The work Portrait of Elisabeth Lederer by Gustav Klimt has returned to the center of global attention thanks to an auction that rewrote the history of the contemporary art market. The work, symbol of the Viennese artist’s mature phase and considered one of his most enigmatic masterpieces, was sold for 204 million euros at Sotheby’s in New York, becoming the second most expensive work ever sold at auction. A result that marks a turning point after months of stagnation in international sales.
The sale took place in the new Sotheby’s headquarters, inside the Breuer Building, where a tense atmosphere accompanied over twenty minutes of bidding between six contenders. Thanks to the guaranteed property clause, the seller – the American philanthropist Leonard A. Lauder – still had the certainty of a guaranteed minimum, but the battle that broke out exceeded all expectations. The identity of the buyer remains confidential, as per tradition.
Two other works by Klimt were also sold in the same session, Blumenwiese And Waldhag bei Unterach am Atterseefor 74.3 and 59 million euros respectively, further consolidating the artist’s weight on the global market.
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History and genesis of the work: from the war to the international market
The portrait was created between 1913 and 1916, commissioned by the industrialists August Lederer and Serena Pulitzer, great supporters of Klimt and central figures of Viennese collecting. The protagonist, Elisabeth, appears wrapped in a bright white dress, immersed in a background of green and pink shades typical of the Viennese Secession. Klimt, known for his meticulousness, did not consider the work finished even after years of work; it was Serena Lederer who took it away from the studio to force him to hand it over, a gesture that allowed the painting to reach us.
With the Anschluss and the application of the racial laws, the painting was confiscated by the Nazis and transferred to Immendorf Castle, where in 1945 a fire destroyed many of the artist’s works. Elisabeth’s portrait was one of the very few to survive and was returned to her heirs in 1948. In the 1980s it landed at the Serge Sabarsky Gallery in New York, where it was purchased by Leonard Lauder in 1985. The magnate’s recent death led to its being put up for sale at this record price.
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