Gustav Klimt has returned to global headlines after one of his rare full-length portraits sold for an extraordinary $236.4 million (around £180 million) at Sotheby’s in New York, positioning the work as the second most expensive artwork ever sold at auction.
The sale of ‘Portrait of Elisabeth Lederer’ has drawn renewed attention to the Austrian painter more than a century after his death, raising questions about the forces driving the art market and the enduring cultural pull of Klimt’s ornamental style.
As collectors and institutions react to the record-setting figure, interest in Klimt’s life and artistic legacy has surged across the United States and beyond.
Gustav Klimt: The Artist Behind the Record-Breaking Portrait
Gustav Klimt, born in Vienna in 1862, was a central figure in the development of modern European art. He co-founded the Vienna Secession, a movement that challenged conservative artistic norms and encouraged experimentation in style and symbolism.
Klimt became known for his distinctive approach, characterised by rich ornamentation, bold patterns, and a striking use of gold leaf. His work often explored themes of intimacy, mythology, and the female form, which would come to define his celebrated ‘Golden Period.’
Among his most famous paintings are ‘The Kiss,’ ‘Portrait of Adele Bloch-Bauer I,’ and a series of luminous landscapes. Even today, Klimt’s work continues to resonate with contemporary audiences, appearing in museum exhibitions, digital experiences, and popular culture.
The $236.4m Portrait and Its Significance
The painting at the centre of the recent auction surge, ‘Portrait of Elisabeth Lederer,’ was created between 1914 and 1916. The work depicts Elisabeth, daughter of August and Serena Lederer, who were among Klimt’s earliest and most loyal patrons.
Presented in a white gown against a backdrop of delicate patterns and soft colours, the portrait is widely regarded as one of the last great full-length works Klimt completed before his death in 1918.
Its rarity played a major role in the final price. Full-length Klimt portraits seldom appear at auction, and when they do, they attract intense competition from collectors. The sale far exceeded the artist’s previous auction record and reflects the escalating demand for early 20th century masterpieces with strong provenance.
How the Work Became the Second Most Expensive Artwork
The Sotheby’s sale places the Klimt portrait directly behind Leonardo da Vinci’s ‘Salvator Mundi,’ sold at $450.3 million (£342 million), in the ranking of the most expensive artworks sold at auction.
Analysts noted that bidding for the painting was competitive, with several parties vying to secure the portrait. The result dwarfed the price achieved by Klimt’s earlier record holder, Lady with a Fan, which sold for more than £85 million in 2023.
The outcome reinforces Klimt’s status as one of the most valuable modern artists in the market. It also highlights the resilience of top-tier art sales, which continue to draw significant investor interest even during periods of economic uncertainty.
Provenance, Wartime History and Cultural Memory
The portrait’s journey adds further weight to its valuation. The Lederer family originally safeguarded an extensive collection of Klimt’s works until the Nazi regime seized many pieces, including this portrait, in 1939.
The painting was returned to the family after the Second World War, making its survival and restitution part of a larger historical narrative that still resonates within the art world.
Works with clear provenance, particularly those linked to wartime restitution, often carry heightened cultural and historical significance, factors that influence both public interest and market value.