Portrait of Gertrud Loew1902 has an estimate of £12-18 million and has come to auction after a settlement was reached between the Felsovanyi family, the heirs of the painting's subject Ms. Loew, and the Klimt Foundation.

Image via Sotheby's Klimt, Portrait of Gertrud Loew, 1902
Image via Sotheby's

The subject of the piece is the daughter of physician Dr. Anton Loew who counted Klimt as one of his patients. Klimt painted the masterpiece before his gold period. The artwork was part of the Loew estate until Gertrud left Vienna in an attempt to flee the Nazis.

Klimt's son Gustav Ucicky came in possession of the piece. Following his death in 1961, the collection remained with his wife Ursula who, in 2013, went on to set up the Klimt Foundation.

Lucian Simmons, the worldwide head of restitution for Sotheby's, told The New York Times ."A condition of Mrs. Ucicky's gift to the foundation was that their provenance would be resolved."

"There was a broad effort on her part to find a resolution."

The proceeds from the sale of the portrait will be divided between the foundation and the Felsovanyi family.