Artwork looted by the Nazis finally being auctioned

A Nazi-looted painting from Munich haul is being auctioned today by Sotheby's.

Two Riders on a Beach' by German artist Max Liebermann, painted in 1901

A valuable piece of modern art which was looted by the Nazis and recently returned to the rightful owners, will be auctioned by Sotheby's on Wednesday, June, 24, 2015.

The painting 'Two Riders on a Beach' by Max Liebermann,was found in 2012 alongside over 1,200 works of art in a Munich apartment.

The 1901 oil painting, which is expected to bring in an estimate of $625,000, is the first from the Gurlitt collection to be auctioned off.

According to Sotheby's director, Bernhard Brandstaetter, who qualified the painting as 'probably the most significant find in the last 30 years', "The challenge is to go through the provenance of every single picture in this collection".

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