A painting by Austrian artist Gustav Klimt, believed to have been lost for nearly 100 years, has been found in Vienna. The ‘Portrait of Fraulein Lieser’ once belonged to a Jewish family in Austria and was last seen in public in 1925.

However, its… fate after 1925 is unclear, but the family of the current owners has owned the painting since the 1960s. The im Kinsky auction house estimates the value of the painting at more than $54 million (£42 million ).

“A painting of such rarity, artistic importance and value has not been available on the art market in Central Europe for decades,” a spokesperson for the house said, according to the BBC.

It will be auctioned on 4/24

The portrait will now be auctioned on April 24 on behalf of the owners and legal heirs of the Lieser family. Prior to the auction, the painting will be shown in various international locations, including the UK, Switzerland, Germany and Hong Kong.

The portrait once belonged to the Lieser family, who were wealthy Jewish industrialists living in Vienna.

An art lawyer told Austrian media that so far they had found no evidence that the work had been looted or stolen before or during World War II.

It is noted that Klimt’s creations have been auctioned in the past for many millions. His “Lady with a Fan” sold for £85.3 million in June, making it the most valuable work of art ever sold at auction in Europe.