Gustav Klimt’s last finished portrait created history by becoming the highest-priced piece of art sold at a European auction, securing a staggering £85.3 million ($108.4 million) at a sale in London.
The painting, titled “Dame mit Fächer” (Lady with a Fan), features an unknown female figure, setting a new personal record for Klimt, surpassing the $104.6 million that “Birch Forest” collected last year from the late Paul G. Allen’s collection, co-founder of Microsoft. The artwork was sold to an anonymous buyer from Hong Kong at Sotheby’s auction house after ten minutes of bidding.
According to Sotheby, “Dame mit Fächer” was discovered in Klimt’s studio upon his demise in 1918. It was started a year prior in 1917, and reflects Klimt’s distinctive lush, expressive style. It prominently presents the Eastern influences that shaped his work, from the fan held by the unidentified model to the use of phoenix and lotus flower motifs. The painting’s background significantly imitates the Japanese wood-block prints in Klimt’s substantial Asian art collection.
Sotheby’s has referred to the portrait as Klimt’s “final masterpiece,” with Thomas Boyd Bowman, head of an impressionist and modern art evening sales, praising the piece as “breathtaking.”
In a press release, he elaborated on the exquisite details in the painting, like the specks of blue and pink enlivening the subject’s skin, the delicate lines of her eyelashes, and the character-filled pursed lips.
While Klimt’s renowned works, such as “The Kiss,” were products of his early “Golden Phase,” when he frequently used gold leaf, his artistic prime at the time of his death at 55 yielded some of his most sophisticated and innovative creations, according to Helena Newman, Sotheby’s head of impressionist and modern art.
“Dame mit Fächer,” one of the rare Klimt portraits still privately owned, is uniquely square-shaped and about a meter (3.3 feet) in height and width. Newman also pointed out that unlike most of Klimt’s famed portraits, this painting was not commissioned, indicating it was likely painted for his satisfaction.
The artwork was initially owned by Erwin Böhle, a Viennese industrialist and Klimt’s patron, and later acquired by art collector Rudolf Leopold. In 1994, it was sold to its owner’s family at Sotheby’s for $11.6 million, which set a new auction record for the Austrian artist. Last year, the painting was displayed at The Belvedere, an Austrian museum showcasing “The Kiss” and other notable Klimt works.
In recent decades, Klimt’s paintings have dramatically surged in value, positioning him among a select few artists whose works have been publicly auctioned for sums in the nine-figure range.
While some pieces are believed to have been sold privately for even higher amounts, court documents from an ongoing legal dispute between Russian billionaire Dmitry Rybolovlev and art dealer Yves Bouvier showed that the former bought Klimt’s “Wasserschlangen II” (Water Serpents II) for $183.8 million, according to the Financial Times.
Furthermore, Klimt’s “Portrait of Adele Bloch-Bauer I” was reportedly bought by US businessman Ronald Lauder for $135 million in 2006, and a decade later, “Portrait of Adele Bloch-B
auer II” was sold to a Chinese buyer by Oprah Winfrey for $150 million, as reported by Bloomberg.
“Dame mit Fächer” was the highlight of Sotheby’s modern and contemporary art summer auction, timed to align with the long-anticipated reopening of London’s National Portrait Gallery. The auction also included portraits by eminent artists such as Alberto Giacometti and Edvard Munch.
The sale occurred amidst concerns that the auction market might be slowing down after initially showing a solid recovery from the Covid-19 pandemic. According to the latest UBS and Art Basel annual market report, global auction revenues rose by 47% in 2021 but dipped by 1% the following year.
The record-breaking sale of Gustav Klimt’s “Dame mit Fächer” reinforces his enduring influence and the continued fascination with his work. Despite market uncertainties, it’s clear that iconic pieces from renowned artists still command immense value. This landmark sale is not just a testament to Klimt’s enduring appeal but also a reflection of the resilience and vibrancy of the art market, even amidst challenging global circumstances.
