Gustav Klimt’s Portrait of Elisabeth Lederer sold for US$236.4 million, and Sotheby’s says it now stands as the most valuable modern artwork ever auctioned. (Sotheby’s)
A bright splash of gold and a nearly lost treasure set the stage for a striking opening night at Sotheby’s new U.S. headquarters in New York. The auction house held its first major sale in the building on Tuesday, and the night drew loud reactions, eager bidders, and several new records.
Klimt Painting Lights Up the Room
The main spotlight fell on Gustav Klimt’s “Portrait of Elisabeth Lederer.” The painting soared to an extraordinary US$236.4 million after a tense 20-minute battle between bidders. Gasps filled the room as the price climbed. The work became the most valuable modern artwork ever sold at auction and the priciest piece Sotheby’s has ever handled anywhere in the world.
The portrait shows the young daughter of Klimt’s patrons. Klimt completed it late in his life. The painting survived the Second World War because it sat apart from other Klimt works that later burned in a fire at Immendorf Castle in Austria. The portrait belonged to Leonard A. Lauder, the late heir of the Estée Lauder family.
Other pieces from his collection also performed well. A painting by Edvard Munch sold for US$35.1 million, landing above its high estimate.
Strength Returns to the High-End Market
The strong results gave the luxury art market a much-needed lift. For more than two years, sales at the top level slowed down. Tuesday’s surge suggested renewed confidence among collectors willing to chase rare pieces.
A Golden Toilet Draws Attention
After the Lauder works, the sale shifted to contemporary art. One of the strangest pieces of the evening was a 220-pound toilet made of 18-karat gold by Maurizio Cattelan. The sculpture, called “America,” comes from the same series as the version once installed as a working toilet in a museum and later stolen from an English estate. That one has never been recovered.
The bidding for this version started at a price based on the current value of its gold weight. This marked a new approach for the auction house.
Crowds gathered to see the unusual item during the pre-sale viewings. Sotheby’s displayed it in a tiny mirrored washroom inside the building, which previously housed the Whitney Museum of American Art.
A New Home for a Major Auction House
The move into the old Whitney building places Sotheby’s near New York’s Museum Mile. The new location signals a shift in how the auction house plans to present itself to the public.
The wider art world has faced challenges. A recent report showed that global art and antiques sales fell for the second year in a row. Many galleries closed or changed direction. Major auction houses also saw lower sales this spring.
Still, some signs point upward. A strong summer sale of surrealist works encouraged collectors. Christie’s also saw solid results this week, including a US$62 million Mark Rothko painting.
More Big Sales Expected This Week
The momentum may continue. Sotheby’s plans more major auctions in the days ahead. One highlight is Frida Kahlo’s “El sueño (La cama).” Experts say the painting could break the record for the highest public sale of a work by a female artist.
