Billionaire cosmetics magnate Ronald S. Lauder has reached an agreement with the descendants of Irene Beran regarding Gustav Klimt’s famous 1910 canvas “The Black Feather Hat.” Lauder has agreed to restitute the painting, which has resided in his collection for half a century, to the Beran family and then to repurchase it from them, Artforum International said. Terms of the deal have not been disclosed.

Beran, the owner of the painting, fled Europe in 1943, fearing Nazi persecution. The whereabouts of the painting were unknown until it was included in an exhibition in Stuttgart Germany, a show organized by Austrian art dealer Friedrich Welz, a former member of the Nazi Party. Lauder bought the painting in 1979, and continued to exhibit it at New York’s Neue Gallery, which he owns.

Lauder, who is president of the World Jewish Congress, said in a statement: “…while our joint research leaves gaps, I have long championed the importance of restitution…I felt it was of utmost importance to arrive at a just and fair solution that recognizes the family’s history with this painting.”