Gustav Klimt painting once looted by Nazis sold for record-breaking S$308.1 million

19th Century Austrian painter Gustav Klimt's Portrait of Elisabeth Lederer has become the priciest modern artwork every sold at an auction at a staggering US$236.4 million (S$308.1 million).

The oil painting, sold in New York on Nov. 18, is also the second most expensive artwork ever sold at an auction, after Leonardo Da Vinci's Renaissance work Salvator Mundi.

Da Vinci's work was auctioned off in 2017 for US$450.3 million (S$587).

20-minute bidding

Klimt's artwork was sold after a 20-minute bidding process participated in by six people, according to BBC.

The buyer's identity was not disclosed.

Sales reportedly exceeded expectations, as the painting had been predicted to sell for US$150 million (S$195.5 million) before the auction.

A number of other works by Klimt were also sold at the same auction, all fetching between US$60 million (S$78 million) and US$80 million (S$104 million).

Story behind the painting

The painting features a portrait of Elisabeth Lederer, a Jewish heiress who was the daughter of one of Klimt's patrons.

It is noted for the portrayal of Lederer in a white robe, juxtaposed against a blue tapestry background filled with Asian motifs.

The artwork, completed between 1914 and 1916, was looted by the Nazis during the Second World War and nearly destroyed in a fire set by party members

It was rescued and returned to Lederer's brother in 1948, before being passed through numerous owners until Leonard Lauder, heir to The Estée Lauder Companies, who died in June this year.

Top image via Wikimedia