A Gustav Klimt masterpiece has become the most expensive piece of modern art to be sold at an auction after a whopping $236.4 million bid.
The piece was owned by Leonard Lauder who died in June and was son and heir to Estee Lauder.
The Lauder family were major patrons of the arts known for their impressive collection.
Sotheby’s auction house offered up 24 pieces from the Leonard Lauder’s personal collection during the November 18 art auction.
The Portrait of Elizabeth Lederer, which was completed in 1916, was purchased by Lauder in the 1980s and remained in his ownership until his death.
At least six bidders were hoping to snag the portrait, according to the Wall Street Journal.
Several even joined the intense bidding war on the phone, with one telephone bidder the ultimate winner. The tense auction ended in applause.
The highly sought after painting has now surpassed the Austrian artist’s last auction record and instantly became one of the most valuable paintings of the 20th century.
The bidding at Sotheby’s in New York City began at $130 million, according to ARTNews.
The final price tag is the highest price for any single piece of modern art ever sold at an auction.
The record was previously held by Pablo Picasso’s Les Femme d’Alger which sold for $179.4 million in 2015. The most expensive piece of art ever sold at auction remains Leonardo da Vinci’s Salvator Mundi, which sold for $450 million in 2017.
Tuesday’s auction was the first held in Sotheby’s new home at the Breuer building in New York City.
Sotheby’s worldwide Chairman Helena Newman said in a statement that the auction ‘made history.’
‘To see Gustav Klimt’s exquisite portrait of Elisabeth Lederer set a new auction record for the artist is thrilling in itself,’ she said.
‘To see it become the most valuable work ever sold at Sotheby’s is nothing short of sensational. Klimt is one of those rare artists whose magic is as powerful as it is universal.’
Lauder’s prized possession was one of only two remaining privately owned full-length Klimt portraits.
The six-foot tall painting was one of Klimt’s most intricate pieced and portrays the daughter of one of Klimt’s wealthy Viennese customers.
The elegant subject wore an ornamental rove and is surrounded by Chinese art.
According to the Guardian, the highly sought after work of art was looted by the Nazis and nearly destroyed by a fire during World War II.
It was recovered by Klimt’s friend and purchased by the Lauder family in 1985.
Lauder owned a total of three Klimt paintings including his 1908 Blooming Meadow and his 1916 Forest Slope in Unterach on the Attersee.
The paintings sold for $86 million and $70.8 million respectively.
Every one of Lauder’s esteemed pieces found a buyer. The total for his collection was about $528 million combined.
His Henri Matisse sculptures, Edvard Munch’s Midsummer Night, and Robert Rauschenberg’s Untitled raked in millions.
Sotheby’s called the impressive collection ‘once in a generation’ on their website.
Lauder rarely allowed the prized paintings and sculptures out of his home.
They were occasionally shown at the Museum of Modern Art and at his brother Ronald Lauder’s Neue Galerie New York.
It lived at the National Gallery of Canada from 2017 until earlier this year.
Lauder was the oldest son of Estee Lauder. He and his younger brother inherited their mother’s beauty company.
Lauder’s most recent estimated net worth was $32.3 billion in 2021 making him the 44th richest person in the world.
