Rare Klimt Painting Breaks Auction Records at $236.4 Million
The art market witnessed a historic moment on Tuesday evening at Sotheby’s first sale from its newly established headquarters in New York. The highlight of the evening was Gustav Klimt’s “Portrait of Elisabeth Lederer,” which sold for an astounding $236.4 million, setting a new record as the most valuable modern artwork ever auctioned.
Historic Auction Records Broken
“Portrait of Elisabeth Lederer” is now recognized as the most expensive piece ever sold by Sotheby’s globally. This portrait was created during the final years of Klimt’s life and depicts the young daughter of his patrons. Remarkably, the artwork survived World War II, escaping destruction from a fire at Immendorf Castle in Austria.
Significant Contributions and Bidders
This masterpiece was part of the collection of Leonard A. Lauder, the heir to the Estée Lauder fortune, who passed away earlier this year. During the auction, other notable artworks exceeded their high estimates, including Edvard Munch’s painting, which fetched $35.1 million.
A Unique Twist: The Gold Toilet
A standout item in the auction was Maurizio Cattelan’s gold toilet, titled “America.” Weighing 220 pounds and made of 18-karat gold, the starting bid was based on the current value of the metal. This piece is known for its controversial history, including being stolen from the Guggenheim Museum.
- This toilet previously drew attention as a functioning restroom in an exhibition.
- Cattelan’s work emphasizes the intersection of art and societal commentary.
Market Trends and Observations
Despite recent challenges in the global art market, which saw sales decline for two consecutive years as noted in the latest Art Market Report by Art Basel and UBS, this auction marks a significant triumph. Major auction houses, including Sotheby’s, Christie’s, and Phillips, experienced an 8% decrease in sales compared to last year.
However, there is a renewed sense of optimism due to successful prior sales, including notable works from collector Pauline Karpidas and the strong performance of Christie’s recent auction, grossing $690 million.
Looking Ahead
Sotheby’s plans to continue marquee sales throughout the week, with hopes to exceed total sales of $1 billion. Among upcoming highlights is Frida Kahlo’s haunting painting “El sueño (La cama),” which has the potential to set a new record for the highest value artwork sold by a female artist.
The new Sotheby’s headquarters, formerly the Whitney Museum of American Art, represents a strategic shift. Located near the renowned Museum Mile, the space is expected to enhance the visibility and engagement of the auction house.
