A Klimt painting sold at Sotheby’s for $236 million, boosting the art market

Gustav Klimt’s “Portrait of Elizabeth Lederer” sold at Sotheby’s on Tuesday night for $236.4 million, making it the second most expensive painting ever sold at auction — breathing new life into the fine art market after three years of decline.

This picture is the most expensive work ever sold at a Sotheby’s auction, exceeding its original estimate by more than $150 million.

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

“Our evening sales were a huge success and sent a strong signal to the art market,” said Charles Stewart, Sotheby’s CEO.

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

The Klimt sales come during the most important sales week of the year for the art market.

Total sales are expected to exceed $1.4 billion and possibly reach $2 billion, 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 art collectors, and by the many high-end collections coming to the market, including rare masterpieces by first-class artists.

This week’s auctions included an eye-catching piece by Italian artist Maurizio Cattelan, who gained fame for his $6.2 million “comic” sculpture of a banana taped to a wall. His lot at auction this week, “America,” is a fully functioning solid gold toilet weighing 220 pounds. Sotheby’s said the painting sold for $12.1 million, higher than the initial bid of $10 million, but less than many expected.

The Klimt painting was part of the collection of Leonard Lauder, Estée Lauder heir and longtime art collector, which is expected to total more than $400 million. Along with Lederer’s painting, the collection included two landscapes by Klimt, which sold for $86 million and $68 million.

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

The sales will continue this week with low price daily sales and a big evening sale at Philips.