Litzlberg am Attersee (Litzlberg on the Attersee) is a dramatic view of the lush environs of Lake Attersee in western Austria, painted with Klimt's sumptuous palette and jewel-like surface.
The painting, which is estimated in excess of $25m, follows the sale of Kirche in Cassone (Landschaft mit Zypressen) (Church in Cassone - Landscape with Cypresses), which set an auction record for a landscape by the artist when it achieved £26.9m ($43.2m) at Sotheby's London in February 2010 (est. £12/18m).
Both paintings, which were originally in the famed collection of Austrian iron magnate Viktor Zuckerkandl and his wife Paula, were stolen after the annexation of Austria in 1938.
Both have since been handed back to Georges Jorisch, great-nephew of Viktor, 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 Mr. Jorisch late last week from the Museum der ModerneSalzburg, and a portion of the proceeds from its sale will be donated to that museum for the building of a new extension.
The canvas will be on view in New York from 29 October.
"We are honoured to once again represent this truly remarkable family," commented Andrea Jungmann, Managing Director of Sotheby's Austria.
"Thanks to the research of Ruth Pleyer, this wonderful picture has been restituted to its rightful owner. The upcoming sale will benefit not only the heirs of Amalie Redlich, but also the Museum der Moderne in Salzburg."
Simon Shaw, Senior Vice President and Head of Sotheby's Impressionist & Modern Art department in New York, added:
"It is a privilege to present this magnificent landscape by Gustav Klimt at Sotheby's. Its stunning quality, rarity and important provenance will make this an extraordinary opportunity for today's collectors of great masterpieces."
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