Gustav Klimt's Portrait of Elisabeth Lederer (1914-16) sold for the second highest price ever realised at auction at Sotheby's in New York on Tuesday. It was the most notable of several big sales in the sold-out (or "white-glove") auction of 24 works from the collection of the late billionaire Leonard Lauder, and has prompted some commentators to declare that the art market has turned a corner following a prolonged downturn.
The painting helped save the life of its Jewish subject from Nazis during World War II. A Gustav Klimt portrait has sold for $236.4m, a record for a modern art piece. Klimt's Portrait of Elisabeth Lederer sold after a 20-minute bidding war at Sotheby's in New York on Tuesday. The painting helped save the life of its Jewish subject from the Nazis during World War II.
Gustav Klimt's 1914-16 portrait of Elisabeth Lederer sold for $236.4 million with fees during the first evening sale at Sotheby's new headquarters at the Breuer Building in New York tonight, November 18. Surpassing its $150 million estimate, the painting sold to a phone bidder with Julian Dawes, head of Impressionist and Modern Art, after a 20-minute bidding volley. Auctioneer Oliver Barker told a crowded saleroom it was the highest price ever paid for a modern artwork at auction.
