Why Klimt's painting was sold for a record amount. Analysis

A painting by Gustav Klimt "Portrait of Elizabeth Lederer" was sold at auction in New York for $236.3 million. The canvas, painted at the beginning of the 20th century, has become one of the most expensive works of art in history. His buyer is still unknown. Why masterpieces of painting are so expensive and who still holds the record for the cost — in the material of Izvestia.

How Klimt's painting was sold

• On November 18, the new headquarters of the Sotheby's auction house in New York hosted a landmark auction for the art world. The main event of the evening was the sale of a collection of paintings by billionaire Leonard Lauder, heir to the Estée Lauder cosmetics empire, who died in June this year. There was a particularly heated bidding for the painting by the Austrian artist Gustav Klimt "Portrait of Elizabeth Lederer", painted in 1914-1916.

• The painting was expected to sell for $150 million. The fight for it lasted about 20 minutes, and those who wanted to purchase it gradually increased their bids by $5 million. As a result, the canvas with the image of a 20-year-old girl went to an unnamed buyer for $ 205 million, and the final price, including commissions and fees, was $236.3 million.

• The Elizabeth Lederer Portrait auction set several achievements at once. The painting became the second most expensive sold at auctions, and the most profitable for Sotheby's. It also became the most expensive painting in the history of modernist non-abstract painting with a confirmed price. In addition to her, in 2011, one of the paintings of the "Card Players" series by Paul Cezanne was sold, but its value of $ 250 million has not been officially confirmed.

What are the most expensive pieces

• The most expensive work of art in history remains the painting "Savior of the World" depicting Jesus Christ. The painting, created in 1499-1510, had no specific author for a long time and was attributed to Leonardo da Vinci's students. For this reason, it was not much appreciated by experts, and in 1958 it was completely sold for only 45 pounds.

• However, in the 2000s, the painting underwent restoration and was cleared of unnecessary entries. Then experts came to the conclusion that it was Leonardo da Vinci who wrote it after all (although his authorship is only partially recognized by some). For some time it was kept in the collection of Russian businessman Dmitry Rybolovlev, who bought it for $127.5 million. However, he put it up for auction at Christie's in 2017. The painting was positioned as da Vinci's last masterpiece, which remained in private hands, and then the Crown Prince of Saudi Arabia, Mohammed bin Salman, bought it for $ 450 million.

• The second most expensive painting is Willem de Kooning's The Exchange, which relates to abstract expressionism. The author himself sold it shortly after writing in 1955 for $4 thousand. 34 years later, the cost increased to $ 20.7 million, at that time the painting became the most expensive among those sold during the author's lifetime. In 2015, the painting rose significantly again, now to $300 million. It was for this amount that music producer David Geffen sold it to billionaire Ken Griffin as part of a personal deal.

• The most expensive painting sold during the lifetime of its creator is Jasper Johns' "The Flag". It is an image of the national flag of the United States with 48 stars. The painting was painted in 1958 and for a long time belonged to Jones' dealer, who did not want to part with it. In the end, his son sold The Flag to billionaire Stephen Cohen for $110 million.

Why art is so expensive

• News about record sales of paintings often causes heated discussions due to their cost, which many people find overpriced, especially when it comes to contemporary art. However, there are several explanations for why collectors are willing to pay tens of millions of dollars for paintings that those who are not connoisseurs of beauty will be completely uninteresting.

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• The value of paintings and other works of art is affected by the reputation of their author, including scandalous ones. The prices for his work at the initial stage depend on how much he managed to impress an art-loving audience. If an artist has already found a rich patron, then there is a high probability that other rich collectors will turn their attention to him. Modern artists and auction houses often resort to marketing tricks in order to sell their masterpieces more profitably. So, before the "Savior of the World" was put up for auction, it was actively promoted through the stars of show business who went to see the painting.

• Over time, the cost of paintings begins to grow significantly for several reasons. The canvas can have not only artistic, but also historical value. For example, the same "Portrait of Elizabeth Lederer" is interesting because the girl depicted on it during the Nazi persecution of Jews in Austria posed as Klimt's daughter and was able to avoid a sad fate. The uniqueness of some works of art makes them even more attractive and valuable, as it will be important for the owner to know that no one in the world has the same masterpiece. Finally, the price is strongly accelerated by auction houses. Their participants often get excited and pay more than they would like to win over their competitors. They are motivated not only to take possession of a valuable painting, but also not to miss it when the cherished masterpiece was so close.

• Sometimes paintings and sculptures from works of art become investment assets, which are guaranteed not to become cheaper, but will bring significant profits in the future. Unlike real estate and luxury cars, they are easy and cheap to maintain, and they can be sold whenever possible. The art market favors the anonymity of collectors, and this is also the reason why wealthy people are willing to invest in art.

• Attitudes towards prices in the art world are also influenced by common cognitive bias. Often, the public's attention is drawn specifically to the most expensive paintings, which were lucky enough to find a generous enough owner. However, the art market is huge and is not limited to masterpieces of world classics alone. The vast majority of works, including those by famous artists, do not receive proper attention, which would be converted into exorbitant value, and remain unclaimed. Cases when a painting was sold at auction for millions of dollars are a rare exception, not the rule.