A masterpiece by the renowned artist Gustav Klimt depicting a young woman, long thought to be lost, was successfully auctioned in Vienna for a staggering $32 million.
Klimt, a prominent Austrian modernist, commenced work on the "Portrait of Fräulein Lieser" in 1917, just a year before his passing, making it one of his final creations. The bidding for this exceptional piece began at 28 million euros, ultimately selling within the projected range of 30-50 million euros.
The painting found its new home with a bidder from Hong Kong, whose identity remains undisclosed.
The Im Kinsky auction house expressed that "a painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades."
This vividly colored artwork was auctioned on behalf of the current owners, Austrian private citizens who opted to remain anonymous, and the legal successors of Adolf and Henriette Lieser, prominent members of a prosperous Jewish family in Vienna who were patrons of Klimt. While some experts speculate that the lady portrayed in the painting could be linked to the Lieser family, the exact identity of "Fräulein Lieser" remains a mystery.
The auction house revealed that the woman portrayed in the artwork frequented Klimt's studio on nine occasions to sit for the painter.
Upon Klimt's passing due to a stroke in early 1918, the painting was left in his studio, with certain sections left incomplete. Subsequently, it was handed over to the family who had originally requested it, as per the auction house.
Following the year 1930, the Jewish family departed from Austria and lost a significant portion of their belongings.
The events surrounding the painting's whereabouts between 1925 and the 1960s remain shrouded in mystery, a period that encompasses the Nazi regime. In 1938, Austria was annexed by Nazi Germany. The only lead available is a grayscale photograph of the portrait, likely dated 1925, accompanied by a note stating, "1925 in possession of Mrs. Lieser, IV, Argentinierstrasse 20." Until its recent reappearance in early 2024, there was no trace of the painting, which had seemingly been concealed by a private collector for numerous years.
Although the auction house has found no concrete evidence of the painting being seized during the Nazi era, there is also no confirmation that it wasn't. The current owners acquired it through a series of three successive inheritances.
Uncertainty Leads to Record Art Auction Sale in Austria
Amidst uncertainty, an agreement has been reached with the current owners and the heirs of the Liesers to proceed with the sale under the Washington Principles. These principles, established in 1998, aim to address issues surrounding the return of Nazi-confiscated art.
The auction house expressed its satisfaction with the outcome of the sale on Wednesday.
The final sale price set a new record for art auctions in Austria. Previously, the highest amount paid at an auction in the country was just over 7 million euros for a piece by Frans Francken the Younger in 2010.
