Sotheby’s will auction the last portrait by Gustav Klimt, the 1917 painting Dame mit Fächer (Lady with a Fan), with the expectation that it will sell for over £65 million ($80 million), a record estimate for a painting in the United Kingdom and Europe. The auction house is promoting the painting, which previously sold at Sotheby’s in New York in 1994 for $11.6 million with fees, as “the star of the summer auction season in London” as well as “one of the finest and most valuable works of art ever to be offered in Europe.” It will head to sale...