Gustav Klimt’s iconic portrait of Elisabeth Lederer, created between 1914 and 1916, made history at Sotheby’s new headquarters at the Breuer Building in New York on November 18. The masterpiece fetched an astonishing $236.4 million, surpassing its estimated value of $150 million.

The bidding war for the painting lasted for 20 minutes before a phone bidder, along with Julian Dawes, head of Impressionist and Modern Art, clinched the deal. Auctioneer Oliver Barker announced that it was the highest price ever paid for a modern artwork at an auction, marking a significant moment in the art world.

This sale now stands as the second most expensive artwork ever sold on the public market, following Leonardo da Vinci’s “Salvator Mundi” which sold for $450 million at Christie’s. Additionally, it is the priciest work to ever be sold by Sotheby’s, solidifying its status as a powerhouse in the art auction realm.

Helena Newman, Sotheby’s global chairman of Impressionist and Modern Art, expressed her excitement by stating, “Tonight, we made history at the Breuer. Klimt is one of those rare artists whose magic is as powerful as it is universal.” The magnitude of the sale speaks to the enduring appeal and influence of Klimt’s oeuvre.

The portrait of Elisabeth Lederer, a 20-year-old daughter of wealthy patrons of Klimt in Vienna, holds a special place in art history. Lederer referred to Klimt as her “uncle” and even claimed him as her biological father during the Nazi regime in Vienna to protect herself. This personal connection adds layers of complexity to the painting’s narrative.

Aside from the record-breaking sale of Lederer’s portrait, Sotheby’s also featured two other Klimt oils from the collection of Leonard A. Lauder, each fetching impressive sums. The auction included a range of artworks, such as Matisse sculptures and Agnes Martin paintings, contributing to the diverse and vibrant art market.

Before the auction, Sotheby’s hosted a pre-sale exhibition that attracted around 25,000 visitors, underscoring the widespread interest and enthusiasm for these exceptional works of art. The success of the auction at the Breuer Building cements Sotheby’s reputation as a leading destination for art collectors and enthusiasts.