Lost Painting Worth $54 Million Found After Almost 100 Years In Austria

A lost painting by Austrian artist Gustav Klimt, called "Portrait of Fraulein Lieser," has been discovered in Vienna after being missing for 100 years, according to the BBC.

The artwork originally belonged to a Jewish family in Austria and was last publicly seen in 1925. Its whereabouts during the following years were uncertain, but the painting has been in the possession of the current owners' family since the 1960s. The im Kinsky auction house values the painting at over $54 million. The find is a significant event in the art world, bringing a long-lost masterpiece back to public attention, according to the news portal.

According to the Auction House im Kinsky, as a key figure of Viennese Art Nouveau, Gustav Klimt epitomizes fin de siecle Austrian Modernism more than any other artist. His work, particularly his portraits of successful women from the upper middle class at the turn of the century, enjoys the highest recognition worldwide. Klimt's paintings rank in the top echelons of the international art market. His portraits of women are seldom offered at auctions. A painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades. This also applies to Austria, where no work of art of even approximate importance has been available.

Before the Portrait of Fraulein Lieser is offered in a special auction at the auction house im Kinsky in Vienna on April 24, 2024, it will travel worldwide. The painting will be presented at various locations internationally; planned stops include Switzerland, Germany, Great Britain, and Hong Kong.

After the painting returns to Vienna, it will be auctioned on April 24, 2024, on behalf of the current owners (Austrian private citizens) along with the legal successors of Adolf and Henriette Lieser based on an agreement in accordance with the Washington Principles of 1998.