A portrait by Austrian painter Gustav Klimt has sold for £179.7m, making it the most valuable art ever sold at Sotheby’s and the second most expensive work of art in auctioning history. Klimt’s Portrait of Elisabeth Lederer, a six-foot tall oil-on-canvas painting made between 1914-1916, depicts 20-year-old Elisabeth Lederer, daughter of prominent Viennese art patrons August and Serena Lederer, dressed in a Chinese-style dragon robe in a shimmering decorative setting. The portrait came from the collection of the late Estée Lauder heir Leonard A Lauder, who acquired it in 1985 and displayed it for decades in his Fifth Avenue apartment....
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