Gustav Klimt Portrait Sets Modern Art Auction Record

A remarkable event unfolded at a recent Sotheby’s auction in New York, where a Gustav Klimt portrait, titled “Bildnis Elisabeth Lederer,” set a new benchmark for modern art sales. The painting fetched an astonishing $236.4 million (€204 million), surpassing the previous record held by Andy Warhol’s Marilyn Monroe portrait, which sold for $195 million (€168 million) in 2022.

Details of the Sale

The auction was marked by a competitive 20-minute bidding war. While Sotheby’s has not disclosed the identity of the buyer, the painting’s historical significance has captivated art enthusiasts around the world. This 1.8-meter-tall masterpiece was created between 1914 and 1916, showcasing Elisabeth Lederer, a member of one of Vienna’s most affluent families, at a time when their lives were filled with luxury before the Nazi annexation in 1938.

Historical Context

• The Lederer family faced persecution during the Nazi regime.
• Their art collection was largely looted, leaving only portraits deemed “too Jewish” to be taken.
• Elisabeth Lederer, in a desperate bid to survive, claimed Klimt as her father, gaining protection from the Nazis.

Elisabeth’s strategic deception allowed her to remain in Vienna until her death from illness in 1944. Klimt, who was not Jewish and passed away in 1918, never knew of this story surrounding his work.

Legacy and Ownership

This Klimt portrait is among only two full-length portraits by the artist still in private hands. It was notably preserved from the devastating fire that consumed other Klimt artworks at an Austrian castle. Previously, this remarkable piece was part of the prestigious collection belonging to billionaire Leonard A. Lauder, heir to the Estée Lauder Companies. Lauder passed away this year at the age of 92, leaving behind a collection valued at over $400 million.

Impact of the Auction

The auction was a historic moment, with a total of five Klimt works from Lauder’s collection achieving combined sales of $392 million (€338 million). This reinforces Klimt’s continuing influence and prominence in the modern art world, highlighting both his artistic legacy and the profound stories behind his subjects.