A portrait by illustrious Austrian artist, Gustav Klimt, has set a new record for a modern art piece, selling at a Sotheby's auction for a staggering $US236.4 million. 

Six bidders battled it out for Portrait of Elisabeth Lederer for twenty minutes. 

The winning bidder remains anonymous. 

• Guest: Jane Kallir, Director and President of the Kallir Research Institute 
• Producers: Eleni Psaltis and Lexie Jeuniewic