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A long-lost portrait by Austrian modernist Gustav Klimt was sold at auction in Vienna for a whopping 30 million euros ($32 million).

The portrait, known as "Portrait of Fräulein Lieser," was thought to be lost for a century until it was recently discovered at an auction.

Klimt began working on this masterpiece in 1917, just a year before his death, making it one of his last works.

'Lost' Portrait Sold for 30 Million Euros

AP tells us that bidding for the portrait began at a remarkable 28 million euros, ultimately reaching a final sale price that fell within the expected range of 30-50 million euros. The successful bidder, hailing from Hong Kong, has secured a piece of art history.

The painting's subject, believed to be one of the daughters of Jewish industrialists Adolf or Justus Lieser, adds historical intrigue to its story. The uncertainty surrounding the model's identity and the painting's whereabouts during the Nazi era only deepens its history.

The auction, conducted by the esteemed Im Kinsky auction house, emphasized the portrait's rarity and artistic value. According to Im Kinsky, a painting of this caliber has not graced the Central European art market in decades.

'Portrait of Fräulein Lieser'

The sale of "Portrait of Fräulein Lieser" also set a new record for art auctions in Austria, surpassing the previous record by a significant margin.

However, amid this remarkable rediscovery, questions linger about the painting's history and rightful ownership. The Washington Principles, aimed at resolving issues related to Nazi-confiscated art, guided the sale agreement between the current owners and the legal heirs of the Lieser family.

While the auction house expresses satisfaction with the outcome, calls for further research by independent parties highlight the sensitivity surrounding art restitution.