Gustav Klimt's Portrait of Elisabeth Lederer has sold at auction for £180 million, setting a new record for modern art and becoming the second most expensive painting ever sold at auction. The painting, completed in 1916, depicts Elisabeth Lederer, the daughter of a wealthy Viennese family, and played a crucial role in helping her survive the Holocaust by convincing Nazi authorities that Klimt was her father. The artwork survived both a castle fire and Nazi looting, remaining one of only two full-length Klimt portraits still in private hands. The sale was part of a larger auction of Leonard A Lauder's collection, which also included works by Vincent van Gogh, Henri Matisse, and Edvard Munch, and totaled nearly $400 million.