The painting entitled Architektur I or Konstruktion auf blauem Grund (Construction on a Blue Ground) has been granted by the New York-based The Salgo Trust for Education, and its market value is estimated to be several billion forints, Baán told a press conference.

The donation also fills a gap because before this Hungary had no Moholy-Nagy paintings from the years following his emigration in 1919, he added.

Curator of Salgo Trust for Education Olivér Botár Jr said the painting had been sought after by such institutions as the Metropolitan Museum of Art in New York and The Art Institute of Chicago, but the foundation believed it would be best displayed in Hungary.

The work from 1921 is probably Moholy-Nagy’s first constructivist painting, he added. Baán said the painting would be on display at the National Gallery from Friday.

Hungarian-born US businessman Nicholas M Salgo was US Ambassador to Hungary between 1983 and 1986 and he set up the foundation in 1991 to attract international attention to 20th century Hungarian art.

MTI Photo: Balogh Zoltán