A rare full-length portrait by Gustav Klimt (1862-1918) is set to make auction history when it goes up for sale at Sotheby's on November 18th. The "Portrait of Elisabeth Lederer" (1914-1916), estimated at $150 million, could become the most expensive painting ever sold by the Viennese master. Only two such full-length portraits by Klimt remain in private hands, making this upcoming sale a truly exceptional event in the art world.
The masterpiece comes from the collection of billionaire Leonard Lauder, who passed away in June at the age of 92. Sotheby's will offer the painting from their new global headquarters at the Breuer Building on Madison Avenue in New York. If the portrait reaches its estimate, it would surpass the current Klimt auction record held by "Lady with a Fan" (1917-1918), which sold for 85.3 million pounds ($98.9 million) at Sotheby's London in 2023.
"The Portrait of Elisabeth Lederer embodies the aesthetic of Vienna's Golden Age, where youth, beauty, color, and ornaments merge into a magnificent modernist portrait," said Helena Newman, co-head of Sotheby's Impressionist and Modern Art department. The painting's exceptional quality and unique character are expected to drive intense bidding interest among collectors worldwide.
The portrait depicts young Elisabeth Lederer, daughter of August and Szerena Lederer, who were among Klimt's greatest patrons and the second-richest family in Vienna at the time, behind only the Rothschilds. At just 20 years old, Elisabeth displays a serene and confident expression while wearing a dress inspired by Paul Poiret. Klimt used vibrant colors and intricate decorative details to illustrate the exuberance of Vienna's elite society.
The artwork features distinctive Asian iconography that highlights Klimt's cosmopolitan outlook and passion for Chinese and Japanese objects and textiles. Light blue dragons appear in the background and on the model's clothing, which Kirsten Appleyard, conservation assistant at the National Gallery of Canada where the painting was on loan for several years, explains as symbols of imperial robes. "The presence of light blue dragons, along with several other symbols, indicates this is an emperor's coat," Appleyard noted.
While Klimt incorporated oriental motifs in other works, this portrait is unique as the only one to contain imperial iconography, emphasizing the immense importance of Elisabeth and her family in Viennese society. This distinctive feature adds to the painting's significance and potential market value.
The Klimt portrait will be joined by two other never-before-auctioned landscapes by the artist: "Blumenwiese" (circa 1908) estimated at over $80 million, and "Waldhag bei Unterach am Attersee" (1916) estimated at $70 million. "The simultaneous sale of not one, but three rare and exceptional Klimt masterpieces, none of which had been offered on the market before, represents a truly unique moment," Newman added.
These three Klimt works are part of Leonard Lauder's broader collection, valued at over $400 million and comprising 55 museum-quality pieces. The collection includes bronze sculptures by Henri Matisse and works by Pablo Picasso, Edvard Munch, Agnes Martin, and Claes Oldenburg. One highlight is Munch's "Midsummer Night" (circa 1901-1903), estimated at over $20 million.
Leonard Lauder, along with his brother Ronald Lauder, was one of the sole heirs to the Estée Lauder cosmetics fortune. Known as the "prince of the arts in Manhattan," he was a passionate philanthropist and art defender who supported New York museums extensively. He notably donated 89 paintings, sculptures, and drawings from his Cubist art collection, valued at over $1 billion, to the Metropolitan Museum of Art.
The choice of venue for this auction holds special significance. The Breuer Building in Manhattan's Upper East Side, currently the temporary home of the Frick Collection, previously housed the Whitney Museum of American Art. Lauder served as chairman emeritus of the Whitney and was its greatest benefactor, donating millions of dollars and numerous artworks, including nearly 50 works by Jasper Johns. Sotheby's decision to mark their arrival at the Breuer Building with Lauder's collection sale creates a fitting tribute to his legacy in the New York art world.
