Klimt portray sells at Sotheby’s for $236 million, boosting artwork market

Gustav Klimt’s “Portrait of Elisabeth Lederer” bought at Sotheby’s Tuesday night time for $236.4 million, making it the second-most costly portray ever bought at public sale — respiratory new life into the high-end artwork market after three years of declines.

The portrait is the most costly work ever bought at public sale at Sotheby’s, blowing previous its unique estimate of greater than $150 million.

Whereas the title of the customer is unknown, the sale got here after 20 minutes of spirited bids between at the least six events, in accordance with Sotheby’s. It was bought to an nameless purchaser on the cellphone with Sotheby’s Vice Chairman and Head of Impressionist and Trendy Artwork Julian Dawes.

“Our night gross sales have been a convincing success and ship a powerful sign for the artwork market,” mentioned Sotheby’s CEO Charles Stewart.

He mentioned the sale outcomes, mixed with the massive crowds who got here to view the works at Sotheby’s new headquarters on the Breuer constructing in Manhattan, are an indication of a vibrant market.

The Klimt gross sales comes throughout the most vital gross sales week of the 12 months for the artwork market.

Whole gross sales are anticipated to exceed $1.4 billion and probably prime $2 billion, which might greater than double final 12 months’s complete.

Artwork specialists and public sale homes say the market is being boosted by a renewed sense of optimism amongst collectors and by a number of prime collections coming to market, together with uncommon masterpieces by blue-chip artists.

This week’s auctions included an attention grabbing piece by Italian artist Maurizio Cattelan, who gained notoriety for his $6.2 million “Comic” sculpture of a banana duct taped to a wall. His piece at public sale this week, “America,” is a totally functioning, 220-pound stable gold rest room.

The Klimt was a part of the gathering of Leonard Lauder, the Estee Lauder inheritor and longtime artwork collector, that’s anticipated to complete over $400 million. Together with the Lederer portrait, the gathering included two Klimt landscapes, which bought for $86 million and $68 million.

Gross sales at Christie’s have topped $747 million to this point this week. On Monday, it auctioned a Mark Rothko portray that was a part of the Robert F. and Patricia G. Ross Weis assortment for $62.2 million. A Picasso that was additionally a part of the gathering bought for $45.5 million.

The gross sales will proceed this week with lower-priced day gross sales and a giant night sale at Phillips.