Gustav Klimt's Lost Painting 'Portrait of Fraulein Lieser' to be Auctioned in Vienna for €50 Million

A long-lost painting by Austrian symbolist painter Gustav Klimt, titled 'Bildnis Fraeulein Lieser' ('Portrait of Miss Lieser'), is set to be auctioned in Vienna today. The unfinished portrait, commissioned by a wealthy Jewish industrialist's family and painted by Klimt in 1917, was likely last seen at a Viennese exhibition in 1925 and has been missing for nearly a century.

The auction house, im Kinsky, estimates the painting's value at up to €50 million ($53 million; £42 million), though Klimt works have sold for higher prices recently. The painting was found hanging on a wall in a private home, with no insurance or security measures in place.

The identity of the model in the painting is a mystery, with debates over whether she is Margarethe Constance Lieser, the daughter of Adolf Lieser, or one of the two daughters of Justus Lieser and his wife Henriette (Lilly). Lilly Lieser remained in Vienna despite the Nazi takeover, was deported in 1942, and murdered in Auschwitz in 1943. Before her death, Lieser seems to have entrusted the painting to a member of her staff, and it later ended up in the possession of a Nazi trader's daughter, who left it to distant relatives after her death.

Why this matters: The rediscovery and auction of this long-lost Klimt masterpiece reignites discussions about art, identity, and the turbulent history surrounding the work. The painting's mysterious provenance and story are expected to generate as much attention as the auction price, highlighting the enduring legacy and extraordinary journeys of artworks from this era.

The auction house insists it has found no evidence that the work was stolen or unlawfully seized, but some experts have called for a more in-depth investigation of the painting's provenance. The current Austrian owners have agreed to the auction based on the Washington Principles, an international accord aimed at restituting Nazi-looted art. "The painting's fate during the Nazi era is unclear," said an art historian familiar with the work. "But the Lieser descendants have signed an agreement allowing the sale to proceed." Before the auction, the painting will be showcased in various international locations, highlighting Klimt's enduring legacy and the extraordinary story of this painting's journey back into the public domain.

Key Takeaways

• Long-lost Klimt portrait 'Bildnis Fraeulein Lieser' to be auctioned in Vienna.
• Painting valued up to €50 million, found in private home with no security.
• Identity of model is uncertain, linked to Jewish Lieser family and Nazi era.
• Painting's provenance under scrutiny, but Lieser descendants allow sale to proceed.
• Auction highlights Klimt's legacy and the extraordinary journey of this artwork.