Title: Rarely Seen Gustav Klimt Portrait Sells for $32 Million at Auction

A long-lost portrait by renowned Austrian painter Gustav Klimt has been sold for $32 million at an auction in Vienna. Titled "Portrait of Fräulein Lieser," the artwork had been missing for almost a century before its recent rediscovery generated much excitement in the art world.

Initially estimated to fetch between €30 million and €50 million ($32 million to $53.4 million), the painting ended up selling at the lower end of its valuation. Bidding started at €28 million, and after reaching a hammer price of €30 million, the final sale price does not include the auction house's fees.

Compared to another famous Klimt painting, "Dame mit Fächer" (Lady with a Fan), which garnered over twice the amount at a London auction last year, the sale of the "Portrait of Fräulein Lieser" appears modest. The recently auctioned painting, known as Klimt's last completed portrait, set a record for the most expensive artwork ever sold at a European auction, fetching £85.3 million ($108.4 million).

Labeled as one of Klimt's final works, the "Portrait of Fräulein Lieser" had long been considered lost but resurfaced in the possession of a private Austrian citizen. The Vienna auction house im Kinsky described its rediscovery as a "sensation" in a press statement released prior to the auction.

The vividly colorful portrait had only been known through black and white photographs found in catalogues of the artist's work. While the sitter's identity remains uncertain, it is believed she was a member of a wealthy Austrian Jewish family associated with the upper class of Viennese society, who often served as Klimt's patrons.

According to the auction house, the portrait's subject, regardless of her true identity, visited Klimt's studio often during April and May 1917. The artist made numerous preliminary studies and likely began the painting in May of that year. The portrait depicts a young woman in a three-quarter pose against a red background, draped in a cape adorned with flowers.

When Klimt passed away from a stroke in February of the following year, the painting was still in his studio, with some parts left unfinished. It was subsequently given to the Lieser family, prominent industrialists in the Austro-Hungarian empire. However, the exact fate of the artwork in the years following 1925 remains uncertain.

"The Portrait of Fräulein Lieser" was sold on behalf of its Austrian owners, along with the legal successors of Adolf and Henriette Lieser, based on an agreement in accordance with the Washington Principles of 1998. These principles, established to address the restitution of Nazi-confiscated art, tasked participating nations with returning such artworks to their rightful owners.

Im Kinsky confirmed that they thoroughly checked the painting's history and provenance within Austria and found no evidence of it being exported, confiscated, or looted. However, due to the time gap between 1938 and 1945, there is no definitive proof that the artwork was not looted during that period. Hence, an agreement was reached between the present owner and the descendants of the Lieser family, following the guidelines of the Washington Principles.

The auction house highlighted the rarity and value of Klimt's portraits of women, stating that such an artwork of artistic significance has not been available on the Central European art market for decades. The sale of the "Portrait of Fräulein Lieser" adds another chapter to the remarkable legacy of Gustav Klimt and captivates art enthusiasts worldwide with its undeniable allure.