Gustav Klimt Artwork Hits Historic $236 Million at Auction, Exceeding All Prior Modern Art Sales

Artist Gustav Klimt’s Portrait of Elisabeth Lederer made headlines on Tuesday, November 18, 2025. The painting from the 20th century sold for $236.4 million at Sotheby’s auction following 20 minutes of bidding. This surpasses Klimt’s prior auction record, and the price establishes it as one of the most valuable portraits in contemporary art. It also earns the title of being the second most costly artwork ever sold at auction.

The bidding for the artwork initiated at $130 million, with expectations to reach around $150 million. However, to the surprise and joy of Sotheby’s staff and attendees, the final amount was significantly higher. Six bidders vied for it, and the auction concluded with a duel between two telephone bidders. Eventually, the final price reached $205 million for the painting, excluding an additional $31.4 million in fees.

Portrait of Elisabeth Lederer portrays the daughter of Klimt’s most notable patrons. Created between 1914 and 1916, it illustrates the 20-year-old adorned in an imperial Chinese dragon robe. After its completion, the painting was confiscated by the Nazis and survived a fire during World War II. It later came into the hands of cosmetics heir Leonard A. Lauder, where it resided in his Manhattan apartment for nearly 40 years until his passing in June 2025.

“This evening, we made history at the Breuer,” Helena Newman, Sotheby’s worldwide chairman of Impressionist and modern art and chairman of its European branch, stated. “To witness Gustav Klimt’s remarkable portrait of Elisabeth Lederer establish a new auction record for the artist is exhilarating; to see it transform into the most valuable piece ever sold at Sotheby’s is truly sensational. Klimt is among those rare artists whose enchantment is as potent as it is universal.”

Prior to Tuesday, Pablo Picasso held the record for the highest price obtained for a modern artwork sold at auction. His 1955 piece Les Femmes d’Alger (“Version O”) fetched $179.4 million at Christie’s New York in 2015.

Sources: Gustav Klimt’s Portrait of Elisabeth Lederer Sells for $236.4 M., Highest Price for Any Work of Modern Art Sold at Auction; Night of Modern Art History, Night of Spectacle at Sotheby’s

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