Painting by Gustav Klimt ‘Bildnis Elisabeth Lederer’ (Portrait of Elisabeth Lederer) on display at Sotheby’s auction house new global headquarters on Madison Avenue in the Marcel Breuer building in New York, NY on Nov. 12, 2025. Photo: Lev Radin/Sipa USA via Reuters Connect

A Gustav Klimt portrait that helped safe its Jewish subject from Nazi persecution during the Holocaust sold on Tuesday for a record-breaking $236.4 million at a Sotheby’s auction in New York.

Klimt’s “Portrait of Elisabeth Lederer” is a 6-foot-tall painting that the artist worked on for two years between 1914 and 1916. It depicts the 20-year-old only daughter of August and Szerena Lederer, wrapped in an East Asian emperor’s cloak adorned with dragons. The Lederers, who were Jewish, were Klimt’s greatest patrons and also the second wealthiest family in Vienna, Austria, only behind the Rothschilds. Klimt painted portraits of other Lederer family members as well and their art collection included many Klimt paintings.

The painting is one of only two full-length Klimt portraits that remain privately owned, while the majority of the rest are in museums. The portrait sold for $205 million plus premium to a buyer over the phone. It marks a record for a piece of modern art and doubled the previous record for a Klimt painting, according to Reuters. Sotheby’s declined to share the identity of the portrait’s buyer.

Following Nazi Germany’s annexation of Austria in 1938, which took place two years after August Lederer died, Nazis looted the Lederer art collection but left behind the family portraits because they were considered “too Jewish” to be worth stealing, according to the National Gallery of Canada, where “Portrait of Elisabeth Lederer” was on loan for three years.

In an attempt to save herself from Nazi persecution, Elisabeth fabricated a story that Klimt, who was not Jewish and died in 1918, was her real father. The fact that Klimt had a reputation as a philanderer and spend years obsessing over Elisabeth’s portrait helped support her story. Szerena even signed an affidavit supporting the false claim about Klimt’s paternity in an effort to save her daughter, according to the National Gallery of Canada. The Nazi regime ultimately gave Elisabeth a document stating that she was descended from Klimt and along with help from a former brother-in-law, who was a high-ranking Nazi official, she lived safely in Vienna until she died of an illness in 1944.

The painting was then looted by the Nazis and nearly destroyed in a fire during World War II, but miraculously survived. It was returned to a Lederer family member in 1948, who kept the piece until selling it in 1983. “Portrait of Elisabeth Lederer” joined the art collection of Estée Lauder heir and Jewish billionaire Leonard Lauder in 1985. He died in June at 92 and five Klimt pieces from his collection have sold at Sotheby’s for a total of $392 million.