Klimt Painting Sells for Record $108M

Facts

• On Tuesday, Gustav Klimt's painting titled Dame mit Fächer (Lady with a Fan) became the most valuable work of art to ever be sold at a European auction, fetching $108M (£85.3M) at Sotheby's in London.¹
• Listed with a presale estimate of $80M, the portrait depicting an unidentified woman behind a China-influenced backdrop of dragons and lotuses beat the previous record of $104.3M for Alberto Giacometti's Walking Man I at Sotheby's in 2010.²
• Furthermore, the previous record for a painting sold at auction in Europe had sat at $80.4M, paid in 2008 for Claude Monet's Le Bassin Aux Nympheas (Water Lily Pond).³
• The painting was described at the auction as a "masterpiece by an artist at the height of his powers" and is part of the Japonisme movement which centered upon Japanese influence within Western European artwork.⁴
• The last portrait by Klimt before his death, auctioneer and chairman of Sotheby's Europe - Helena Newman - described the painting an "absolute testament to Klimt's artistic genius" as well as a piece of work that "captured the imagination of everyone who saw it."⁵
• The painting was last sold nearly 30 years ago, being acquired for $11.6m. Klimt's work was acquired by a Hong Kong art advisory firm on behalf of a collector based there, with the final bids taking place in £500,000 ($632,000) increments.⁶

Sources: ¹Guardian, ²Al Jazeera, ³Sky News, ⁴BBC News, ⁵Independent, and ⁶Reuters.

Narratives

• Narrative A, as provided by The Art Newspaper. The auction of Klimt's portrait for a record fee is of little surprise. The piece made headlines when announced earlier this month and has received much fanfare. As stated by Sotheby's Helena Newman herself, the attention paid by the art world's Asian mark and consequent final price of the painting is without shock due to the work's Chinese and Japanese motifs.
• Narrative B, as provided by ART News. Whilst May's slow auctioneering in New York led to many believing that we were witnessing a market correction, London's auctions may suggest some positives in the market. Exceeding pre-sale low estimates over Sotheby's two-day lot, the sale of Klimt amongst others for record prices is a sign of life in the art world that many did not expect.