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On November 18, 2025, Sotheby’s inaugurated its new home, The Breuer, with a historic $1.17 billion series, the highest auction total since 2021. While the night featured titans like Van Gogh and Frida Kahlo, one name stood above all: Gustav Klimt.
Gustav Klimt’s Bildnis Elisabeth Lederer (1914–16) is more than just a painting; it is a survivor of history. Portraying the daughter of Klimt’s most significant patrons, the work was seized by the Nazis during WWII. It was eventually restituted to the family in 1948, remaining a centerpiece of the prestigious Leonard A. Lauder Collection until its debut at auction this week.
The bidding for the Lederer portrait was a masterclass in auction theater.
This sale didn't just break records; it shattered the ceiling for Modern Art. With this result, the portrait becomes:
Why did this Klimt command nearly a quarter of a billion dollars? In my view, it represents the "Perfect Asset." When you combine a world-renowned artist at the peak of his powers, a pristine "white-glove" provenance (the Lauder Collection), and a powerful history of restitution, value becomes almost limitless.
This result proves that for the world’s most elite collectors, the focus has shifted entirely toward scarcity and historical significance. Just as we saw with the €62,000/sqm record in Rome, the top 0.1% of the market is operating in its own stratosphere, largely untouched by broader economic cycles.