It was a defining moment for the depressed art market when a lush portrait of a woman by Gustav Klimt became the second-most expensive painting ever sold at auction and a record for the Austrian painter. On Tuesday evening (Wednesday AEDT), it rocketed past its $US150 million estimate after more than 19 minutes of bidding to achieve $US236.4 million ($364.8m), with fees, at Sotheby’s in New York.

Patrick Drahi, the auction house’s owner, watched as the number increased, whispering to his consigliere. The company’s chief executive, Charles Stewart, bit his lip at $US170 million. When the painting surpassed the $US200 million mark, the audience clapped. The two men clasped arms and laughed.