Adele Bloch-Bauer was the wife of a Jewish sugar industrialist

The Neue Galerie bought the painting for a reported $135m (�73m) from Maria Altmann, who fought for the picture to be returned to her family.

The portrait of Adele Bloch-Bauer was sold after a court ordered the Austrian government to return the 1907 painting.

The Neue Galerie, a New York museum of German and Austrian art, was co-founded by cosmetics mogul Ronald S Lauder.

"I think it's a very important moment because these paintings, and paintings throughout museums and private collections that were looted from Jewish homes, are perhaps the last prisoners of World War II," said Mr Lauder.

Ms Altmann, who is the niece of the Adele Bloch-Bauer, was at the unveiling of the painting, which had been on display in Vienna for more than 60 years.

Ms Bloch-Bauer died in 1925 and her family was forced to flee Austria when the Nazis took power in 1938.

Ms Altmann previously received $21m (�12m) as part of a settlement to compensate victims of the Nazis.