Gustav Klimt's "Portrait of Elisabeth Lederer" has shattered auction records, selling for a staggering $236.4 million at Sotheby's inaugural auction at the Breuer Building in New York City. The Austrian master's six-foot-tall painting has now become both the most valuable modern artwork ever sold and the second-most expensive piece in auction history, according to Sotheby's official announcement on Tuesday.

The intense bidding war lasted approximately 19 minutes, with six determined bidders competing for the extraordinary piece. The final sale price far exceeded Sotheby's initial estimate of $150 million for the portrait, which Klimt created between 1914 and 1916. The painting depicts Elisabeth Lederer, the daughter of Klimt's patrons, elegantly dressed in an imperial Chinese dragon robe, showcasing the artist's distinctive style and attention to ornate detail.

The artwork carries a tragic historical significance, having been looted by Nazi forces during World War II. However, Sotheby's noted in their statement that "the canvas narrowly escaped the fate of other works by Klimt in the Lederers' collection, which were likewise seized but ultimately destroyed in a fire at the war's end." This remarkable survival adds to the painting's extraordinary value and historical importance.

During the press preview at Sotheby's in New York City earlier this month, art handlers carefully displayed the masterpiece for potential bidders and media. The painting's impressive size and Klimt's characteristic golden palette and intricate patterns drew significant attention from collectors worldwide, setting the stage for Tuesday's record-breaking sale.

This sale surpasses previous modern art auction records and demonstrates the continuing strength of the high-end art market. The successful auction at Sotheby's new Breuer Building location marks a significant milestone for both the auction house and the art world, as collectors continue to pay unprecedented prices for works by renowned masters like Klimt.