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Last week at Sotheby’s in New York, whispers of an art market recovery seemed to be vindicated. Following a 20-minute, six-way bidding war, Gustav Klimt’s “Portrait of Elisabeth Lederer” (1914–1916) hammered at $236.4 million including fees, making it the second-most-expensive artwork ever sold at auction. Oliver Barker, the tuxedoed auctioneer, hardly had a chance to congratulate the anonymous phone-bidding buyer before the room burst into applause.
If the market is now emerging…
