"On November 18, Sotheby's rolled out the blue carpet, hung the velvet ropes, and poured Champagne for attendees on the inaugural night of auctions at the Breuer Building, its new headquarters on Madison Avenue. The collection of the late cosmetics billionaire Leonard A. Lauder was on the block, and the house desperately needed a strong showing. The global art market has endured a grim two years of sliding sales and gallery closures, but Sotheby's has been in a more precarious position than most."
"The Breuer, which Sotheby's bought from the Whitney for an estimated $100 million in 2023, was a splurge, considering the company's consolidated global sales fell 23 percent in 2024. Adding to the pressure are the debt issues of owner Patrick Drahi, whose company Altice has faced multiple corruption probes. The success of the sale hinged on three Gustav Klimts, including Portrait of Elisabeth Lederer, a six-foot-tall painting of a pale, wide-eyed heiress in a Chinese imperial robe, estimated at $150 million."
"From inside her frame, Elisabeth Lederer towered above the head of auctioneer Oliver Barker, who kicked off the paddle raise. As he notched million-dollar increments, the crowd began to whisper. When he reached $200 million, it broke into applause. Being sold off to the highest bidder started to make Lederer look even more fragile. Were her eyes always so sad? Was she even 18?"
On November 18 Sotheby's opened its new Breuer Building headquarters with the sale of Leonard A. Lauder's collection, seeking a strong result amid a two-year downturn in the global art market. The company had paid about $100 million for the Breuer despite consolidated global sales falling 23 percent in 2024, and faced added pressure from owner Patrick Drahi's Altice debt and corruption probes. The sale's success depended on three Gustav Klimt paintings, notably Portrait of Elisabeth Lederer, estimated at $150 million. The auction produced dramatic bidding, with Lederer selling past $200 million and prompting applause, underscoring collectors' decisive role in setting artistic value.
Read at Curbed
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