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A long-lost masterpiece by Austrian artist Gustav Klimt, titled “Portrait of Fraulein Lieser,” has emerged after being believed lost for a century.
The painting, last seen in public in 1925, once belonged to the wealthy Jewish Lieser family in Vienna, and its estimated value now stands at over $54 million (£42 million).
The remarkable find was unveiled by Im Kinsky auction house, describing it as “a sensation” due to the rarity, artistic significance, and market value of the artwork.
The painting’s fate became unclear after 1925, but it eventually came into the possession of the current owners in the 1960s, whose family has safeguarded it for decades.
The im Kinsky auction house plans to auction the masterpiece on April 24, adhering to the Washington Principles—an international agreement aiming to return Nazi-looted art to the descendants of those from whom it was taken.
The legal successors of the Lieser family will benefit from the auction proceedings.
“A painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades,” the auction house declared in a statement, emphasizing the historical importance of the discovery.
Before the auction takes place, the Portrait of Fraulein Lieser will embark on a global tour, being exhibited at various international locations, including the UK, Switzerland, Germany, and Hong Kong.
This will provide art enthusiasts and potential buyers with the opportunity to witness the long-lost masterpiece firsthand.
The Lieser family, once prominent Jewish industrialists in Vienna, originally owned the painting.
Ernst Ploil, co-managing Director of Kinsky Auction House, stated that their research so far has not uncovered any evidence indicating that the artwork was looted or stolen during World War Two.
“The painting is described as lost in all catalogues raisonnés (comprehensive lists of Klimt’s work). In our circles, ‘lost’ means probably destroyed, probably burnt during the war, but in any case no longer in existence; it was not to be expected that it would ever reappear,” Ploil explained.
The active approach taken by the auction house included researching the Lieser family as potential restitution claimants and approaching potential representatives based on previous restitution proceedings.
Gustav Klimt’s art has consistently commanded significant sums at auction, with his piece “Lady with a Fan” setting a record by selling for £85.3 million in June, marking it as the most valuable work of art ever sold at auction in Europe.
As the art world eagerly awaits the auction of the rediscovered Portrait of Fraulein Lieser, this unexpected find adds a new chapter to the legacy of Gustav Klimt, captivating both art historians and enthusiasts alike.
The remarkable journey of this masterpiece, from its mysterious disappearance to its impending public unveiling, highlights the enduring allure and intrigue of lost treasures within the world of fine art.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members