Klimt’s portrait of Elisabeth Lederer sells for $236.4m, most expensive modern artwork ever auctioned

Gustav Klimt’s six-foot-tall portrait of Elisabeth Lederer was sold for a whopping $236.4 million at a Sotheby’s auction in New York on Tuesday.

The Austrian artist’s painting that he made between 1914 and 1916 has become the second-most expensive artwork ever sold at an auction and the most-expensive modern artwork ever sold at an auction.

The painting features Elisabeth, the young heiress and daughter of Klimt’s patrons, draped in a Chinese robe.

One of the most unique features of the painting is that it was looted by the Nazis and nearly destroyed by a fire in World War II. 

However, it survived and made its way back to heiress’s brother, Erich, and remained in his possession till 1983.

Erich sold the painting, and in 1985 it became part of the private collection of Leonard A Lauder who displayed it at his Fifth Avenue home in New York.

It was estimated that the painting would sell for $150 million; however, it surpassed expectations and made $86 million more than what was expected.

Six bidders competed to acquire one of the two surviving full-length Klimt portraits. Sotheby’s has declined to reveal the identity of the buyer.

Leonardo da Vinci’s Salvator Mundi remains the most expensive artwork ever sold at an auction. It was sold for $450.3 million in 2017.