Gustav Klimt's "Portrait of Elisabeth Lederer" Sells for Record $236.4 Million at Sotheby's

Gustav Klimt's "Portrait of Elisabeth Lederer" achieved a historic milestone on November 18, 2025, selling for $236.4 million at Sotheby's in New York. This sale sets a new record for modern art auctions and positions the painting as the second most expensive artwork ever sold at auction, following Leonardo da Vinci's "Salvator Mundi," which fetched $450.3 million in 2017.

The six-foot-tall oil-on-canvas portrait, painted between 1914 and 1916, depicts Elisabeth Lederer, the daughter of Klimt's patrons, adorned in a Chinese robe. The auction attracted six bidders and concluded after a 20-minute bidding war, with the final price significantly surpassing the initial estimate of $150 million.

Elisabeth Lederer was the daughter of August and Serena Lederer, prominent Viennese art collectors and close patrons of Klimt. During World War II, the Lederer family's art collection was confiscated by the Nazis following Austria's annexation in 1938. Many of these works were lost in a fire; however, the "Portrait of Elisabeth Lederer" survived, as it was separated from the rest of the collection due to its depiction of a Jewish subject.

In a bid to avoid Nazi persecution, Elisabeth Lederer claimed that Klimt was her biological father. With assistance from her former brother-in-law, a high-ranking Nazi official, she obtained documentation supporting this claim, allowing her to remain in Vienna until her death in 1944.

After the war, the painting was returned to Elisabeth's brother, Erich Lederer, in 1948. It remained in his possession until 1983. In 1985, the artwork was acquired by Leonard A. Lauder, heir to The Estée Lauder Companies, who displayed it in his New York residence. Following Lauder's death in June 2025 at the age of 92, the painting was auctioned as part of his extensive art collection.

"Portrait of Elisabeth Lederer" is one of only two full-length Klimt portraits remaining in private hands. The painting exemplifies Klimt's transition from his 'Golden Period' to a more expressive and psychologically rich phase, incorporating East Asian motifs and symbolizing his evolving artistic style.

The record-breaking sale underscores the enduring value and demand for masterpieces with rich historical provenance. It also reflects the evolving art market, where collectors are increasingly seeking rare, high-quality works with strong backgrounds. This trend is evident in other recent sales, such as Frida Kahlo's "The Dream (The Bed)," which set a record for a female artist at $54.66 million.

The sale of Klimt's "Portrait of Elisabeth Lederer" not only highlights the artist's enduring legacy but also illustrates the complex interplay between art, history, and the market. As collectors continue to seek out works with profound historical significance and exceptional provenance, the art market is likely to witness further record-breaking sales in the future.