384.7 million. The collection also featured pieces by Pablo Picasso, Henri Matisse, Edvard Munch and Vincent Van Gogh, among many others. A further 30 pieces from the collection were auctioned the following day.
.jpg?width=385&height=533&name=download%20(5).jpg)
A Historic Moment for Sotheby’s
With a legacy going back 281 years, Sotheby’s is one of the definitive names in the art world. The prestigious auction house has racked up some impressive sales in recent years, notably the sale of a piece by contemporary artist Jean-Michel Basquiat for $110.5 million in 2017, an early 20th century nude by Amedeo Modigliani for $157 million in 2018, and a late 19th century Monet for $110.7 million in 2019. They would be eclipsed in 2022 by an Andy Warhol portrait of Marilyn Monroe done in his signature pop art style, which fetched $195 million and became the most expensive work of modern art until this week.
Portrait of Elisabeth Lederer, which headlined the collection, was estimated to sell for roughly $150 million. After a fierce 20-minute round of bids, the hammer finally fell at $205 million and a final purchase price of $236.34 million. By the end of the evening, a new total sales record was set, marking a watershed moment for Sotheby’s and the industry as a whole.
The global art market has been witnessing a steady decline over the past 3 years, fuelled in part by a generational shift amongst art collectors and a post-pandemic slowdown in high-end vanity purchases. This week’s sales may be the start of a rebound - in the words of CEO Charles Stewart, “Our evening sales were a resounding success and send a strong signal for the art market.” That signal being that historic numbers can be achieved when items of unquestionable rarity go under the hammer.
More than Meets the Eye
Painted sometime between 1914 and 1916, Portrait of Elisabeth Lederer depicts the daughter of Klimt’s most notable patrons - and one of Vienna’s wealthiest families - on a six-foot canvas. Draped in a Chinese-style silk robe and surrounded by various East Asian figures, the young Lederer stands out with her serene, lifelike expression and an elongated form that seems comparatively ethereal, the draped robe evoking folded butterfly wings. It is a remarkably complex piece, yet feels less dynamic and ornate than Klimt’s more recognisable works such as The Kiss and Portrait of Adele Bloch-Bauer. So how did it become his most expensive painting to date?
While Lederer is the main focus, the details surrounding her are what really make it unique. The painting is a stark departure from Klimt’s ‘Golden Period’, when he produced his most famous works in vivid gilded hues, but the use of East Asian iconography and motifs reveal deeper insights into the artist’s own personal fixations at that time.
The ornamentation on Lederer’s robe, featuring dragons rising in wavelike formations, gives the image a mythic quality that reads as a modern twist on Boticelli’s iconic Birth of Venus. Klimt has effectively immortalised Lederer, her image more symbolic than representational. Keen viewers will also notice that the amorphous shapes which seem random on first glance bear more than a passing similarity to cell structures and microbiological forms Klimt would have come across at the medical lectures he routinely attended in later life. This work is a stunning fusion of mythology and science, which gives it a deeper level of significance.
A Past in Shadows
The painting has been through two World Wars; it came to life during the first and was almost destroyed in a fire during the second. Klimt painted it only a few years before his passing in 1918 due to complications from pneumonia. Over two decades later, it was confiscated along with several of his collected works during the annexation of Austria, and was almost lost for good.
Fortunately, after the war it was returned to Erich Lederer, the brother of the painting’s subject, and stayed in his possession until 1983. He put it back on the market and, less than two years later it found itself in Leonard A. Lauder’s personal collection, joining a few other Klimt works. Lauder would occasionally display the painting at his New York home, but it remained largely hidden from public view until his passing earlier this year at the age of 92.
The Lauder Legacy
Leonard A. Lauder was best known as the Chairman and CEO of the Lauder cosmetic brand until he retired from the role in 1999, but his greatest legacy lies in his love of the arts. He had a decades-long association with the Whitney Museum of Art in particular, serving as a trustee and eventually the museum’s chairman and most high-profile donor. He was also a very avid collector, starting out at the age of six with Art Deco postcards.
While Lauder certainly supported American artists, his true passion was Cubism - his collection includes works from Picasso and Gris - and he also had a great love for Klimt. According to art historian Emily Braun, who worked closely with Lauder for nearly 40 years, Portrait of Elisabeth Lederer held a special place in his trove and it was set up by a small table where he used to have lunch at home.
The Lauder Collection auctioned by Sotheby’s represents just a fraction of the art that Lauder owned. Over 81 Cubist works were donated to the Metropolitan Museum of Art as part of a pledge he made in 2013, making it one of the largest museum gifts in history and a transformative moment for the celebrated institution. Additionally, individual pieces have been donated to the Whitney Museum of Art during his lifetime.
A New Institution
The Sotheby’s sale was made all the more meaningful because of its location, at 945 Madison Avenue. Designed by Brutalist architect Marcel Breuer and also known as the Breuer Building, it was originally built to house the Whitney Museum of Art, and would be a space that Lauder grew to love.
After 50 years, the building was turned into a branch of the Metropolitan Museum of Art, operating under the name Met Breuer until its closure following the pandemic in 2020. Sotheby’s purchased the building in 2023 and, in November 2025 finally unveiled it as their new global headquarters.
The auction served as a fitting tribute to Lauder: his most prized painting selling for a record price in a building that was close to his heart, while also ushering in a shining new era for Sotheby’s.
