Klimt portrait rediscovered earlier this year sold for 30 million euros

The Portrait of Fräulein Lieser, the work by Gustav Klimt (Vienna, 1862 - 1918) that was thought to have been lost for nearly a hundred years and resurfaced at the beginning of the year from a private collection to be auctioned by the im Kinsky house in Vienna, has been sold for 30 million euros (rising to 35 with commissions). The work, which started from an estimate of 30-50 million euros, achieved the highest price ever paid for a work of art in Austria at auction, which previously belonged to a work by Egon Schiele that sold for 21 million euros. The work was purchased by brokerage firm Patti Wong & Associates on behalf of an anonymous buyer.

The recovery of the portrait of the lady from the last creative phase of Art Nouveau star Gustav Klimt caused a worldwide sensation when it was unveiled in January this year. As a result, international interest in the sale was high, with many participants and media from around the world present on auction day at im Kinsky’s historic auction hall.

“We are really happy with the result, but not really surprised, because it reflects international standards. Having sold top lots of European art over the past three decades, we have a great deal of experience in this type of sale,” explains Claudia Mörth-Gasser, house expert on works by Gustav Klimt.

“We have used our special experience, gained from years of solving problems concerning looted works of art. And we also know how to act when faced with issues of critical provenance. We are therefore thrilled not only with the success of the auction, but also with the fair and equitable solution reached, in accordance with Washington principles, in the interests of all parties involved,” say im Kinsky CEOs Michael Kovacek and Ernst Ploil.

The painting is never exhibited: perhaps, according to the auction house, the previous owner did not know which artist made the painting (it is unsigned). Experts at im Kinsky have performed detailed technical examinations on the work; moreover, it is the painting is documented in catalogs of Gustav Klimt paintings (although it was known to experts only through a black-and-white photograph). This only known photograph of the painting is in the archives of the Austrian National Library and, according to scholars’ speculation, was taken for an exhibition planned by Otto Kallir-Nirenstein at the Neue Galerie in Vienna: the black-and-white photo shows the painting in the exhibition frame that still exists today.

The work has always belonged to the Lieser family, which belonged to the wealthy Viennese bourgeoisie of the early 20th century: the model is probably Margarethe Constance Lieser, but according to recent speculation it could also be Helene Lieser or Annie Lieser, in any case a woman of the family. The Liesers lost most of their property as they fled Austria after 1930 because of the political situation. One family member was even assassinated by the Nazis. They managed to recover the assets only partially. However, there is no evidence that the portrait of Fräulein Lieser was stolen or confiscated by the authorities: it is possible, though unlikely, that the painting left the Liesers collection before the Nazis came to power in Austria, but in any case there is no evidence for that at the moment.

Given the great interest in the work, the auction house will offer an additional free public viewing of Klimt’s painting on April 29 and 30 and May 2 and 3. Opening hours are from 10 a.m. to 5 p.m., no registration is required. More information at www.imkinsky.com

Klimt portrait rediscovered earlier this year sold for 30 million euros

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