Leopold Museum to auction $17.6 million of Schiele drawings to pay for restitution claims

November 26th, 2012

Egon Schiele Self-Portrait in Green Shirt with Eyes Closed 1914 via BloombergThe Leopold Museum has consigned three Egon Schiele drawings with a presale estimate of $17.6 million to Sotheby’s for their London sale in February. The sale of the works will pay for a restitution settlement of a 1914 Schiele painting which the museum purchased at auction in the 50s, years after it had been looted by the Nazis. The museum has settled on payments with 3 rightful heirs of the work to keep the painting. The founder of the museum, Rudolf Leopold, felt that the institution was not subject to Austria’s restitution law; however his son arranged to settle all outstanding claims after his father passed away in 2010. Read the article via Bloomberg