Gustav Klimt’s lost masterpiece: ‘Portrait of Miss Lieser’ heads to auction

Long-lost artwork ‘Portrait of Miss Lieser’ poised to fetch over $54 million at Kinsky auction house

A painting by the famous Austrian artist Gustav Klimt believed lost for almost a century, has resurfaced in a private collection in Vienna. “Bildnis Fraeulein Lieser” (Portrait of Miss Lieser) was painted in 1917 and last seen publicly in 1925. It is now set to go on auction on April 24, 2024, at the Viennese auction house Kinsky.

The artwork is a well-preserved depiction of a dark-haired young woman and was commissioned by a wealthy Jewish industrialist family in Vienna. Its fate after 1925 remained unknown until the current Austrian owners, who have had the painting since the 1960s, revealed it. The journey from the Lieser family to the current owners remains unclear.

Ernst Ploil, an art law expert, confirmed that there is no evidence of the painting being looted or illegally confiscated during the Nazi era. The back of the painting is notably free from typical marks of looted art, such as Gestapo stamps or shipping labels.

This discovery is significant in the art world as Klimt’s works rarely appear on the open market. The auction house estimates its value at over $54 million. This follows the record sale of Klimt’s “Dame mit Faecher” (Lady with a Fan) for 74 million British pounds ($94.3 million) in June 2023.

Before the auction, the portrait will be showcased in various international locations, including the U.K., Switzerland, Germany and Hong Kong. The sale will be in accordance with the Washington Principles, an agreement for returning Nazi-looted art.