In November 2025, Gustav Klimt’s iconic painting “Portrait of Elisabeth Lederer” sold for a staggering $236.4 million at Sotheby’s in New York, setting a new record as the most expensive modern artwork ever sold at auction. The sale was a headline event in the global art market, attracting intense bidding and international attention.
Painted between 1914 and 1916, Portrait of Elisabeth Lederer (also known by its German title Bildnis Elisabeth Lederer) depicts a young woman standing in a graceful pose, dressed in elegant attire against a richly decorated backdrop—typical of Klimt’s late style that fused ornamentation with figuration. The portrait was commissioned by Elisabeth’s parents, August and Serena Lederer, prominent Viennese art collectors and key patrons of Klimt during the height of his career. It remains one of the few full-length Klimt portraits still in private hands, making it extraordinarily rare and desirable to collectors.
The auction on 18 November 2025 was part of Sotheby’s inaugural evening sale at its new Breuer Building location on Madison Avenue, and the painting far exceeded its pre-sale estimate of about $150 million. After roughly 20 minutes of competitive bidding, the hammer fell at $205 million, which translated into $236.4 million with fees—a record figure. Six bidders participated, including phone bidders and representatives in the saleroom, though the identity of the ultimate purchaser remained undisclosed.
This sale marked a historic moment for the modern art market for several reasons. Not only did the Portrait of Elisabeth Lederer become the highest-priced modern artwork ever auctioned, but it also became the second most expensive artwork of any kind sold at auction, trailing only Salvator Mundi, attributed to Leonardo da Vinci, which fetched $450 million in 2017. The Klimt also eclipsed the previous records for modern art sales, including Pablo Picasso’s Les Femmes d’Alger (Version O) and Andy Warhol’s Shot Sage Blue Marilyn.
The painting’s provenance added to its mystique and value. After remaining with the Lederer family for decades, the work was eventually restituted after World War II, having survived Nazi looting that destroyed many other artworks. It passed through private hands before becoming part of Leonard A. Lauder’s distinguished collection in 1985. Lauder, the cosmetics heir and celebrated collector, held the painting for decades in his New York home.
Art historians and market analysts say the record price reflects a broader trend in the high end of the art market where rare, culturally significant works by major artists attract intense interest and competition among global collectors. Klimt’s work, long admired for its decorative sophistication and symbolic richness, embodies the pinnacle of Vienna Secessionaesthetics and continues to influence collectors’ tastes a century after it was painted.
The sale of Portrait of Elisabeth Lederer underscores the enduring prestige of Klimt on the international stage and signals sustained demand for unique masterpieces with compelling histories. It was not merely a transaction but a statement about the apex of the art market, where historical importance and scarcity command extraordinary prices.
