A portrait by Gustav Klimt sold for £85.3 million ($108.4 million) at Sotheby’s in London on Tuesday, becoming the most valuable artwork to sell at auction in Europe. (The previous record was set in 2010, when Giacometti’s L'homme qui marche sold for £65 million in London.)
Carrying an unofficial estimate in the region of £65 million, the Klimt, Dame mit Fächer (Lady with a Fan) was executed in 1917-1918 and carried an irrevocable bid, meaning a third party had guaranteed in advance to purchase the work for a predetermined sum. Thus, it was widely understood to be a record-setting work well in advance of the sale.
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