A painting by Austrian master Gustav Klimt has rocketed to become the second most expensive artwork ever sold at auction, following a dramatic bidding war that captivated the art world. The sale, which concluded on Tuesday evening, 18th November 2025, saw the final hammer price reach a staggering $236.4 million (£179 million).
The Fierce Bidding War
The sale of Klimt's 'Portrait of Elisabeth Lederer' was anything but quiet. The auction room witnessed a 20-minute bidding war that involved six determined bidders, ultimately pushing the final price far beyond its pre-sale estimate of $150 million. This intense competition underscores the enduring power and immense value of masterpieces by iconic artists.
The artwork carries a profound and poignant history. It was looted by the Nazis and later narrowly escaped destruction in a fire during the Second World War. After its tumultuous past, the painting was returned to the Lederer family, specifically to Erich Lederer, in 1948. The family subsequently sold the portrait in 1983, and it became part of the esteemed private collection of Estée Lauder heir, Leonard A. Lauder, from 1985 until this landmark sale.
Klimt's Ascent in the Art Market
The record-breaking sale of the Lederer portrait was not the only Klimt work to achieve an extraordinary price. At the same auction event, several landscapes from Leonard Lauder's collection also sold for impressive sums, each fetching between $60 million and $80 million. This collective success highlights a robust and sustained demand for Klimt's work, cementing his status as a pillar of the high-stakes art market.
By achieving this monumental price, Gustav Klimt has now surpassed some of the most famous names in art history. Here is a look at the elite group of artworks he has joined, showcasing the astonishing financial heights of the global art market.
The 13 Most Expensive Artworks Sold at Auction
13. Pablo Picasso - Nude, Green Leaves and Bust
This vibrant and sensual canvas, which sold for $107.3 million, depicts Picasso's muse, Marie-Thérèse Walter. Painted in 1932, it represents the most successful period of his relationship with Walter and signalled the robustness of the art market at its time of sale.
12. Jean-Michel Basquiat - Warrior
A fierce, confrontational self-portrait, 'Warrior' sold for $108.4 million. Painted on a wooden panel in 1982, it distils the artist's powerful themes of race, identity, and power. Its sale in Hong Kong demonstrated the massive growing interest in Basquiat among Asian collectors.
11. Jean-Michel Basquiat - Untitled
This colossal 1982 painting of a ferocious skull captured the raw energy that made Basquiat an art world phenomenon. Its sale for $110.5 million cemented his position as a hugely important post-war artist.
10. Edvard Munch - The Scream
One of only four pastel versions in existence, this iconic image of modern anxiety sold for $119.9 million. The sale set a record at the time and underscored the universal, primal power of this Expressionist masterpiece.
