"The six-foot-tall painting, titled Portrait of Elisabeth Lederer, was painted by the Austrian painter between 1914 and 1916 and shows Lederer, a young heiress and daughter of Klimt's patrons, draped in a Chinese robe. Six bidders battled for 20 minutes at the Sotheby's auction on Tuesday night in New York. Sotheby's declined to identify the successful buyer of the painting."
"Portrait of Elisabeth Lederer was looted by the Nazis and nearly destroyed in a fire during the second world war, but in 1948 it was returned to Lederer's brother Erich, who was a frequent subject of drawings and paintings by Klimt's friend and fellow artist Egon Schiele. It remained in Erich's possession for most of his life, until he sold it in 1983, two years before his death."
The painting Portrait of Elisabeth Lederer by Gustav Klimt sold for $236.4m with fees at Sotheby's in New York, becoming the second most expensive artwork ever at auction and the highest-priced modern work sold at auction. The six-foot-tall portrait, painted between 1914 and 1916, depicts Elisabeth Lederer in a Chinese robe. The work was looted by the Nazis, nearly destroyed in a wartime fire, and returned in 1948 to Lederer's brother Erich, who kept it until 1983. The painting entered Leonard A. Lauder's private collection in 1985 and represented over 40% of the collection's auction value.
Read at www.theguardian.com
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