A painting by the Austrian artist Gustav Klimt, which belonged to a Jewish family living in Austria, has been found in Vienna after being considered lost for 100 years.
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The artwork is titled "Bildnis Fraeulein Lieser" (Portrait of Miss Lieser) and was owned by a prominent Jewish family of industrialists living in Austria. The painting was last seen in 1925. While the fate of the painting was unclear for most of the time since its last sighting, it is now known that the current owner has had it since the 1960s.
The im Kinsky Public Auction House estimated the painting's value at over $54 million, deeming its discovery a "sensation." According to their statement, "A painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades.”
The painting will be put up for auction on April 24 under the name of its current owner, and the legal heirs of the original owner - the Lieser family. These legal rights are based on an international agreement signed with the aim of returning art stolen by the Nazis during World War II to its original owners or their descendants, even though there’s yet no evidence showing that this particular artwork was looted before or during the war.
Before the upcoming auction, the painting would be displayed in various international locations including the UK, Switzerland, Germany, and Hong Kong.
"The painting was previously considered lost," the auction house said in a statement. "'Lost' means destroyed or burned during the war, but in any case, 'lost' means it does not exist; no one expected it to reappear."
In June 2023, Klimt’s “Dame mit Fächer” (Lady with a Fan), the last portrait he painted before his death, was sold in a public auction for a record-breaking $108 million in Europe.
Gustav Klimt is counted among the prominent artists in the Viennese Art Nouveau movement and is known primarily for his murals and portraiture throughout his career. The central theme in his works often revolved around eroticism and the female body.