The painting "Portrait of Elizabeth Lederer" by the famous Austrian artist Gustav Klimt was sold at the Sotheby's auction in New York for 236.4 million US dollars. This set a record for the highest selling price in the history of contemporary art, Bloomberg reported.
The rare piece was part of the collection of the late billionaire Leonard Lauder, former head of Estee Lauder. Although the collection, consisting of 24 lots in total, generated $527.5 million in sales revenue, Klimt's painting was recognized as the biggest success of the evening. The initial cost of the work was 150 million dollars.
"Portrait of Elizabeth Lederer," painted in 1914, belongs to the final stage of Klimt's work. The picture depicts 20-year-old Elizabeth Lederer in a white dress reminiscent of Chinese emperors' attire. The portrait was confiscated by the Nazis during World War II, but was preserved and returned to his family in 1948.
In 1985, Leonard Lauder added this portrait to his personal collection. Now this work has become one of the most valuable examples of contemporary art in the world. The artist Gustav Klimt died in 1918.
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