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It is hard to believe.  However Polish government has claimed to have acquired the painting.  The portrait, once thought to be a self-portrait, was taken from the Czartoryski collection by the Nazis (Hans Frank) in 1945, and has not been seeing since then.

Interesting fact was that the director of the National Museum in Krakow, Andrzej Betlej, has said that he believes the famous missing Raphael portrait can be traced to a specific private collection.  Betlej has not said which collection it is in, or indeed even in which country. But it seems he has some evidence to suggest that the painting is still alive and well, somewhere. I really like to believe so.

Here is an article about it: lost Raphael (in Polish, but it can be translated)

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