Gustav Klimt portrait found after almost 100 years
A painting by Austrian artist Gustav Klimt, believed lost for 100 years, has been discovered in Vienna.
Portrait of Fraulein Lieser
A long-lost painting by Austrian artist Gustav Klimt has been found in Vienna after being believed lost for nearly a century. The portrait, titled 'Portrait of Fraulein Lieser,' once belonged to a Jewish family in Austria. It was last seen in public in 1925 and its fate after that remained unknown until now. The current owners of the painting, who have had it in their possession since the 1960s, estimate its value at over $54 million.
The painting's rediscovery has been hailed as a sensation by the im Kinsky auction house. They stated that a painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades. The portrait will be auctioned on 24 April, following the Washington Principles, an international agreement for the return of Nazi-looted art to its rightful descendants. The auction house will present the painting at various international locations including the UK, Switzerland, Germany, and Hong Kong before the auction.
The Lieser family, who were wealthy Jewish industrialists in Vienna, previously owned the portrait. So far, there is no evidence to suggest that the painting was looted or stolen during World War Two. Ernst Ploil, co-Managing Director of Kinsky Auction House, revealed that the painting was described as lost in all catalogues raisonnés. The recovery of the painting was unexpected, as it was believed to have been destroyed or lost forever during the war. The auction house actively researched the Lieser family and approached potential representatives for restitution proceedings.
Klimt's art and high auction prices
Gustav Klimt's artwork has achieved notable prices at auctions in the past, reflecting its immense value and artistic significance. In June, his piece 'Lady with a Fan' sold for £85.3 million, setting a new record as the most expensive artwork ever sold at auction in Europe. The discovery of the 'Portrait of Fraulein Lieser' adds to Klimt's legacy and will undoubtedly attract considerable attention from art collectors and enthusiasts alike.
The high price estimates for the recently found portrait demonstrate the enduring popularity and allure of Klimt's work. The art market in Central Europe has not seen a painting of such rarity and value for decades, making this rediscovery significant for art enthusiasts and collectors. The forthcoming auction on 24 April will provide an opportunity for art lovers to acquire a masterpiece that has been missing from public view for almost a century.
Restitution efforts and international exhibitions
The auction of the 'Portrait of Fraulein Lieser' will adhere to the Washington Principles, an international agreement aimed at returning Nazi-looted art to the rightful descendants of its original owners. This commitment to restitution reflects the efforts made to rectify historical injustices and facilitate the return of art that was illegally obtained during World War Two.
Prior to the auction, the im Kinsky auction house plans to showcase the painting at various international locations, including the UK, Switzerland, Germany, and Hong Kong. This international exhibition aims to generate widespread interest and awareness about the rediscovered portrait. Art enthusiasts and potential buyers from around the world will have the opportunity to appreciate the beauty and historical significance of Klimt's masterpiece before it goes under the hammer on 24 April.
