Portrait of Gertrud Loew, 1902 is estimated to sell between $18-28 million. The piece has come to Sotheby's following a settlement having been reached between the Felsovanyi family, the heirs Ms. Loew, and the Klimt Foundation.

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

Gertrud Loew, the subject of the painting, was the daughter of Klimt's physician Dr. Anton Loew. The work came before Klimt's gold period. Ms. Loew had the painting until she fled Vienna to escape the Nazis.

Gustav Ucicky, Klimt's son, acquired the piece. When he died in 1961, his wife Ursula had possession of his art collection. Ursula set up the Klimt Foundation in 2013.

Sotheby's worldwide head of restitution, Lucian Simmons 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 profits from the sale of the artwork will be split between the foundation and the Felsovanyi family.