In Vienna, a Klimt Painting, Considered Lost for Almost 100 Years, Was Put Up for Auction
In Vienna, a painting by the well-known Austrian artist Gustav Klimt has been discovered, considered lost for a century. The portrait of Fraulein Lizer was last presented to the public in 1925 and then disappeared, as reported by the Im Kinsky auction house.
The portrait of Fräulein Lieser was last publicly displayed in 1925. Originally owned by the Lizer family, affluent Jewish industrialists in Vienna, the artwork spent decades in the private possession of an Austrian citizen, remaining unknown to the public.
Im Kinsky auction house has deemed the discovery of the painting sensational and estimates its value at over $54 million.
"As a key figure in Viennese modernism, Gustav Klimt epitomizes Austrian modernism at the turn of the 19th century like no other. His works, especially portraits of successful women from the upper-middle class at the turn of the century, are highly esteemed worldwide," stated the auction house.
Now, the portrait is set to be auctioned on April 24 on behalf of the owners and heirs of the Lizer family, following the principles of the Washington Principles—a international agreement on returning artworks stolen by the Nazis to the descendants of their rightful owners.
"This painting, so rare, artistically significant, and valuable, has not been available on the art market in Central Europe for decades," noted Im Kinsky in their statement.
Simultaneously, a lawyer specializing in art matters informed Austrian media that there is currently no evidence of the painting being stolen during the Second World War.
Before the auction, the painting will be showcased in various locations abroad, including the United Kingdom, Switzerland, Germany, and Hong Kong.
Gustav Klimt's artworks have previously fetched substantial sums at auctions. Recently, France decided to return the only Klimt painting in its national collection to the heirs of a Jewish family forced to sell it more than 80 years ago during the Nazi era.
In a related development, in the Belgian city of Antwerp, paintings by Marc Chagall and Pablo Picasso, stolen 14 years ago, were discovered. Among them were Picasso's cubist portrait "Tête" from 1971 and Chagall's painting "L'homme en prière" from 1970, found in the basement of a building in the city.