Gustav Klimt's Portrait of Elisabeth Lederer breaks record in Sotheby's New York sale.
Portrait of Elisabeth Lederer – Gustaw Klimt – Courtesy of Sotheby’s
In a truly extraordinary event, Gustav Klimt’s “Portrait of Elisabeth Lederer” realized an unprecedented sale at Sotheby’s auction house in New York, fetching a staggering $236.4 million including fees on November 18, 2025. This monumental price not only set a new record for the artist but also made it the most expensive artwork ever sold by Sotheby’s and the second-highest priced artwork ever sold at auction worldwide.
The “Portrait of Elisabeth Lederer” hammered at $205 million before fees, well above its pre-auction estimate of $150 million. This sale surpasses Klimt’s previous auction record that had been set by “Lady with Fan,” which sold for £85.3 million (€99 million) in 2023. Multiple phone bidders competitively bid for the masterpiece in an extended contest that lasted over 20 minutes. The final price for the portrait justifies its great cultural and historical value, together with the strength within today’s art market.
But the painting itself is particularly important, not only for its artistic value but also for its quite extraordinary provenance. Painted in 1917, it survived the Nazi era, something which many of Klimt’s works did not; many of them were lost or destroyed during World War II. It is one of just two full-length Klimt portraits remaining in private hands, hence it is a very rare and much-desired treasure. This extraordinary story of survival adds another layer of allure for collectors and art historians alike.
The auction was part of Sotheby’s highly anticipated sale of the Leonard Lauder Collection, a venerated assemblage of masterpieces that pushed the night’s total sales to an impressive $706 million including fees. Klimt’s works accounted for a substantial portion of this total, with the artist’s total sales for the evening reaching $391.7 million, a testament to the extraordinary value and desirability of Klimt in today’s market.
Other works from the Lauder Collection by Klimt also did exceptionally well: the price paid for “Blumenwiese” (Blooming Meadow) was $86 million, while “Waldabhang bei Unterach am Attersee” reached $68.3 million. All these results further prove his position among the most sought-after and valuable artists within modern and contemporary art.
The successful sale of the “Portrait of Elisabeth Lederer” sets new records, besides underlining general trends in the auction market, where strong demand for rare and high-quality works of art persists amidst economic uncertainty. Sotheby’s further facilitated an energetic atmosphere of bidding, which has fascinated collectors worldwide, showing that the desire to continue acquiring masterpieces with important historic and artistic value is very much alive.
For Elisabeth Lederer, the portrait was to be the quintessence of Klimt’s style-a tangled mass of ornamental design paired with a bright color scheme and psychologically expressive in a way that was almost unsettlingly evocative. By this time, Klimt had found the perfect synthesis between modernism and the traditional Viennese art nouveau factors; a combination that would greatly impress audiences and collectors alike. In the end, the sale of the “Portrait of Elisabeth Lederer” at Sotheby’s New York established not only a historic price level for Klimt but also underlined the strong vitality of the art market for rare masterpieces. It shows how works considered milestones in art history—with rich narratives—continue to fetch extraordinary prices and enthuse the world of art, further solidifying Sotheby’s position as the place where records are set. To collectors, institutions, and art lovers alike, this auction is a strong reminder of Klimt’s enduring legacy and the enduring magnetic appeal of his art. This sale will forever be remembered as a landmark in 21st-century art auctions, setting a new benchmark for the valuation of modern masterpieces.