Portrait by Klimt sells for $236.4m, second-highest price

It was a defining moment for the depressed art market when a lush portrait of a woman by Gustav Klimt became the second-most expensive painting ever sold at auction and a record for the Austrian painter on Tuesday evening, rocketing past its $150 million estimate after more than 19 minutes of bidding to achieve $236.4 million, with fees, at Sotheby's in New York.

- ZACHARY SMALL JULIA HALPERIN

Patrick Drahi, the auction house's owner, watched as the number increased, whispering to his consigliere. The company’s CEO, Charles Stewart, bit his lip at $170 million. When the painting surpassed the $200 million mark, the audience clapped. The two men clasped arms and laughed.

Two security guards outside the salesroom laughed. “I could use that,” one said.

The most expensive artwork sold at auction was Salvator Mundi by Leonardo da Vinci, which shattered auction highs in 2017, selling for $450.3 million, with fees, at Christie's.