Gustav Klimt's 1914-16 portrait of Elisabeth Lederer sold for $236.4 million with fees during the first evening sale at Sotheby's new headquarters at the Breuer Building in New York tonight, November 18. Surpassing its $150 million estimate, the painting sold to a phone bidder with Julian Dawes, head of Impressionist and Modern Art, after a 20-minute bidding volley. Auctioneer Oliver Barker told a crowded saleroom it was the highest price ever paid for a modern artwork at auction.