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picture by Egon Schiele
The painting was alleged to have been stolen from a Jewish art dealer, Lea Jaray-Bondi, in 1939.
Renowned Austrian collector Rudolf Leopold, who died last week, later acquired the painting.
But he always denied knowingly acquiring stolen Jewish objects and staunchly opposed any restitutions, preferring to offer compensation instead.
According to News, the Leopold Foundation was now preparing to sell some paintings to gather the requested 20 million euros (25.2 million dollars) demanded as compensation by Jaray-Bondi's family.
Leopold's widow Elisabeth would also attend a July 26 court ruling in New York to determine ownership of the disputed painting, News reported.
Leopold, widely acknowledged as one of the world's main Schiele experts and founder of the museum of the same name in Vienna, died last week aged 85.
The disputed origins of the "Portrait of Wally" led Austria to pass legislation on the restitution of looted art in 1998.
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Renowned Austrian collector Rudolf Leopold, who died last week, later acquired the painting.
But he always denied knowingly acquiring stolen Jewish objects and staunchly opposed any restitutions, preferring to offer compensation instead.
According to News, the Leopold Foundation was now preparing to sell some paintings to gather the requested 20 million euros (25.2 million dollars) demanded as compensation by Jaray-Bondi's family.
Leopold's widow Elisabeth would also attend a July 26 court ruling in New York to determine ownership of the disputed painting, News reported.
Leopold, widely acknowledged as one of the world's main Schiele experts and founder of the museum of the same name in Vienna, died last week aged 85.
The disputed origins of the "Portrait of Wally" led Austria to pass legislation on the restitution of looted art in 1998.
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