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

Gustav Klimt’s “Portrait of Elisabeth Lederer” bought at Sotheby’s Tuesday evening for $236.4 million, making it the second-most costly portray ever bought at public sale — respiration 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 identify of the client is unknown, the sale got here after 20 minutes of spirited bids between not less than six events, in accordance with Sotheby’s. It was bought to an nameless purchaser on the telephone with Sotheby’s Vice Chairman and Head of Impressionist and Trendy Artwork Julian Dawes.

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

He stated the sale outcomes, mixed with the big 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 crucial 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 whole.

Artwork consultants 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 eye catching 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 completely 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 whole 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 up to now 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 an enormous night sale at Phillips.