Viennese auction house Kinsky was the site of one of the most remarkable art sales in recent memory. A once long-lost but recently rediscovered Klimt painting went for 30 million euros, far less than the hoped for 100 million euros.
Before the auction took place, finews.art had the privilege of seeing the Gustav Klimt painting during an exclusive preview at the Hotel Mandarin Oriental Savoy in Zurich. It was a rare opportunity that attracted countless art lovers and experts, while also providing a deeper perspective of the artist's work. It was returned to Vienna after that and auctioned off this past Wednesday. The estimates before the sale hovered between 30 to 50 million euros even though, initially, there were indications it go for as much as 100 million euros.
Gustav Klimt's «Fräulein Lieser», 1917 (Image: Im Kinsky)
LGT Partners Up
Those initial expectations came up short despite the worldwide interest and the publicity drive undertaken in London, Geneva, Zurich, and Hong Kong, under the auspices of cooperation partner LGT.
finews.art went out and sought several views after the sale, finding that numerous factors weighed on the outcome.
1. Problematic Origin
The painting, which was once owned by a Jewish family, was believed to have disappeared. It was originally owned by Viennese art patron Henriette Amalie «Lilly» Lieser who was killed in Auschwitz in 1943. In agreement with the Washington Conference Principles, an agreement was made with the legal successors should it become clear that it was a piece of stolen art. That problematic origin was certainly one of the prevailing reasons why the bidding for it was so restrained.
2. Missing Singnature
The missing signature on the painting prompted serious debate in advance of the auction. Collectors have become particularly careful given that the art market has been flooded with counterfeits.
3. Exaggerated Price
The initial price target was possibly too ambitious. Experts now speculate that a lower reserve price would have led to better results, particularly given that the market for Klimt is not as strong as it was a decade ago.
Another interesting fact is that the study for the painting, which also comes from Klimt's estate, didn't sell.
«It is a very satisfactory result for our auction house when you honestly appraise the sale.»
Satisfied Auctioneers
Michael Kovacek, the head of Im Kinsky, looked at the positive aspects of the sale. : «It is a very satisfactory result for our auction house when you honestly appraise the sale. The difficulties encountered before the sale took place, in particular the painting's origin, have to be kept in mind. Despite everything, we managed to get the fifth highest price ever for a Klimt. You just can't predict what will happen at an auction.»
Going to Asia
At the end of the day, the Klimt painting ended up with a private collector in Asia, with an agent from Patti Wong & Associates making a successful, bid for it. According to Kovacek, the estate is happy with the result.
