Nazi-Looted Klimt Masterpiece Could Set an Auction Record

Sotheby's is set to auction a Gustav Klimt portrait, with expectations it could fetch more than $150 million, shattering the artist's auction record. The artwork, "Portrait of Elisabeth Lederer," is considered a late-career masterpiece and has a storied past, having survived Nazi looting and World War II. The six-foot-tall painting depicts Lederer, the daughter of Klimt's wealthiest patrons, at age 20 in an ornate robe surrounded by Asian motifs. Completed two years before Klimt's death in 1918, the painting spent decades out of public view, primarily hanging in the New York home of cosmetics heir Leonard Lauder until his death in June, per CNN. It was occasionally loaned to museums, including an extended stay at Canada's National Gallery from 2017 until earlier this year.

The portrait's history is marked by tragedy and resilience. The Lederer family, prominent Jewish patrons in Vienna, saw much of their art seized by the Nazis and ultimately burned at the war's end. But Klimt's portraits of Elisabeth and her mother Serena, separated from the larger collection, were spared. The portrait of Serena now hangs at the Metropolitan Museum of Art. Elisabeth Lederer's life was shadowed by loss—her marriage collapsed, her son died young, and she remained in Vienna during the rise of fascism, relying on a fabricated story that Klimt was her father for some protection. She died before the war ended, at age 50, with details of her death unclear.

After World War II, her portrait landed with Lederer's brother, eventually passing through art dealer Serge Sabarsky before Lauder acquired it in the 1980s. Under his ownership, the work's title was restored to reflect Lederer's maiden name, as it was commissioned before her ill-fated marriage. The painting's provenance and survival add to its value, making it a highlight of the upcoming auction and a significant piece of Viennese cultural history. Artnet calls it "the most anticipated auction trophy of the fall season." Sotheby's sale will also include two Klimt landscapes from Lauder's collection, expected to fetch north of $70 million each. The auction is set for Nov. 18. (Another Klimt painting set a Europe auction record in 2023.)