Long-lost Gustav Klimt painting sold to Hong Kong collector for over HK$250 million

In the past February, Portrait of Fräulein Lieser, a Gustav Klimt painting that has been lost for nearly a century, was rediscovered by im Kinsky. After a brief tour around the world, the painting went under the hammer on April 24 and was sold to an anonymous Hong Kong collector for €30 million, or approximately HK$252 million, while questions remain about its subject.

Previously, the only record of the painting existed as a black-and-white photograph in a catalogue of Klimt’s artworks. Its sudden re-appearance, its mysterious history, and its status as a Klimt painting placed its estimated value between €30 to 50 million. The winning bid of €30 million was placed by an anonymous Hong Kong collector, represented by Patti Wong & Associates. With fees, the final selling price was €38.5 million, or approximately HK$324 million, setting a record as the most expensive artwork sold in Austria.

 

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Although the Klimt painting has now sold to a Hong Kong gallery, the identity of “Fräulein Lieser” remains a mystery. Adolf and Justus Lieser built their family’s wealth and legacy as industrialists making twine and rope. Art historians believe the commissioned portrait depict one of the daughters of either brother, but which brother? Which branch of the family can claim rightful ownership of Portrait of Fräulein Lieser?

Many art historians identified the figure as Margarethe Constance Lieser, the daughter of Adolf Lieser. However, im Kinsky used AI to age the sitter, revealing similarities with Helene Lieser, an economist and one of Justus Lieser’s daughters. Justus’ wife, Henriette, was also a patron of modern art, making it a strong possibility.

Then there’s the matter of where the Klimt painting went between 1925 when it was last seen in public, and 1961, which is when the last owners before the auction claimed his family obtained the portrait. No evidence of Portrait of Fräulein Lieser being looted, confiscated, or taken out of Austria during the Nazi era was found. Im Kinsky assumed a worst-case scenario and reached an agreement with the Liesers and the owners, both of which will receive a share of the auction proceeds.

 

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Regardless of where it was in the past, the future, too, is full of questions. Now that the Klimt painting has gone to a Hong Kong collector, could we be seeing it in any galleries in the future? Or will it remain in a private collection, unseen to the public? Only time can tell.

(Images: im Kinsky)