Hildegard Hammerschmidt-Hummel, a professor of English at Mainz University, Germany, said he subjected the images to fundamental tests of identity and authenticity, and found they were "true-to-life portraits of Shakespeare."
One portrait, possibly painted around 1594, when Shakespeare was about 30 years old, depicts only the facial features of the Bard of Avon.
Hung in the bedchamber of Prince Franz (1740-1817), in the Gothic House of the Dessau-Worlitz Garden Realm, the portrait was seized by the Soviet army in 1945.
The second portrait shows the whole person of Shakespeare for the first time.
"We can see he wasn't a very tall man," Hammerschmidt-Hummel said.
The painting shows Shakespeare at the age of 50, about two years before his death and it portrays the Bard as an affluent, older gentleman living in retirement.
The portrait shows Shakespeare sitting on an elaborately carved chair, holding a book in his left hand and resting his right hand on the head of a dog, which is sitting to his right.
"I am calling it the Boaden Portrait because I found it in a rare, richly illustrated edition of James Boaden's work of 1824," Hammerschmidt-Hummel said.
Announced on the 450th anniversary of the playwright's birth, the new finding adds to four portraits of the Bard which Hammerschmidt-Hummel authenticated in 2006.
Before then, only two likenesses of Shakespeare, both posthumous, were accepted as authentic: a bust on his tomb in Stratford's Holy Trinity Church and an engraving shown in the Folio edition of his plays in 1623.
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