Klimt portrait sells for $236.4M, a record for modern art

The majestic young woman draped in an imperial Chinese robe stands tall against a tapestry of soldiers, courtiers and celestial motifs. Now, “Portrait of Elisabeth Lederer” by Viennese master Gustav Klimt has become a towering figure in the pantheon of art as the most expensive modern work to be sold at auction.

The 71-by-51-inch painting, named after its subject, was sold at a Sotheby’s auction in New York on Tuesday evening for $236.4 million, including fees. It belonged to the private collection of Leonard Lauder, the cosmetics heir who died in June.

A 19-minute bidding battle propelled the painting far beyond its $150 million estimate, with two bidders competing over the phone via their auction representatives.

The audience cheered when the price climbed to $200 million.

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