Lost for Decades, This Klimt Just Became the Second-Priciest Artwork Ever

“Portrait of Elisabeth Lederer,” a rare full-length painting by Austrian artist Gustav Klimt, has sold for $236.4 million at Sotheby’s, making it the second most expensive artwork ever sold at auction, behind Leonardo da Vinci’s “Salvator Mundi.”

Painted between 1914 and 1916, the six-foot portrait depicts Elisabeth Lederer, the daughter of one of Klimt’s major patrons. The work’s history is unusually dramatic: it was looted by the Nazis, nearly destroyed in a WWII fire, later restituted after the war, and eventually entered the private collection of Leonard A. Lauder, where it remained for decades out of public view.

At Tuesday’s auction, six bidders competed for more than 20 minutes before the hammer price soared past early estimates. Art historians note that only two full-length Klimt portraits still remain in private hands, contributing to the intense global interest.

The sale also marks a major moment for modern art valuation, as Klimt now rivals the highest tiers of post-Impressionist and Renaissance pricing.