Leonard A. Lauder, the late cosmetics billionaire who died in June at age 92, lived surrounded by world-class art in his Fifth Avenue apartment that rivaled the finest museums. Now, Sotheby's is preparing to auction his extraordinary private collection, estimated at over $400 million, in what promises to be one of the most significant art sales in recent history.
Lauder's passion for collecting began early in life - he started with postcards at just six years old, moved to posters as a teenager, and eventually graduated to fine art. He dedicated every free moment to educating himself about art and strategically acquiring masterpieces. Initially focusing on Cubism, he amassed 78 works, primarily by Picasso and Braque, which he generously donated to the Metropolitan Museum of Art in New York in 2013.
The crown jewel of the collection is Gustav Klimt's portrait of Elisabeth Lederer, created in Vienna between 1914 and 1916. This breathtaking painting is exceptionally valuable for several reasons: it's one of only two full-length portraits by Klimt in private hands, it's being offered at auction for the first time, and it carries a poignant historical story. The portrait depicts young Elisabeth Lederer wearing a white, cocoon-like gown made of almost transparent silk, creating a beautiful contrast with her dark eyes and hair. The background features Chinese and Japanese figures, representing Klimt's homage to Asian art.
The painting's wartime history adds to its significance. During World War II, Elisabeth Lederer escaped Nazi persecution by falsely claiming to be Klimt's illegitimate daughter. In reality, her Jewish parents were among Klimt's most important patrons and supporters. The Lederer portrait is expected to fetch over $150 million, more than any Klimt has ever sold for at auction, likely accounting for more than a third of the total sale proceeds.
The second and third highest-valued pieces in the collection are also Klimt works, but these are landscapes that showcase the artist's revolutionary approach to the genre. "Flower Meadow" from 1908 is estimated at over $80 million, while "Wooded Slope at Unterach on Lake Attersee" from 1916 carries an estimate starting at $70 million. These works demonstrate how Klimt transformed landscape painting by departing from traditional conventions like horizon lines and classical composition, taking the genre in exciting new directions.
The remainder of the collection features an impressive ensemble of six bronze sculptures by Matisse, along with works by renowned artists including Edvard Munch, Pablo Picasso, Agnes Martin, Claes Oldenburg, Vincent van Gogh, and Ernst Ludwig Kirchner. Munch's "St. John's Night (Midsummer Night)," created between 1901 and 1903, is estimated to sell for up to $30 million. The November 18-19 sale will offer 55 lots total, each piece carefully selected to meet Lauder's exacting standards.
In his autobiography "The Company I Keep – My Life in Beauty," Lauder wrote about his collecting philosophy: "Everything I bought had to make the cut." He explained that every museum has works that are permanently on display, like the Mona Lisa, and stated, "I wanted to create a collection where every single painting was so strong that every curator would say: Let's keep it hanging longer."
Adding extra significance to this historic auction, Sotheby's is using the sale to inaugurate its new global headquarters in the Breuer Building on New York's Upper East Side. This brutalist architectural gem previously housed the Whitney Museum of American Art and later served as a temporary home for the Frick Collection. The building has now been redesigned by Basel-based architects Herzog & de Meuron specifically for auction house purposes.
The choice of venue creates a meaningful full circle for Lauder's legacy. He had been a generous financial supporter of the Whitney Museum for decades and served as chairman of its board for over twenty years. Tonight, the future chapter of his collecting story will unfold in the very building he once loved and supported as the former Whitney Museum, making this auction not just a sale of masterpieces, but a tribute to a life dedicated to art and cultural philanthropy.
