Klimt Portrait Sells for $236.4 Million, Sets Modern Art Record

A Gustav Klimt portrait of a young Viennese woman sold for $236.4 million at Sotheby's auction in New York on Tuesday, setting a record for the most expensive modern artwork ever sold and becoming the second-highest price for any piece at auction.

The six-foot-tall Portrait of Elisabeth Lederer, painted between 1914 and 1916, depicts the 20-year-old daughter of one of Vienna's wealthiest Jewish families, adorned in a translucent Chinese-style robe against a backdrop of Asian-inspired motifs. Six bidders competed in a 20-minute battle, pushing the price far beyond its presale estimate of $150 million. Sotheby's declined to disclose the buyer's identity. The sale was part of the auction of the collection amassed by cosmetics heir Leonard A. Lauder, who died in June at age 92. Works from his holdings, valued at over $400 million, generated $575.5 million in total, with five Klimt pieces alone fetching $392 million.

The painting's history adds layers to its value. Commissioned by Elisabeth's parents, August and Serena Lederer, prominent patrons of Klimt, it captured a moment of prewar luxury. When Nazi Germany annexed Austria in 1938, the regime looted the family's extensive art...