Long-lost Gustav Klimt painting sells at auction for £26 million

A long-lost Gustav Klimt painting which resurfaced after 100 years has sold at auction for £26 million. 

'Portrait of Fräulein Lieser', which the Austrian modernist artist started in 1917, sold to an unknown buyer at an auction in Vienna yesterday.

The portrait of a young woman was one of Klimt's last works, as the artist died in early 1918 after suffering from a stroke, meaning the painting has small unfinished areas. 

The Jewish Lieser family, who had commissioned the painting, received the artwork unfinished, but soon after were forced to flee Austria amid the rise of Hitler and antisemitism.  

This means the whereabouts of the painting from 1925 to the 1960s is entirely unknown.

'Portrait of Fräulein Lieser', which the Austrian modernist artist started in 1917, sold to an unknown buyer at an auction in Vienna yesterday

The portrait of a young woman was one of Klimt's (pictured in 1911) last work, as the artist died in early 1918 after suffering from a stroke, meaning the painting has small unfinished parts

The Im Kinsky auction house said that 'a painting of such rarity, artistic significance, and value has not been available on the art market in Central Europe for decades.'

The intensely coloured painting was auctioned on behalf of the current owners, Austrian private citizens whose names were not released, and the legal heirs of Adolf and Henriette Lieser, one of whom is believed to have commissioned the painting. It's not entirely clear which member of the Lieser family was the model.

Bidding started at 28 million euros, and the sale price was at the lower end of an expected range of 30-50 million euros. 

Austria was annexed by Nazi Germany in 1938. The auction house says there is no evidence as to whether the painting was confiscated then.

It ended up with the current owners through three successive inheritances. 

In view of the uncertainty, the current owners and the Liesers' heirs drew up an agreement to go forward with the sale under the Washington Principles, which were drafted in 1998 to assist in resolving issues related to returning Nazi-confiscated art. 

Klimt's art has fetched huge sums at auction in the past. 

His Lady with a Fan piece sold for £85.3m at Sotheby's in June 2023, making it the most valuable work of art ever sold at auction in Europe.