Gustav Klimt’s Mysterious Nude Portrait Breaks Record with $108.4 Million Sale
‘Lady with a Fan’ was the artist’s last portrait. It was found sitting on the easel of his studio after he died.
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A Gustav Klimt portrait of a mysterious nude woman clutching a hand fan and standing against a colourful wall of dragons and flowers sold Tuesday for $108.4 million at Sotheby’s London, setting a record for any artwork auctioned in Europe.
The 1917-1918 “Lady with a Fan” surpassed both of Europe’s previous titleholders, including the $104 million paid by billionaire Lily Safra in 2010 for Alberto Giacometti’s spindly bronze sculpture, “Walking Man I,” and the $80.4 million painting record previously set in 2008 by Claude Monet’s 1919 canvas, “Water Lily Pond.”
“Lady with a Fan” also topped the $104.6 million paid for the artist’s 1903 landscape, “Birch Forest,” which was bought by an anonymous buyer last year.
The identity of the woman holding the fan remains a mystery, but she likely stood out because the canvas is considered the artist’s final portrait. The work was found sitting on the easel of his studio when he died at age 55 in 1918.
Sotheby’s only expected “Lady with a Fan” to sell for around $80 million, but four bidders pushed it far higher. Adviser Patti Wong won the work following a 10-minute bidding war for one of her clients in Hong Kong, she confirmed after the sale.
The painting fell shy of breaking the artist’s overall record, which cosmetics executive Ronald Lauder set in 2006 when he paid $135 million for Klimt’s restituted “Portrait of Adele Bloch-Bauer I,” a shimmering portrait of a woman surrounded by golden-flecked patterns. That restituted painting, which became the subject of a 2015 film, “Woman in Gold,” is now displayed at New York’s Neue Galerie.
The Austrian symbolist was best known for his sensual portraits of lanky, glamorous women whose postures or modern attire marked a departure from the stiffer, salon-style portraits of women that preceded him. His 1907-08 masterpiece, “The Kiss,” depicts an embracing couple dressed in a riot of patterned fabric. It hangs in Vienna’s Belvedere museum.
Few of his portraits still circulate in today’s marketplace, which likely added to the appeal of “Lady with a Fan.”
The “lady” depicted in the work remains anonymous. Curators surmise she was a model he hired for the job, rather than an Austrian socialite like Bloch-Bauer, because the woman depicted agreed to pose in the nude, her figure obscured by an off-shoulder kimono and hand fan.
It’s also unclear if the swirl of lotus flowers and birds behind her represent a tapestry, wallpaper or Klimt’s own imagined pattern; the artist was known to admire Japanese motifs.
The sale may go a long way toward underscoring the resilience of the trophy art market despite the fresh shakiness of the art market overall. Klimt remains one of a handful of artists who tend to command top prices in good markets and bad, dealers said. Last month, Klimt’s watery scene, “Insel im Attersee,” sold for $53.2 million to a Japanese collector.
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Gold miners are emerging as a compelling way to navigate market uncertainty, with analysts pointing to strong cash flows, attractive valuations and rising profit margins. As gold prices stabilize above US$4,000 an ounce, mining stocks could offer investors both downside protection and long-term upside.
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Gold is one of the market’s go-to hedges in rocky times. Don’t forget that gold miners’ stocks are too.
The stock market’s gains in 2026 belie the rocky macroeconomic picture: elevated inflation, heightened geopolitical tensions, and jitters about the artificial-intelligence trade. That backdrop, in theory, should be the time for gold to shine. Instead, the price of the yellow metal has tumbled more than 5% so far, after last year’s blistering 65% rally. In part, the U.S. dollar’s recovery has stymied gold, which benefited from the greenback’s weakness in 2025.
Even with the precious metal’s recent weakness, gold mining stocks could be the best way to profit from this year’s uncertainty.
Gold miners “are a valuable hedge against macro risks that would likely be damaging for equities,” BCA Research’s Noah Weisberger and Rishabh Shah wrote this week.
Concerns about the Federal Reserve’s next moves to tackle inflation, the increasingly crowded AI trade, and steep valuations for tech stocks are just some of the drivers that could help gold’s price get on even footing— and lead to even bigger gains for miner stocks.
These stocks’ prices tend to outpace gold’s moves, because the companies have fixed operational costs. So when gold’s price rallies, their profit margins soar, and vice versa. For instance, the VanEck Gold Miners GDX +7.39% exchange-traded fund has fallen 11% this year as the metal has slumped.
Now, gold’s price just needs to stabilize to help miners’ stocks take off, and that seems to be happening. The precious metal has recently found support above the $4,000 level, and has stuck in a narrow range since the end of June. But its price rose ever so slightly in July, ending a four-month losing streak for the metal. Technical analysis also suggests that gold is due for a comeback.
Barron’s recently wrote that the pullbacks for both gold miners and the metal itself are overdone. Senior technical analyst Doug Busch noted that the VanEck ETF is on the “verge of a breakout” and has the potential to hit $11o in early 2027, up more than 40% from its current price.
Gold miners also have more than their role as a market hedge going for them. Their fundamentals are solid, too, says Chris Mancini, portfolio co-manager of the Gabelli Gold Fund.
“Precious metals miners are generating substantial amounts of free cash flow given profit margins of over $2,000 per ounce, and are returning this cash to shareholders through buybacks and dividends,” he said in an email.
“Buying the miners is a cheap way to get exposure to the price of gold,” he added. His fund owns Newmont NEM +6.71%, a Barron’s stock pick last year, and Agnico Eagle Mines as top holdings, as well as miners Northern Star Resources, Endeavour Mining, and Kinross Gold K+8.59%.
Miners are better businesses than they used to be, the BCA team added.
“Capex is more disciplined, margins are high and rising…and they are largely independent of the AI story,” Weisberger, BCA’s head of equities, and Shah, a senior analyst, wrote.
That last part is key. AI is disrupting the software industry and many other services and information-oriented businesses, and investors have piled into AI stocks. But ChatGPT, Claude, Grok, and other large-language models aren’t going to replace the need to mine for metals.
“Equity portfolios can benefit from exposure to quality that is uncorrelated to AI risk, and gold miners fit the bill,” the BCA team said.
They recommend that investors buy the VanEck Gold Miners ETF, which owns top miners such as Agnico, Barrick Mining ABX +7.24%, and Newmont.
An important bonus for big gold miners’ stocks is that their valuations are attractive after the gold’s pullback, too. The VanEck ETF is now trading at just a little more than nine times next year’s earnings estimates. That’s a big discount to its five-year average price-to-earnings ratio of 14, according to FactSet.
What’s more, the ETF is currently valued at a more than 50% discount to the S&P 500 SPX -0.17%, which is trading for about 19 times earnings estimates for 2027. Mining stocks have typically traded at just a 25% discount to the broader market over the past five years. So there is significant upside for the group if valuations move back toward normal levels.
One factor that complicates mining stocks as a market hedge, of course, is if stocks bounce back, which has been the case so far in August.
But both the market and economic outlooks remain cloudy, and investors remain nervous about the Fed’s next moves and AI stocks. Gold miners should do just fine, even if the anxious mood on Wall Street persists.
As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
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