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Klimt Masterpiece Shatters Records, Igniting Art Market Resurgence
New York, NY – The art world is abuzz after Gustav Klimt’s “Portrait of Elisabeth Lederer” fetched an astonishing $236.4 million at Sotheby’s Tuesday night, making it the second-most expensive painting ever sold at auction and the highest-priced work in Sotheby’s history. This monumental sale has injected a powerful jolt of life into the high-end art market, which has seen three years of declining sales.
The exquisite portrait soared past its initial estimate of over $150 million, becoming the subject of a spirited 20-minute bidding war among at least six eager parties. Ultimately, an anonymous buyer, represented by Sotheby’s Vice Chairman Julian Dawes via telephone, secured the coveted masterpiece.
Charles Stewart, CEO of Sotheby’s, expressed profound satisfaction with the results, stating, “Our evening sales were a resounding success and send a strong signal for the art market.” He also noted the significant crowds drawn to view the works at Sotheby’s new Manhattan headquarters in the Breuer building as further evidence of a vibrant and engaged market.
This record-breaking Klimt sale occurred during the art market’s most crucial sales week of the year. Total sales are projected to exceed $1.4 billion, with the potential to reach an impressive $2 billion, which would more than double last year’s figures.
Experts and auction houses attribute this market surge to a renewed sense of optimism among collectors, coupled with the availability of several prestigious collections featuring rare masterpieces from blue-chip artists.
Among the week’s notable sales was an intriguing piece by Italian artist Maurizio Cattelan, known for his infamous “Comedian” (a banana duct-taped to a wall) which sold for $6.2 million. This time, Cattelan’s “America,” a fully functional, 220-pound solid gold toilet, commanded $12.1 million at auction. While exceeding its $10 million starting bid, the sale price was lower than some anticipated.
The record-setting Klimt portrait was a highlight of the Leonard Lauder collection, an Estee Lauder heir and renowned art collector, which is expected to total over $400 million. In addition to the “Lederer” portrait, the collection included two other Klimt landscapes, which sold for $86 million and $68 million, respectively.
Across town, Christie’s has also reported robust sales, topping $747 million so far this week. Their Monday auction saw a Mark Rothko painting from the Robert F. and Patricia G. Ross Weis collection sell for $62.2 million, while a Picasso from the same collection fetched $45.5 million.
The week’s auctions will continue with lower-priced day sales and a significant evening sale at Phillips, further solidifying the art market’s impressive resurgence.