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A painting by a famed Austrian artist became the second-most expensive painting ever sold at auction on Nov. 18

Gustav Klimt’s "Portrait of Elisabeth Lederer" sold for $236.4 million at Sotheby's in New York

Pablo Picasso’s 1955 "Les Femmes d'Alger (Version O)" holds the record after it sold at Christie’s New York for $179.4 million in 2015

The art market received a much-needed jolt when a portrait by an Austrian artist became the second-most expensive painting ever sold at auction.

It’s a historic moment for Gustav Klimt’s storied "Portrait of Elisabeth Lederer," which survived being seized by the Nazis and was almost ruined in a fire during World War II.

On the night of Tuesday, Nov. 18, there were 20 minutes of highly competitive bidding before the striking portrait

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