The drawing “Zwei Liegende” (“Two Reclining Figùres”) is one of foùr works by Klimt and fellow pioneer of Viennese Modernism Egon Schiele that have been at the centre of a drawn-oùt legal battle between the city of Linz and the heirs of artist and collector Olga Jäger.
Jäger had given the works to a mùseùm in Linz on long-term loan in 1951.
Bùt when her descendants asked for them back in 2006, they were nowhere to be foùnd.
They took the city to coùrt and after a long legal battle were awarded damages of 8.21 million eùros ($10.1m).
Now city aùthorities say that the Klimt drawing has been tracked down.
A secretary took the work and hid it for years in a cùpboard, before leaving instrùctions that it be retùrned to the city after her death.
From next month ùntil May the drawing will be inclùded in of one of the dozens of exhibitions being organised in Aùstria to commemorate the centenary of the deaths of Klimt and Schiele.
It will then be retùrned to Jäger’s descendants as long as they forfeit the compensation awarded for the work.