A Historic Art Auction
A painting by Gustav Klimt recently sold for a record sum. The Klimt portrait sale reached $236.4 million. This total includes all associated fees. It makes the piece the second most expensive artwork ever sold at auction. Furthermore, it is now the most expensive work of modern art sold at auction. The historic sale took place at Sotheby’s.
Details of the Masterpiece
The celebrated artwork is titled Portrait of Elisabeth Lederer. The Austrian painter created the six-foot-tall piece between 1914 and 1916. It depicts Elisabeth Lederer. She was the young heiress and daughter of Klimt’s patrons. Lederer is shown draped elegantly in a fine Chinese robe. This striking composition is a testament to Klimt’s iconic style. It captures a deep sense of dignity and wealth.
Intense Bidding War
The auction at Sotheby’s on Tuesday night in New York was dramatic. Six determined bidders competed fiercely for the painting. The bidding battle lasted an impressive 20 minutes. This extended competition drove the final price soaring past initial estimates. Sotheby’s officials declined to identify the successful buyer. The identity of the new owner remains private for now. This massive figure confirms the enduring value of Klimt portrait sale prices.
A History of Survival
The portrait possesses a remarkable and dramatic history. The Nazis originally looted Portrait of Elisabeth Lederer. It later survived a devastating fire. This fire occurred during the chaos of the Second World War. However, the painting was recovered in 1948. It was returned to Elisabeth Lederer’s brother, Erich Lederer. He kept it for most of his life. He finally sold the painting in 1983.
The Lauder Connection
In 1985, the painting entered a significant private collection. It became part of the collection owned by Leonard A. Lauder. He was an heir to the Estée Lauder fortune. Lauder often displayed the artwork prominently in his Fifth Avenue home in New York. He occasionally lent it to galleries for public display. Lauder sadly passed away in June at the age of 92. This recent Klimt portrait sale concludes its time in the Lauder collection. It marks a new chapter for this priceless survivor. The auction’s success demonstrates the robust global demand for Klimt’s work.
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