Max Liebermann's painting *Two Riders on a Beach* (1901), recently restituted to the Rosenburg family from the Cornelius Gurlitt hoard, will be auctioned at Sotheby's in London on June 24, with an estimated price of up to £500,000 ($850,000). The work is one of the first two artworks returned from the trove discovered in Gurlitt's Munich apartment in 2012; the other, Henri Matisse's *Woman with a Fan* (1932), was also handed back to the Rosenburg family last week.
The restitution and sale mark a significant milestone in the long-running saga of the Gurlitt collection, which included works confiscated by the Nazis and inherited by Cornelius Gurlitt from his dealer father, Hildebrand. The case has drawn intense art-world attention due to the scale of the hoard—featuring pieces by Degas, Picasso, Matisse, and Chagall—and the legal and ethical questions surrounding Nazi-looted art. The auction signals a new chapter in the return of these works to their rightful heirs.