Spanish authorities announced on Thursday the recovery of a painting by the renowned artist Francis Bacon, valued at approximately €5 million ($5.42 million).
The artwork, titled “Study for Portrait of José Capelo,” dates back to 1989 and was one of five stolen from a residence in Madrid in 2015.
This recent recovery marks the fourth painting reclaimed from the stolen collection, estimated to be collectively valued at €25 million.
In a breakthrough development, two individuals were apprehended in February in connection with the receipt of stolen artworks in the Spanish capital. Their arrest eventually led authorities to uncover the missing Bacon painting at a property within Madrid.
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According to police sources, the investigation into the high-profile heist led to the arrest of 16 people suspected of organising and carrying out the robbery. Notably, three stolen paintings were successfully recovered in 2017.
Law enforcement officials revealed that their investigations continue to target Spanish nationals affiliated with organised factions from Eastern Europe, with the hope that such efforts may result in the recovery of the fifth missing painting.
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