From Nazi Looting to Auction Glory: Klimt Portrait Sells for $236.4m

From Nazi Looting to Auction Glory: Klimt Portrait Sells for $236.4m

Gustav Klimt’s Portrait of Elisabeth Lederer—also known as Portrait of Elisabeth Bachofen-Echt—has sold for an extraordinary $236.4 million at Sotheby’s, making it the second most expensive artwork ever sold at auction. Klimt painted the portrait between 1914 and 1916, during the final years of his career, when his signature blend of elegance, symbolism, and ornamentation reached its peak.

Gustav Klimt: Elisabeth Lederer
1914–1916

The portrait carries a dramatic and emotional history. Originally owned by the Lederer family, it was seized by the Nazis during the Second World War and barely survived a devastating fire that destroyed many other works. Its survival, rarity, and Klimt’s unmistakable style helped draw intense interest from collectors around the world.

After the war, the painting eventually entered the private collection of Estée Lauder heir Leonard A. Lauder, who acquired it in 1985. Lauder kept the work on display in his Fifth Avenue home in New York, occasionally lending it to museums and galleries. He passed away in June at the age of 92, and the sale marks a significant moment in the legacy of his renowned art collection.

Klimt’s newly auctioned portrait now sits just behind the most expensive artwork ever sold at auction: Leonardo da Vinci’s Salvator Mundi, which reached an astonishing $450.3 million in 2017.

This record-breaking sale highlights Klimt’s lasting influence and the continued demand for artworks with remarkable histories and exceptional provenance.