The inaugural auction of Sotheby’s new global headquarters, housed in the Breuer Building on New York’s Madison Avenueof Nov. 18 and comprising 24 lots, marked a significant moment for the international market. The evening sale dedicated to collectors, Leonard A. Lauder Collection, closed with a total of $527.5 million and 100 percent of lots sold, a result greeted by applause that highlighted the exceptional nature of the evening. The most notable move was the Porträt der Elisabeth Lederer (Portrait of Elisabeth Lederer) by Gustav Klimt (Baumgarten, 1862 - Vienna, 1918), which fetched $236.4 million (approximately €203.9 million) and is now a new world record for a work of modern art.
The painting, never before presented on the market, embodies one of the pinnacles of Klimt’s production and is an exemplary representation of early 20th-century Viennese art. The portrait depicts the daughter of an important supporter of the artist and belongs to the small group of full-length figures created in the period of the so-called Golden Age. The refinement of the composition, the ornamental richness and the psychological note that emerges from the young Lederer’s face confirm the work’s central role in the artist’s career, while highlighting a crucial moment in his formal research. The evening at the Breuer Building thus marks an important step for Sotheby’s, which inaugurates its new venue with a sale capable of attracting international attention. The Portrait of Elisabeth Lederer remains the focal point of the entire appointment, a symbol of the attractive power of Klimt’s work and evidence of a moment destined to affect future valuations of modern art.
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| Sotheby's, Gustav Klimt portrait sold for 200 million: it's the most expensive modern work ever |
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