People talk near the Leonard A. Lauder Collection (Portrait of Elisabeth Lederer) during a preview of the auction house Sotheby’s new headquarters in Manhattan, New York City, U.S., November 7, 2025.
Eduarod Munoz | Reuters
Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at Sotheby’s Tuesday night for $236.4 million, making it the second-most expensive painting ever sold at auction — breathing new life into the high-end art market after three years of declines.
The portrait is the most expensive work ever sold at auction at Sotheby’s, blowing past its original estimate of more than $150 million.
While the name of the buyer is unknown, the sale came after 20 minutes of spirited bids between at least six interested parties, according to Sotheby’s. It was sold to an anonymous buyer on the phone with Sotheby’s Vice Chairman and Head of Impressionist and Modern Art Julian Dawes.
“Our evening sales were a resounding success and send a strong signal for the art market,” said Sotheby’s CEO Charles Stewart.
He said the sale results, combined with the large crowds who came to view the works at Sotheby’s new headquarters at the Breuer building in Manhattan, are a sign of a vibrant market.
The Klimt sales comes during the most important sales week of the year for the art market.
Total sales are expected to exceed $1.4 billion and possibly top $2 billion, which would more than double last year’s total.
Art experts and auction houses say the market is being boosted by a renewed sense of optimism among collectors and by several top collections coming to market, including rare masterpieces by blue-chip artists.
This week’s auctions included an eye-catching piece by Italian artist Maurizio Cattelan, who gained notoriety for his $6.2 million “Comedian” sculpture of a banana duct taped to a wall. His piece at auction this week, “America,” is a fully functioning, 220-pound solid gold toilet.
The Klimt was part of the collection of Leonard Lauder, the Estee Lauder heir and longtime art collector, that is expected to total over $400 million. Along with the Lederer portrait, the collection included two Klimt landscapes, which sold for $86 million and $68 million.
Sales at Christie’s have topped $747 million so far this week. On Monday, it auctioned a Mark Rothko painting that was part of the Robert F. and Patricia G. Ross Weis collection for $62.2 million. A Picasso that was also part of the collection sold for $45.5 million.
The sales will continue this week with lower-priced day sales and a big evening sale at Phillips.
