A new auction record was set on Tuesday, November 18, 2025, when Gustav Klimt's "Portrait of Elisabeth Lederer" sold for a staggering $234.6 million at Sotheby's in New York. The Austrian master's painting exceeded all expectations, selling for $84 million more than Sotheby's initial estimate of $150 million, making it the second most expensive painting ever sold at auction worldwide.
Painted between 1916 and 1917, the "Portrait of Elisabeth Lederer" was part of the collection owned by art collector Leonard A. Lauder before being put up for auction by the British auction house Sotheby's. Six bidders competed fiercely for the masterpiece during the intense auction. The identity of the successful buyer has not been disclosed, maintaining the anonymity typical of such high-value art transactions.
This record-breaking sale comes at a particularly challenging time for the global art market. The lack of high-value artworks available for sale, combined with difficult economic conditions, has caused auction sales of art to plummet by 33.5% in 2024, according to an Artprice report. This represents the lowest level since 2009, making Klimt's sale even more remarkable in the current market climate.
The painting belongs to Klimt's most celebrated period between 1912 and 1917, when the Austrian artist focused on full-length portrait subjects. Art experts note that the rarity of Klimt's works appearing on the market contributes significantly to the exceptional nature of this sale, as collectors rarely part with pieces from this coveted period.
To put this astronomical sale price in perspective, the art world has witnessed only a handful of paintings that have commanded prices exceeding $100 million at auction. The current record holder remains "Salvator Mundi," attributed to Leonardo da Vinci, which was purchased by Saudi Crown Prince Mohammed bin Salman for $450 million in 2017 through Christie's. However, questions about the painting's authenticity persist, as some experts believe it may have been created by a member of da Vinci's workshop rather than the master himself.
Other notable high-value sales include Andy Warhol's "Shot Sage Blue Marilyn," which sold for $195 million in 2022 to American art dealer Larry Gagosian through Christie's. This iconic portrait of Marilyn Monroe is considered Warhol's most famous work, which partly explains its extraordinary price. Pablo Picasso also features prominently in the high-value auction market, with his "Women of Algiers (Version 'O')" selling for $179.4 million in 2015. Inspired by Eugène Delacroix's "Women of Algiers in their Apartment," this was one of 15 versions Picasso created of the subject, numbered from A to O.
The Italian master Amedeo Modigliani is represented twice in the top auction sales with his "Reclining Nude" series. The first of the series sold for $157.2 million in 2018, while the second, considered the more valuable of the two, fetched over $170 million. These 1917 paintings were part of Modigliani's only solo exhibition during his lifetime and are credited with reaffirming and revitalizing the nude as a subject in modern art.
Vincent van Gogh's "Portrait of Dr. Gachet" rounds out the list of ultra-high-value sales. Originally purchased in 1990 by Japanese businessman Ryoei Saito for $82 million, its value has increased dramatically when adjusted for inflation. With the U.S. dollar experiencing 79.1% inflation between 1990 and 2025, Saito would theoretically need to spend nearly $148 million to acquire the same artwork today, making it the most expensive van Gogh work ever sold at auction in real terms.
Tragically, the art world recently suffered a significant loss when Francis Bacon's "Three Studies of Lucian Freud," a 1969 triptych that sold for $142.4 million in 2013, was destroyed in the Los Angeles wildfires in March 2025. The painting was owned by actor Anthony Hopkins, who had purchased it anonymously and allowed it to be displayed at the Portland Art Museum for three months before returning it to his private collection.
Edvard Munch's iconic "The Scream" also commands a place among the world's most expensive artworks. One of five versions painted by the Norwegian artist was sold in 2012 by Norwegian billionaire Petter Olsen through Sotheby's for $119.92 million. This particular painting has become deeply embedded in popular culture, notably inspiring the Ghostface character in the "Scream" film series.
The Klimt sale demonstrates that despite the challenging market conditions, masterpieces by renowned artists continue to command extraordinary prices when they rarely appear at auction. The scarcity of such high-caliber works, combined with the enduring appeal of Klimt's golden period, contributed to the fierce bidding war that ultimately established this new benchmark in the art auction world.
