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Klimt, born in Vienna in 1862, was a founding member of the Vienna Secession — a movement which looked to bring Western European modern art and design influences to Austria (1). Known for his Symbolist paintings and contributions to Art Nouveau, he was close with the Lederer family and other prominent families across Vienna.
The six-foot-tall portrait is one of many Klimt painted for the family before his death in 1918, portraying the young heiress draped in an intricate Chinese robe.
While you might not have a quarter of a billion to buy a Klimt, this massive sale proves just how valuable art investing can be, even for those investing in less famous works of art.
A tragic history
Art valuations are based on a wide variety of metrics — the reputation and skills of the artist, what condition the piece is in, how the work shaped and influenced artistic movements — but the history behind a piece of art can play a significant role in its asking price.
While every original is a one-of-a-kind, Klimt’s “Portrait of Elisabeth Lederer” stands in rarified air, having narrowly avoided the fiery end many of his early works suffered.
During World War II, the Nazis looted the Lederers’ vast art collection (3). After this, Klimt’s many works were showcased in a 1943 exhibition at the Immendorf Castle in Vienna, but the Lederer family portraits were left out due to their Jewish heritage. This saved their portraits from the fate of Klimt’s other works on display when the Nazis burned the castle down right before they lost the war.
Lederer died before the war ended, but the painting was returned to her brother Erich in 1948, who held onto it until late in his life.
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