A Gustav Klimt portrait from the collection of late cosmetics magnate Leonard Lauder is expected to fetch at least $150 million at Sotheby's New York auction on November 18, potentially setting a new record for the Austrian artist. The "Portrait of Elisabeth Lederer" is the centerpiece of three major Klimt works from Lauder's estate that could collectively bring in over $300 million, providing a much-needed boost to the financially struggling auction house.
Leonard Lauder, who died in June, was the longtime chairman of Estée Lauder Companies and a renowned art collector known primarily for his significant collection of Cubist art. In 2013, he donated 89 Cubist works to the Metropolitan Museum of Art, and his $131 million donation in 2008 enabled the Whitney Museum to move to its new Renzo Piano-designed building in Manhattan's Meatpacking District. Ironically, Sotheby's purchased the Whitney's former Marcel Breuer-designed building on Madison Avenue in 2023, and that's where the Lauder collection auction will take place, marking the official opening of Sotheby's new headquarters.
The star lot, "Portrait of Elisabeth Lederer," carries an estimate of at least $150 million, which would surpass Klimt's current auction record of $108.8 million set by "Lady with a Fan" in 2023, also sold by Sotheby's. The portrait depicts the daughter of Serena and August Lederer, who were Klimt's most important patrons. The relationship between artist and subject was remarkably close – Elisabeth called him "Uncle" while he referred to her as "my girl." The painting process stretched over three years and might have continued even longer, but Elisabeth's mother eventually lost patience, "grabbed the picture, loaded it onto the car and kidnapped it," according to Sotheby's.
The painting carries the typical wartime history of many European artworks from this period. In 1939, it was confiscated by the Nazis, then restituted to the family in 1946. Leonard Lauder later acquired it through emigrated Viennese art dealer Serge Sabarsky, and it has hung in his dining room ever since. This will mark the first time these works are offered on the open market, adding to their appeal among collectors.
The two other Klimt works in the sale are landscapes that reflect the artist's mastery of different subjects. "Flower Meadow" is estimated at $80 million, while "Wooded Slope on the Attersee," described by Sotheby's as Klimt's last documented landscape and the first Klimt work Lauder purchased, carries a $70 million estimate. Together, these three paintings represent more than a third of the estimated total value of the Leonard Lauder collection being auctioned that evening.
The estimates appear realistic when compared to recent Klimt sales. Microsoft co-founder Paul Allen's "Birch Forest" achieved $105 million at Christie's in 2022, while media mogul Oprah Winfrey privately sold her "Adele Bloch-Bauer II" for $150 million in 2019. This pricing history provides context for the current estimates, especially considering the rarity and provenance of the Lauder works.
The Lauder collection extends beyond Klimt to include half a dozen bronze sculptures by Henri Matisse with an estimated total value of around $30 million, a painting by Edvard Munch estimated at least $20 million, and "The Garden," a 1964 canvas by Agnes Martin valued at over $10 million. These additional works demonstrate the breadth and quality of Lauder's collecting interests beyond his famous Cubist holdings.
The auction comes at a crucial time for both Sotheby's and the broader art market. The art market has been notably weak in the first half of 2025, with no single lot achieving even $50 million. Sotheby's faces particular pressure due to its financial difficulties, having required a $1 billion injection from Abu Dhabi's sovereign wealth fund (ADQ) last year to reduce its substantial debt burden. The auction house desperately needs a success after failing to sell a Giacometti sculpture estimated at $70 million during the spring sales.
To secure the Lauder estate consignment over competitor Christie's, Sotheby's reportedly provided a financial guarantee to the estate, according to The New York Times. This guarantee reduces the risk for the sellers but increases pressure on Sotheby's to achieve strong results. The Lauder collection represents the most valuable private collection announced by any of the global market leaders for the fall auctions in New York, making its success crucial for market confidence and Sotheby's financial recovery.
