Gustav Klimt's Long-Lost Portrait Fetches $32 Million After Nearly a Century
After being hidden from view for close to a hundred years, a remarkable portrait by Gustav Klimt recently sold for $32 million, meeting the lower end of its expected auction value.
A portrait by Gustav Klimt, unseen for nearly 100 years, was recently sold for $32 million. The painting, known as the "Portrait of Fräulein Lieser," was believed to be one of Klimt's last works and caused a lot of buzz in the art community. Despite high expectations, it ended up selling at the lower end of its estimated value of $32 million to $53.4 million.
Bids for the artwork began at €28 million and eventually sold for €30 million at auction. This price does not cover the fees charged by the auction house.
In comparison, another Klimt painting titled "Dame mit Fächer" (Lady with a Fan) sold for over double the price in London the previous year. This particular portrait, which was the last one completed by Klimt, set a record as the most expensive artwork ever sold at a European auction, fetching £85.3 million ($108.4 million).
A cameraman captured footage of the painting 'Bildnis Fraeulein Lieser' (Portrait of Miss Lieser) by Austrian artist Gustav Klimt (1862 - 1918) during a press conference at the Kinsky Art Auction House in Vienna, Austria on January 25, 2024. The Viennese auction house Kinsky announced the rediscovery of a late painting by Gustav Klimt in a private collection, set to be auctioned in April. 'Bildnis Fraeulein Lieser' was commissioned by a wealthy Jewish industrialist's family and painted by Klimt in 1917, shortly before his death.
A cameraman takes footage of the painting 'Bildnis Fraeulein Lieser' (Portrait of Miss Lieser) by Austrian artist Gustav Klimt (1862 - 1918) during a press conference of the Kinsky Art Auction House in Vienna, Austria on January 25, 2024. A late painting by Austrian artist Gustav Klimt has resurfaced in a private collection and will be sold in April, Viennese auction house Kinsky said on January 25. 'Bildnis Fraeulein Lieser' (Portrait of Miss Lieser) was commissioned by a wealthy Jewish industrialist's family and painted by Klimt in 1917 shortly before he died. (Photo by ROLAND SCHLAGER / APA / AFP) / Austria OUT / RESTRICTED TO EDITORIAL USE - MANDATORY MENTION OF THE ARTIST UPON PUBLICATION - TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION (Photo by ROLAND SCHLAGER/APA/AFP via Getty Images)
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A Klimt portrait that has been missing for almost 100 years could be sold for $54 million. The painting, titled “Portrait of Fräulein Lieser,” was believed to be lost for a long time, as stated by Vienna auction house im Kinsky. Surprisingly, it was revealed that the portrait had been in the possession of a private Austrian citizen.
The auction house announced on its website that the rediscovery of this portrait, from Klimt's final creative phase, is a remarkable find. The painting, known for its vibrant colors, had only been seen in black and white photos despite being mentioned in catalogs.
The sitter was believed to belong to a wealthy Austrian Jewish family who were prominent in the upper class of Viennese society, where Klimt had many patrons. However, her identity remains somewhat uncertain.
“Portrait of Fräulein Lieser” went under the hammer at the im Kinsky auction house in Vienna on April 24.
“Portrait of Fräulein Lieser” went under the hammer at the im Kinsky auction house in Vienna on April 24.
Roland Schlager/APA/AFP via Getty Images
Brothers Adolf and Justus Lieser, who were prominent industrialists in the Austro-Hungarian empire, were known to have connections with the famous artist Klimt. According to Klimt's catalogues, Adolf Lieser had supposedly commissioned Klimt to paint his teenage daughter Margarethe Constance. However, recent research from the auction house suggests that it was actually Justus' wife, Lilly, who hired the artist to paint one of their two daughters.
Information from the auctioneer's website indicates that the subject of the painting, whoever she may be, visited Klimt's studio a total of nine times in April and May of 1917. During these visits, Klimt created at least 25 preliminary studies and most likely began working on the actual painting in May of that year.
The auction house mentioned that the painter decided to portray the young woman in a three-quarter portrait, positioned in a frontal pose near the foreground with a red, undefined background. She is adorned with a cape adorned with intricate floral designs.
Furthermore, the auction house stated that the painting showcases Klimt's late period style through the use of vibrant colors and loose, open brushstrokes, highlighting the artist's artistic peak during this time.
After the artist passed away from a stroke in February, the painting was left in his studio, with a few unfinished parts. Eventually, it ended up in the Lieser family's possession.
The auction house states that what happened to the painting after 1925 is not entirely clear.
The statement mentioned that the painting was acquired by a legal predecessor of the consignor in the 1960s and has since been passed down through three inheritances to the current owner.
According to the auction house, the painting was scheduled to be sold on behalf of its Austrian owners, who have not been identified, as well as the legal successors of "Adolf and Henriette Lieser" in line with an agreement following the Washington Principles of 1998.
Established in 1998, the Washington Principles charged participating nations with returning Nazi-confiscated art to their rightful owners.
Leonardo da Vinci's "Salvator Mundi," on display at Christie's auction house in October 2017. The work fetched a record $450.3m at auction in New York in November 2017.
Leonardo da Vinci's "Salvator Mundi," on display at Christie's auction house in October 2017. The work fetched a record $450.3m at auction in New York in November 2017.
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Claudia Mörth-Gasser, who specializes in modern art at im Kinsky, shared with CNN via email about the situation. She mentioned that the auctioneer thoroughly examined the painting’s history and background in Austria. Additionally, she stated that they searched through all archives and found no indication that the painting was ever taken out of Austria, seized, or stolen.
She also mentioned that there is no evidence to show that the painting was not stolen between 1938 and 1945.
In light of this, an agreement was made between the current owner and all descendants of the Lieser family, following the 'Washington Principles.'
According to the press release, Klimt's portraits of women are rarely seen at auctions. It also mentioned that a painting of this rarity, artistic importance, and value has not been seen on the art market in Central Europe for many years.
Editor's P/S:
The rediscovery of Gustav Klimt's "Portrait of Fräulein Lieser" has sparked renewed interest in the artist's later works. This captivating portrait, hidden away for nearly a century, offers a glimpse into Klimt's distinct style during his final years. The vibrant colors, loose brushstrokes, and intricate floral designs are a testament to his artistic prowess.
Despite failing to meet its estimated value, the sale of "Portrait of Fräulein Lieser" is a significant event in the art world. It not only brings to light a lost masterpiece but also raises questions about the restitution of Nazi-looted art. The agreement between the current owner and the Lieser family's descendants is a testament to the ongoing efforts to right the wrongs of the past. The painting's reappearance also highlights the importance of preserving and documenting art history, ensuring that future generations can appreciate and learn from the works of great masters.
