In Vienna, a painting by Austrian artist Gustav Klimt that was thought to be lost for a century has been discovered. A Jewish family in Austria owned the portrait of Fraulein Lieser, which was last displayed in public in 1925.
The current owners’ family has owned the artwork since the 1960s; however, it is uncertain what will happen to it after that. The picture is estimated to be worth around $54 million (£42 million) by the im Kinsky auction house. Its rediscovery was referred to as “a sensation”.
“A painting of such rarity, artistic significance and value has not been available on the art market in Central Europe for decades,” im Kinsky said in a statement.
On behalf of the owners and the Lieser family’s legal heirs, the image will now be auctioned on April 24.
The foundation of this is the Washington Principles, an international pact to restore Nazi-obtained artwork to the ancestors of the persons who stole it.
According to the auction house, the painting will be seen before the auction in a number of other countries, including the UK, Switzerland, Germany, and Hong Kong.
The affluent Jewish entrepreneurs of Vienna, the Lieser family, formerly owned the painting. Co-Managing Director of Kinsky Auction House Ernst Ploil stated that they had not yet discovered any proof that the artwork had been taken or plundered before to or 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.
“We took an active approach and not only researched the Lieser family as potential restitution claimants, but we also approached potential representatives based on our experience from previous restitution proceedings.”
In the past, Klimt’s artwork has sold for enormous prices at auction.
The piece of art known as His Lady with a Fan became the most valuable piece of art to ever be sold at auction in Europe when it went for £85.3 million in June.
BBC
