A work by Austrian painter Gustav Klimt has become the second most expensive artwork sold at auction after Tuesday evening (November 18).
The work, ‘Portrait of Elisabeth Lederer,’ was sold during a 20-minute bidding war among six different bidders for the total of $236.4 million (£179 million), surpassing the pre-auction estimate of $150 million.
The artwork was looted by the Nazis and narrowly escaped destruction in a fire during WWII, and was returned to the Lederer family (specifically Erich Lederer) in 1948 before being sold in 1983. The painting was part of the private collection of Estée Lauder heir Leonard A. Lauder since 1985.
Several other Klimt works from Lauder's collection, including landscapes, sold for between $60 million and $80 million each at the same event.
Here are the 13 most expensive works of art ever sold at auction—a stunning look into the world's billion-dollar art market, and who Klimt surpassed to achieve the feat.
5. René Magritte - L'empire des lumières ($121.1 Million)
One of the most instantly recognizable images in Surrealism, this striking canvas achieves its profound dreamlike quality by juxtaposing a sunlit sky with a shadowy, nocturnal street scene, creating an impossible yet strangely familiar image that challenges the viewer's perception of light and time. The sale of this major version of the iconic series achieved an astronomical figure, solidifying Magritte's standing among the highest ranks of market-defining 20th-century artists. | KENA BETANCUR/AFP via Getty Images
6. Paul Cézanne - La Montagne Sainte-Victoire ($137.7 Million)
A foundational piece of Modernism, this canvas captures Cézanne's lifelong obsession with the Montagne Sainte-Victoire in his native Provence, famously using blocks of colour and nascent geometric structure that directly influenced Cubism and generations of abstract painters. Its landmark sale confirmed the enduring influence of Cézanne's work, which is prized for bridging Impressionism and the subsequent geometric revolutions of the 20th century. | YOAN VALAT/POOL/AFP via Getty Images
7. Qi Baishi - Twelve Landscape Screens ($140.8 Million)
This magnificent set of twelve hanging ink scrolls, dating from 1925, stands as the most valuable Chinese artwork ever sold at auction, depicting a vast array of landscapes, including towering mountains, misty forests, and quaint fishing villages in the artist’s distinct Honghua (red flower) style. The sale represented a major moment in the global art market, setting a benchmark for the value and international appreciation of 20th-century Chinese ink art masters. | STR/AFP via Getty Images
8. Francis Bacon - Three Studies of Lucian Freud ($142.4 Million)
This legendary triptych, often regarded as one of the most powerful and important paintings of the 20th century, captures a raw, intense dialogue between two titans of modern British painting: Francis Bacon and his friend, rival, and subject, Lucian Freud. The exceptional price achieved when it was sold—breaking the previous record for the most expensive piece of art ever sold at auction at the time—reflects the deeply personal nature of the work and the historical significance of the artistic relationship it memorialises. | Daniel Berehulak/Getty Images