Klimt Masterpiece from Late Estée Lauder Heir to Fetch Nine-Figure Price
A Legacy of Art and Business
A remarkable painting by the renowned Austrian artist Gustav Klimt is set to make headlines as it prepares for an auction, expected to fetch a staggering $150 million. The artwork in question, titled Portrait of Elisabeth Lederer, was once part of the private collection of Leonard Lauder, a prominent figure in both the world of art and business.
The portrait, created between 1914 and 1916, showcases the daughter of one of Klimt’s wealthy Viennese patrons, adorned in an ornate robe that features intricate Chinese art designs. This piece was a cherished possession of Lauder, who acquired it during the mid-1980s. He passed away at the age of 92 in his Manhattan home on June 14, with the cause of death remaining undisclosed.
Lauder's deep appreciation for Klimt’s work extended beyond this single piece. He also owned two other paintings by the artist: Blumenwiese (Blooming Meadow) from 1908 and Waldabhang bei Unterach in Attersee (Forest Slope in Unterach on the Attersee) from 1916. These are anticipated to sell for approximately $70 to $80 million each, bringing the total value of the three Klimt works to over $400 million at the upcoming Sotheby’s auction on November 18.
The auction has been hailed as a significant event in the art world, featuring a rare collection of 20th-century masterpieces that reflect Lauder’s lifelong passion for art. According to Sotheby’s website, this collection embodies the connoisseurship of one of America’s most influential art collectors.
A Rare Opportunity for Art Enthusiasts
Art lovers are particularly excited about the opportunity to see these works up for sale, as Lauder rarely allowed them to leave his New York home. The pieces were occasionally displayed at institutions such as the Museum of Modern Art (MOMA) and the Neue Galerie New York, which was founded by his brother, Ronald Lauder.
In 2017, Lauder loaned the portrait to the National Gallery of Canada for an extended period, where it remained until earlier this year. The rarity of such a collection coming to market has generated considerable interest among art enthusiasts.
At a recent dinner party celebrating Sotheby’s new location at the Breuer Building, attendees expressed their excitement about the upcoming auction. One guest remarked on how unusual it was to see such iconic works in a space that once housed the Whitney Museum. Another described the experience as surreal, noting the reverence for Lauder’s legacy.
A Diverse Collection of Masterpieces
In addition to the Klimt works, the auction will feature pieces by other legendary artists, including Van Gogh, Edward Munch, Pablo Picasso, Agnes Martin, and Claes Oldenberg and Coosje van Bruggen. There will also be six iconic sculptures by Henri Matisse available for sale.
The Business Legacy of Leonard Lauder
Leonard Lauder was not only a passionate art collector but also a key figure in the growth of the Estée Lauder brand. As the eldest son of Estée Lauder, after whom the company is named, he played a crucial role in transforming it from a family business into a global beauty empire.
He began his career at the company in 1958, following his service in the U.S. Navy and his graduation from Columbia University’s School of Business. Lauder eventually became the CEO of the company from 1982 to 1999 and served as chairman until 2009. Under his leadership, the company expanded through strategic acquisitions, including MAC, Bobbi Brown, and Aveda, and established a strong presence in Europe, Asia, and beyond.
Today, Estée Lauder is a multinational corporation with 24 brands and annual sales of $15 billion. While the company is publicly traded, the Lauder family maintains a significant share of voting rights and ownership.
Lauder’s son, William, served as CEO from 2004 to 2009 and remains chairman, while his younger son, Gary, joined the board in 2023.
