Spanish police have recovered a Pablo Picasso painting that mysteriously vanished earlier this month while being transported to an exhibition, raising suspicions over whether the artwork ever left Madrid.

The 1919 gouache and pencil piece titled “Still Life with Guitar,” valued at around €600,000 ($700,000), disappeared in early October while en route from Madrid to Granada, where it was set to feature in a new exhibition at the CajaGranada Foundation.

When the truck arrived and was unpacked on October 6, curators discovered the Picasso was missing despite all other artworks being accounted for and monitored under continuous video surveillance since their arrival three days earlier.

Police launched an immediate investigation and confirmed on Friday that the missing piece had been found. However, authorities have not disclosed where or how it was recovered.

“Initial investigations suggest that the painting may not have been loaded onto the transport truck,” the Spanish National Police said in a statement.

Images released by investigators showed forensic experts inspecting the recovered package believed to contain the painting.

The CajaGranada Foundation expressed relief at the recovery and said it hoped the piece would still be displayed as part of the exhibition, which opened on October 9 and will run until January 11.

Picasso’s works have long been magnets for art thieves due to their immense value and cultural significance. Just recently, two of his paintings fetched more than $140 million at international auctions.

In one of the most notorious heists, more than 100 Picasso works were stolen from the Palais des Papes in Avignon, France, in 1976 all of which were eventually recovered.

Born in Malaga in 1881, Picasso revolutionised modern art with movements such as Cubism before his death in 1973. His work continues to captivate collectors and inspire artists around the world.