MercoPress. South Atlantic News Agency

Art market opens with record sale for Klimt’s “Portrait of Elisabeth Lederer”

Austrian artist Gustav Klimt master piece was sold at Sotheby’s for US$236.4 million, making it the second-most expensive painting ever sold at auction,

The “Portrait of Elisabeth Lederer” by the Austrian artist Gustav Klimt, was sold at Sotheby’s on Tuesday night for US$236.4 million, making it the second-most expensive painting ever sold at auction, blowing past its original estimate of more than US$150 million.

While the name of the buyer is unknown, the sale came after 20 minutes of spirited bids between at least six interested parties, according to Sotheby’s. It was sold to an anonymous buyer on the phone with Sotheby’s Vice Chairman and Head of Impressionist and Modern Art Julian Dawes.

“Our evening sales were a resounding success and send a strong signal for the art market,” said Sotheby’s CEO Charles Stewart.

He said the sale results, combined with the large crowds who came to view the works at Sotheby’s new headquarters at the Breuer building in Manhattan, are a sign of a vibrant market.

The Klimt sale comes during the most important sales week of the year for the art market. Total sales are expected to exceed US$1.4 billion, which would more than double last year’s total.

Art experts and auction houses say the market is being boosted by a renewed sense of optimism among collectors and by several top collections coming to market, including rare masterpieces by blue-chip artists.

The Klimt was part of the collection of Leonard Lauder, the Estee Lauder heir and longtime art collector that is expected to total over US$400 million. Along with the Lederer portrait, the collection included two Klimt landscapes, which sold for US$86 million and US$68 million.

Sales at Christie’s have topped US$747 million so far this week. On Monday, it auctioned a Mark Rothko painting that was part of the Robert F. and Patricia G. Ross Weis collection for US$62.2 million. A Picasso that was also part of the collection sold for US$45.5 million.