Gustav Klimt’s Portrait of Elisabeth Lederer has entered the art market record books after selling for 236.4 million dollars at Sotheby’s New York. The result marks the highest price ever achieved for a work of modern art at auction and the most valuable piece ever sold by Sotheby’s. It is also now the second most expensive artwork ever purchased at auction worldwide.

A Night That Reshaped the Market

The sale unfolded during the Leonard A. Lauder, Collector Evening Auction in the Breuer Building, where an intense nineteen minute bidding duel captivated collectors and spectators. Auctioneer Oliver Barker opened at 130 million dollars. Within minutes, two phone bidders represented by specialists David Galperin and Julian Dawes pushed the price far beyond Klimt’s previous record of roughly 108 million dollars.

When the hammer finally fell, Barker described the portrait as a defining example of Viennese innovation, elegance, and artistic ambition.

A Work With a Complex Past

Painted between 1914 and 1916, the portrait depicts Elisabeth Lederer, daughter of August and Serena Lederer, two of Klimt’s most loyal patrons. The painting’s history mirrors the turbulence of twentieth century Europe. It was seized by the Nazis during the Second World War and returned to the family in 1948. This appearance at Sotheby’s was the first time the portrait had ever been offered for public sale, a factor that added to its rarity and appeal.

Klimt’s handling of color, shimmering pattern, and compositional restraint is especially admired in this portrait, which art historians rank among the finest from the later years of his career.

A Record Setting Evening

The Klimt anchored an auction that totaled 527.5 million dollars, with every lot sold, reaffirming the strength of the market for top tier works even in an uncertain economic climate.

Expert Perspectives

Market analysts emphasized the combination of impeccable provenance, rarity, and cultural resonance. Advisor Emily Sachs noted that works of such caliber rarely surface, and the portrait’s restitution history only amplified collector interest. The sale reinforced the increasing value placed on artworks with fully documented ownership histories.

Sotheby’s Looks Ahead

The result highlights Sotheby’s continued emphasis on staging high profile, museum quality auctions during New York Sales Week. A spokesperson called the event a new benchmark for what major auctions can achieve and an affirmation of the international appetite for culturally significant pieces.

A Legacy Beyond the Price

While the price was historic, many observers see deeper meaning. The portrait’s journey from prewar Vienna through wartime seizure and restitution, and eventually into a landmark sale, illustrates the resilience of art and the enduring relevance of Klimt’s work. As it now joins the ranks of the world’s most valuable paintings, Portrait of Elisabeth Lederer stands as a testament to cultural memory and the lasting power of artistic expression.