Klimt Painting Sells At Auction For Millions

The Gustav Klimt painting “Portrait of Gertrud Loew” sold at auction for just under $40 million which exceeded pre-sale expectations. The painting was from the estate of a German art dealer connected to looted art but was sold in conjunction with family of the original owner and the Klimt foundation. This sale is a further example of the red hot art market and we should expect to see more high prices for all manner of art and antiquities in the coming years. Any client holding art that might have appreciated should closely monitor values as underestimating the worth of a piece may lead to estate tax consequences.

See David Ng, Gustav Klimt painting sells for $39 million at Sotheby’s auction, LA Times, June 25, 2015.