In a stunning display of the art market's enduring strength, a rare portrait by Gustav Klimt achieved a monumental $236.4 million at auction, instantly crowning it the world's most expensive piece of modern art ever sold. The historic sale took place on Tuesday night at Sotheby's inaugural auction in its new New York headquarters, the Breuer building.
The Record-Breaking Bidding War
The artwork at the center of this frenzy was Klimt's "Portrait of Elisabeth Lederer," which ignited a tense 20-minute bidding battle. The final hammer price of $236.4 million was met with audible gasps and resounding applause from the assembled crowd. This sale not only set a new benchmark for modern art but also became the second-priciest artwork ever sold at auction overall and the most expensive work Sotheby's has ever handled globally.
The painting holds a remarkable history, having been miraculously spared from destruction during World War II. It was separated from a collection of Klimt's other works that were tragically lost in a fire at Austria's Immendorf Castle. Created in the final years of the artist's life, the portrait depicts the young daughter of Klimt's patrons.
Oliver Barker, Sotheby's European chairman who served as auctioneer, emphasized the painting's significance, calling it "really one of the last opportunities to acquire a portrait of this significance by the artist."
Surpassing Previous Records and Market Momentum
This new record dramatically eclipsed the previous high for a Klimt portrait, which was set just last year when his final completed work, "Dame mit Fächer" (Lady with a Fan), sold for $108.4 million. The Lederer portrait also surpassed the record held by an Andy Warhol piece since 2022.
The masterpiece was part of the esteemed collection of the late Leonard A. Lauder, heir to the Estée Lauder fortune. The auction saw most artworks meeting or exceeding their high estimates, signaling robust market demand. Notable sales included an Edvard Munch painting for $35.1 million and a Klimt landscape that fetched $86 million. The auction's momentum was evident from the very first lot, a sculpture by Alexander Calder, which sold for nearly triple its high estimate at $889,000.
So far, the sale of Lauder's collection has realized an impressive $527.5 million, soaring past its pre-sale estimate of $400 million, with more pieces still to be sold.
Contrasts in the Evening's Results
The successful Lauder collection sale marked a triumphant night for the high-end art market, which has been navigating a slowdown for over two years. This positive trend continued into the contemporary art sale, which was led by a monumental Jean-Michel Basquiat work that sold for $48.3 million.
However, the evening was not without its surprises. In a divergence from the overall momentum, two top lots—one by Kerry James Marshall and another by Barkley L. Hendricks—failed to find buyers.
Another curious offering was conceptual artist Maurizio Cattelan's 220-pound, 18-karat gold toilet titled "America." This opulent sculpture, a sibling to the infamous working toilet previously exhibited at the Guggenheim and later stolen from Blenheim Palace, received only a single bid. The starting bid was creatively set as a moving target based on the current value of its weight in gold, approximately $9.9 million, rounded up to $10 million.
David Galperin, Sotheby's head of contemporary art, explained that this pricing strategy was designed to "lean into the very essence of the conceptual basis behind the artwork." Despite this, only one buyer, identified by Sotheby's as a "famous American brand," made an offer. With fees, the final price was $12.1 million, suggesting that bidders valued it little beyond its raw materials.
This landmark auction week for Sotheby's is set to continue, with the house hoping to achieve a total exceeding $1 billion. The opening of their new headquarters, formerly the home of the Whitney Museum of American Art and now situated near New York's famed Museum Mile, signals a major strategic shift.
This new chapter begins during a challenging period for the broader art market. According to the latest annual Art Market Report, global sales of art and antiques have declined for two consecutive years. Despite this context, Christie's also reported a strong performance during its 20th-century sale the previous evening, reaching $690 million with fees—a substantial increase from the prior year—led by a $62 million Mark Rothko painting.
