New York, November 23, 2025
A portrait by Austrian artist Gustav Klimt titled “Portrait of Elisabeth Lederer” sold at Sotheby’s auction in New York on Tuesday for $236.4 million, marking the second most expensive artwork ever sold at auction. The rare painting, commissioned during Klimt’s peak period, attracted intense bidding from six competitors.
Auction Details and Bidding Competition
The sale lasted around 20 minutes and featured a highly competitive bidding process between six bidders. Sotheby’s, the auction house managing the transaction, has not disclosed the identity of the winning buyer. The intense competition underscores the high demand for rare masterpieces from renowned early 20th-century artists.
Artwork Description and Rarity
Painted between 1914 and 1916, “Portrait of Elisabeth Lederer” depicts the daughter of Klimt’s principal patron, adorned in a white imperial Chinese dress, set against a blue tapestry with Asian motifs. The portrait is exceptional due to its full-length scale and society portrait genre, both rare among Klimt’s works from his peak years (1912-1917). Most large commissioned society portraits by Klimt from this period are held by major museums; only two remain in private hands.
Record Auction Sales in Context
This sale considerably surpasses Klimt’s previous auction record set in 2023, when “Lady with a Fan” sold for £85.3 million ($108.8 million). Despite this landmark price, Klimt’s portrait remains the second most expensive artwork sold at auction, following Leonardo da Vinci’s “Salvator Mundi,” which fetched $450 million in 2017.
Market Significance and Collector Interest
The unprecedented auction price reflects growing market competition and escalating values for rare masterpieces from the early 20th century. It highlights increasing collector interest in works with strong provenance and uniqueness, particularly those offering comprehensive historical and artistic significance like Klimt’s commissioned society portraits.
Such high-profile transactions also signal broader economic confidence and the willingness of elite collectors to invest substantial capital in iconic artworks, affirming the continuing vitality and significance of the art market within global investment portfolios.
The sale of “Portrait of Elisabeth Lederer” not only sets a new benchmark for Klimt’s market but also raises expectations for future auctions of similarly rare and historically important artworks.