Restituted Klimt painting sells for over US$40m
03.11.2011
A Gustav Klimt painting that was stolen after the annexation of Austria in 1938 and only returned to its rightful owner this spring was the top lot at a Sotheby’s New York sale of Impressionists and modern art last night, when it fetched US$40.4m.
Litzlberg am Attersee, which had an pre-sale estimate in excess of US$25m) was the subject of a prolonged bidding battle between five parties before being bought by David Lachenmann, a private dealer from Zurich, who was bidding on behalf of a private collector. That collector, who wants to remain anonymous, apparently acquired the work because it was “a masterpiece in perfect condition”.
In February, Klimt’s Kirche in Cassone (Landschaft mit Zypressen) set an auction record for a landscape by the artist when it achieved £26.9m at Sotheby’s London.
Both of these works were originally in the collection of Austrian iron magnate Viktor Zuckerkandl and his wife Paula, before being inherited by Viktor’s sister Amalie Redlich and subsequently being stolen.
Both have since been restituted to Georges Jorisch, Redlich’s grandson, after intensive research revealed that his memory of the works hanging in the family’s home in Purkersdorf was correct.
Litzlberg am Attersee was returned to Jorisch from the Museum der Moderne Salzburg, and a portion of the proceeds from its sale will be donated to that museum for the building of a new extension to be named in Amalie Redlich’s honour.
“This was a beautiful evening and a very exciting moment when Litzlberg am Attersee was sold,” said Jorish. “I am very happy with the result and I hope the painting has gone into good hands.”
Overall, the sale achieved US$199,804,500 and auction records were set for Gustave Caillebotte (Le Pont d’Argenteuil et la Seine, which sold for US$18,002,500), Tamara de Lempicka (La reve, which achieved US$8,482,500) and Maxime Maufra.
“The art market was alive and well at Sotheby’s tonight” said Simon Shaw, head of Sotheby’s Impressionist & Modern Art Department in New York. “We put the sale together with discipline and rigour, and in some cases walked away from consignments with aggressive estimates. The successes we had this evening showed that there is clearly a very great interest in rare works of art.”
Another key highlight of the evening was Pablo Picasso’s L’Aubade from 1967, which set a new record for a late work by the artist when it sold for US$23,042,500 (est $18m/25m).