Gustav Klimt's " Portrait of Elisabeth Lederer " sold at Sotheby's Tuesday night for $236.4 million, making it the second-most expensive painting ever sold at auction — breathing new life into the high-end art market after three years of declines.

The portrait is the most expensive work ever sold at auction at Sotheby's, blowing past its original estimate of more than $150 million.

While the name of the buyer is unknown, the sale came after 20 minutes of spirited bids between at least six interested parties, according to Sotheby's. It was sold to an anonymous buyer on the phone with Sotheby's Vice Chairman and Head of Impressionist and Modern Art Julian Dawes.

"Our evening sales were a resounding success and send a strong signal for the art market," said Sotheby's CEO Charles Stewart.

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