Sotheby's has announced one of the most significant art consignments of the year, securing approximately $400 million worth of masterworks from the collection of the late Leonard Lauder, who passed away in July at the age of 92. The prestigious auction house will offer 55 artworks from Lauder's holdings during its November sales in New York, marking what could be a historic moment for the art market.
The centerpiece of the collection is Gustav Klimt's "Portrait of Elisabeth Lederer" (1914-16), which is expected to sell for more than $150 million according to reports from The New York Times. This full-length portrait is considered one of the few remaining Klimt works of its caliber still held in private hands, making it an exceptionally rare offering in the auction market. The painting is positioned to become the crown jewel not only of the Lauder sale but of the entire November auction season.
The Klimt portrait significantly outpaces other major works scheduled for auction this fall. It carries an estimate roughly $100 million higher than a Mark Rothko abstraction from the collection of Robert F. Weis and Patricia G. Ross Weis, which is headed to Christie's with a $50 million estimate. Christie's has also secured the Weis collection, expected to generate $180 million, along with 20 works from the late Elaine Wynn's collection, including pieces by Richard Diebenkorn, J.M.W. Turner, and Joan Mitchell collectively estimated at $75 million.
The Elisabeth Lederer portrait appears poised to shatter Klimt's current auction record, which was established in 2023 when his painting "Dame mit Fächer" (Lady with a Fan) from 1917-18 sold for the equivalent of $108.4 million at Sotheby's London. However, the Lederer portrait is not the only expensive Klimt work from Lauder's collection heading to auction. Two additional Klimt landscapes will also be offered: one depicting a meadow from 1906 with an estimate of $80-100 million, and another showing a forest from 1917 carrying an estimate of $70-90 million.
Beyond the Klimt masterpieces, the Lauder collection encompasses a diverse range of important works by other renowned artists. The sale will feature six bronze sculptures by Henri Matisse collectively valued at $30 million, demonstrating Lauder's appreciation for three-dimensional works. Additionally, an Edvard Munch painting carrying a $20 million estimate and an Agnes Martin work valued at more than $10 million will be among the highlights, showcasing the breadth and quality of Lauder's collecting interests.
The timing of this major consignment comes at a crucial moment for Sotheby's, as the November sales will inaugurate the auction house's new headquarters in a Marcel Breuer-designed building that formerly housed the Whitney Museum of American Art. This location holds particular significance given Lauder's deep connection to the Whitney, where he served as a trustee from 1977 to 2011 and remained chairman emeritus until his death in June. Lauder was also a frequent presence on the ARTnews Top 200 Collectors list, cementing his status as one of the art world's most influential figures.
The announcement of the Lauder consignment comes amid challenging times for Sotheby's, which recently reported losses of $248 million according to The Guardian. An August profile in The New Yorker highlighted internal tensions at the auction house under owner Patrick Drahi's leadership, with one former executive drawing unfavorable comparisons to political leadership styles. Despite these financial pressures and the broader uncertainty surrounding the current art market, the auction house reduced its workforce by only 24 employees between 2023 and 2024.
Nevertheless, Sotheby's leadership remains optimistic about the potential impact of the Lauder collection. Speaking to The New York Times, the auction house's chief executive expressed confidence in the sale's prospects, stating, "I think we're going to make history with this collection. It will be something talked about for a long time." This sentiment reflects the art market's ongoing fascination with museum-quality works from distinguished private collections, particularly those with impeccable provenance and rarity.
