Gustav Klimt’s Portrait of Elisabeth Lederer sells for $236.4M, becoming the most expensive work of modern art ever sold at auction

Sotheby’s has achieved a historic milestone with the sale of Gustav Klimt’s Portrait of Elisabeth Lederer, which realized $236.4 million, setting the highest price ever achieved for a work of modern art at auction and establishing a new all-time record for the artist. It is also the most expensive artwork ever sold by Sotheby’s, reaffirming the house’s position as a global leader in exceptional auction sales.

This result surpasses the previous modern-art record held by Pablo Picasso’s Les Femmes d’Alger (Version O), sold for $179.4 million in New York in 2015.

“Tonight, we made history at the Breuer,” said Helena Newman, Sotheby’s worldwide head of impressionist and modern art and chairman of Sotheby’s Europe. “To witness this exquisite portrait of Elisabeth Lederer set a new auction record for Klimt is already extraordinary; to see it become the most valuable work ever sold at Sotheby’s is nothing short of sensational. Klimt is one of those rare artists whose aura is truly universal.”

A landmark sale that highlights the enduring connection between Sotheby’s and Sotheby’s International Realty

The impact of this event extends far beyond the art market. It underscores the enduring strength of the Sotheby’s name, the parent company from which Sotheby’s International Realty originates, today one of the world’s most respected luxury real estate networks. This record-setting performance reflects the shared foundation of both entities: excellence, rarity, heritage, and the elevation of exceptional works, whether in fine art or luxury real estate.

For the teams at Côte d’Azur Sotheby’s International Realty, this new demonstration of strength by the Sotheby’s group highlights a shared legacy, the same commitment to excellence, and a common universe in which each masterpiece, whether a painting or a property, embodies history, culture, and timeless value.

The centerpiece of the Leonard A. Lauder collection

The painting, one of only two named full-length portraits by Klimt remaining in private hands, led the highly anticipated sale of the Leonard A. Lauder collection, a group of 55 works valued at more than $400 million.

Acquired in the 1980s from dealer Serge Sabarsky, the portrait stands among the most ambitious works of Klimt’s late period: three years of revision, a commission from the artist’s most loyal patrons, survival through Nazi-era confiscation, and restitution in 1948. Its trajectory makes it one of the most significant Klimt works ever to appear on the public market.

Proceeds from the sale will go to the Lauder Trust.

A powerful signal for the global market

Estimated at over $150 million, the Klimt was the crown jewel of the November auction season. Its performance confirms that Gustav Klimt remains one of the very few early-modern artists capable of achieving nine-figure results, even in a complex market shaped by geopolitical uncertainty and the scarcity of top-tier works.

The sale also marked the inauguration of Sotheby’s new headquarters in the Breuer Building, the iconic modernist landmark formerly occupied by the Whitney Museum. Leonard A. Lauder, a longtime trustee of the Whitney, had a longstanding relationship with this historic space.

Photo credit: Gustav Klimt, Porträt der Elisabeth Lederer (Portrait of Elisabeth Lederer), Sotheby's