VIENNA.- A painting made by Gustav Klimt and supposedly looted by the Nazis does not have to be turned over to the heirs of the former owners an Austrian arbitration panel has decided. The three-man panel decided that the painting, “Amalie Zuckerkandl”, was sold by its rightful owner to the Austrian Gallery Belvedere after it changed hands voluntarily several times, the Austria Press Agency reported. All the parties involved have decided to follow the panel´s ruling. Under a 1998 law that restitutes cultural property, Austria has returned hundreds of works of art to their rightful owners. The Austria Press Agency reported that, “just last month, five Klimt pictures — including the famed gold-encrusted portrait of Adele Bloch-Bauer that is among the artist's best-known works — were given to the family of Los Angeles resident Maria Altmann, nearly 70 years after they were looted by the Nazis. The works will be on display at the Los Angeles County Museum of Art until June 30.