Portrait of Elisabeth Lederer
View at the holding institution
- Artist
- Gustav Klimt
- Date
- 1914-1916
- Medium
- Oil on canvas
- Attribution
- acceptedAccepted as autograph Klimt.
- Where it is now
- Private collection
The second most expensive work of art ever sold at auction, and a painting whose price is inseparable from its ownership history. Elisabeth Lederer was the daughter of Serena and August Lederer, Klimt's most important patrons; the portrait took the artist close to three years of revision and was finished at the height of his late manner.
The Lederer collection was seized under the Nazi regime. This picture survived the war and was restituted in 1948 to Erich Lederer, Elisabeth's brother. It passed through the New York dealer Serge Sabarsky to Leonard Lauder in the mid-1980s and stayed out of the saleroom entirely until the Lauder collection was dispersed in November 2025, when it appeared at auction for the first time in its existence.
A restituted work that then remains in one collection for forty years is the strongest possible position for a seller: the wartime break in title is documented and resolved rather than open, which is precisely the condition most Nazi-era works never reach.
Provenance
- 1916 - c. 1938Lederer family, Viennadocumented
Commissioned within the circle of Serena and August Lederer, Klimt's principal patrons and the sitter's parents.12
- c. 1938 - 1945Seized under the Nazi regimedocumented
The Lederer collection was confiscated. The painting survived the war.12
- 1948 -Erich Ledererdocumented
Restituted in 1948 to Erich Lederer, the sitter's brother.12
- mid-1980s - 2025Leonard A. Lauderdocumented
Acquired from the dealer Serge Sabarsky. Never offered at auction during this period.12
- 2025 - presentPrivate collectiondocumented
Bought at Sotheby's New York on 18 November 2025 from the Leonard A. Lauder Collection.13
Prices realised
| Date | Sale | Result | Note |
|---|---|---|---|
| 2025-11-18 | Sotheby's The Leonard A. Lauder Collection, New York | First appearance at auction. Second most expensive work of art ever sold at auction; most expensive work of modern art. Some outlets report USD 236.3 m. |
Sources
- 1Sotheby's, 'The New York Sales November 2025: Breuer results'.
https://www.sothebys.com/en/articles/the-new-york-sales-november-2025-breuer-results - 2Wikipedia, 'Portrait of Elisabeth Lederer' (used for the restitution chronology; to be replaced with the primary restitution record).
https://en.wikipedia.org/wiki/Portrait_of_Elisabeth_Lederer - 3ARTnews, 'Klimt's Elisabeth Lederer Portrait Sells for $236.4 M. at Sotheby's'.
https://www.artnews.com/art-news/news/gustav-klimt-portrait-of-elisabeth-lederer-auction-record-1234762083/ - 4The Value, 'At US$236.3m, Klimt's Portrait of Elisabeth Lederer becomes the second most expensive work ever auctioned'.
https://en.thevalue.com/articles/sothebys-ny-leonard-lauder-collection-gustav-klimt-munch-2025-autumn-auction-result
Change log
2026-08-02 — Record created. Restitution chronology currently rests partly on a tertiary source and is flagged for replacement with the primary restitution record.