In a historic auction at Sotheby's in New York, Gustav Klimt's 'Portrait of Elisabeth Lederer' sold for $236.4 million, making it the second most expensive painting ever sold at auction and the most costly modern artwork. The painting, created between 1914 and 1916, depicts Lederer in an imperial Chinese robe and was part of Leonard Lauder's private collection. Lauder, a renowned collector and philanthropist, acquired the piece in 1985, and it remained in his home for decades. The sale also included two Klimt landscapes, 'Blooming Meadow' and 'Forest Slope,' which sold for $86 million and $68 million, respectively. The auction, which featured other notable works by Matisse, Van Gogh, and Munch, raised over $575 million in total, with Sotheby's aiming for a total exceeding $1 billion. Lauder's collection, valued for its quality and historical significance, was sold to fund museum acquisitions and preserve his legacy. The sale marked a significant rebound in the high-end art market, which had experienced a decline in recent years.