At $236.4 million, Gustav Klimt’s portrait of his patrons’ daughter sold at a Sotheby’s auction for more than any painting in history except for Leonardo da Vinci’s Salvator Mundi, which brought in over $450 million in 2017.
Sotheby’sGustav Klimt’s Portrait of Elisabeth Lederer, which was painted between 1914 and 1916.
Gustav Klimt’s Portrait of Elisabeth Lederer just brought in $236.4 million at a Sotheby’s sale. This staggering price makes it the second most expensive painting to ever sell at auction.
The portrait, which the Austrian artist painted between 1914 and 1916, depicts the daughter of some of his biggest patrons. This was the first time it had been on the market since the 1980s, when it was purchased by Estée Lauder heir Leonard Lauder. The new buyer has not been identified, but they now own a piece of art history.
Gustav Klimt’s Painting Breaks Records
Sotheby’sThe sale of the portrait at Sotheby’s in New York City.
The Sotheby’s auction took place on Nov. 18, 2025, and the Portrait of Elisabeth Lederer was the star of the show. Over 19 minutes, six potential buyers bid on the work of art, and it ultimately sold for $236.4 million. It’s the most expensive modern painting to ever sell at auction and the second most expensive overall, coming in only behind Leonardo da Vinci’s Salvator Mundi, which fetched $450.3 million in 2017.
“Tonight, we made history at the Breuer,” Helena Newman, Chairman of Sotheby’s Europe and of Impressionist and Modern Art Worldwide, said in a statement, as reported by ARTews. “To see Gustav Klimt’s exquisite portrait of Elisabeth Lederer set a new auction record for the artist is thrilling in itself; to see it become the most valuable work ever sold at Sotheby’s is nothing short of sensational.”
Public DomainBefore the recent sale, Gustav Klimt’s Dame mit Fächer (Lady with a Fan) was his most expensive painting.
Previously, Klimt’s Lady with a Fan had been his most expensive piece of art, selling for $108.4 million in 2023. Experts expected the Portrait of Elisabeth Lederer to challenge or perhaps surpass this record — but they never imagined it would smash so many other records, as well.
Still, the sale of this painting is just one part of its long and fascinating history.
The History Behind The Portrait Of Elisabeth Lederer
Gustav Klimt painted the Portrait of Elisabeth Lederer between 1914 and 1916 for some of his biggest patrons, August and Serena Lederer, one of the wealthiest Jewish families in Vienna. It portrays their daughter, who was 20 years old at the time, and it was part of the family’s expansive art collection for decades.
Public DomainSerena Lederer poses with the Portrait of Elisabeth Lederer in her Vienna apartment, circa 1930.
Then, when Germany annexed Austria in 1938, the Nazis seized the portrait alongside the rest of the family’s art and expensive furniture, according to Sotheby’s. August Lederer had died in 1936, but Serena was forced to flee to Budapest. To save herself, Elisabeth claimed that she was actually Gustav Klimt’s biological daughter, and therefore had some “Aryan” blood. Because of this, she was able to remain in Vienna unharmed as millions of Jewish people were forced into concentration camps.
The portrait of Elisabeth — who died in 1944 — was returned to the Lederer family after the war, and it remained in the possession of Elisabeth’s brother until 1983, when New York’s Serge Sabarsky Gallery acquired it. Then, in 1985, it was purchased by Leonard Lauder, the heir to the Estée Lauder fortune. Lauder died in June 2025, and the painting returned to the market for the first time in 40 years.
This isn’t the only Klimt painting to make headlines in recent years. Back in 2023, a long-lost portrait of African prince William Nii Nortey Dowuona suddenly reappeared in Austria.
The next destination of the Portrait of Elisabeth Lederer is unknown, but its record-breaking sale has now thrust it to the forefront of art history.
After reading about the sale of Gustav Klimt’s Portrait of Elisabeth Lederer, learn about the Monuments Men who saved priceless artwork from the Nazis. Then, look through these haunting photos of Kristallnacht, the 1938 pogrom that foreshadowed the Holocaust horrors that were yet to come.
