Gustav Klimt’s iconic Portrait of Elisabeth Lederer recently hit the headlines when it sold for an astonishing $236.4 million (£179.7 million, A$364 million). That momentous sale was made Tuesday evening at a Sotheby’s auction held in New York City. This remarkable sale establishes a new record for Klimt. It places the artwork as the second most costly work ever offered at auction.
Portrait of Elisabeth Lederer, executed between 1914–16. It’s one of the most charming and beautiful paintings, a beautiful portrait of this young heiress with a Chinese robe wrapped around her. It is remarkable for being one of only two full-length Klimt portraits that are still in private hands. The painting’s story is equally stormy. The Nazis plundered it during World War II, and it almost met its destruction in a fire so disastrous that it was dubbed the “fire tsunami.”
In 1948, the artwork was ultimately returned to Lederer’s brother, Erich. After Erich’s death in 1985, having sold the painting in 1983. More recently, in June 2017, it was stolen from a public exhibition at Blenheim Palace in England.
The emotional and historical significance of the painting in its time wasn’t lost on bidders that night at Allen’s auction. Six challengers then plunged themselves into a fiery 20-minute long bidding war. Such a passionate fight made clear just how valuable the masterpiece truly is.
Art historian Emily Braun remarked on the painting’s importance, stating that it was “the jewel of Leonard A Lauder’s collection.” Lauder, the billionaire heir to the Estée Lauder cosmetics fortune, displayed the painting in his New York home on Fifth Avenue. In fact, he proudly exhibited it there for decades. Until traded in 2019, Portrait of Elisabeth Lederer represented more than 40% of Lauder’s collection’s total value. This incredible collection went for a record-setting $575.5 million (£437.5 million, A$885.7 million), fees included.
“He ate lunch whenever he was at home, and lunch would be at a little round table right by the painting,” – Emily Braun
The recent sale demonstrates the premium appeal and enduring market significance of Klimt’s work. The auction for the Portrait of Elisabeth Lederer broke numerous records. This energy is indicative of a growing public demand for extraordinary works from art history.
Klimt’s style, full of elaborate patterns and evocative subjects, is still intensely popular with collectors and art lovers today. The Portrait of Elisabeth Lederer has a fascinating history and impressive surface beauty. This exquisite picture further demonstrates all of the reasons why Klimt remains one of the most popular artists in today’s market.