---
title: "£85m Klimt painting breaks European auction record"
description: "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.)"
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "ART WORLD"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-06-28-108-million-klimt-painting-breaks-european-auction-record/"
published: "2023-06-28T04:00:36"
updated: "2023-06-28T03:16:53"
lang: "en-ZA"
word_count: 140
---

# £85m Klimt painting breaks European auction record

> 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.)

By Bloomberg · Published 28 June 2023, 06:00 SAST · Updated 28 June 2023, 05:16 SAST

## Content

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.

Nevertheless, 10 minutes of serious bidding pushed the piece well beyond its estimate. In reaching this final sum, the painting also set a record for Klimt at auction. The late artist’s global public record was previously set last November, when the estate of Paul Allen sold Klimt’s Birch Forest for $104.6-million.

Tuesday nights’ Klimt last appeared at auction in 1994, when it was purchased for $11.6-million at Sotheby’s in New York, meaning in the interim it has appreciated by roughly 834%.