A Picasso worth $27 million is seized by customs officials in France

French customs seized Picasso's "Head of a Young Woman" belonging to Spanish banking billionaire from yacht in Corsica.

Story highlights

  • French official tells CNN affiliate the Pablo Picasso painting was wrapped up for shipping
  • The oil work is from 1906 and is worth 25 million euros, according to authorities
  • French officials were acting on a tip it was being illegally shipped to Switzerland

(CNN)A painting by Pablo Picasso said to be worth 25 million euros ($27 million) was seized by French authorities last week, the French customs office announced Tuesday.

The work of art entitled "Head of a Young Woman" has been ruled a Spanish cultural asset and wasn't supposed to leave the country.
    The painting "was found on the ship and was already wrapped up, conditioned, ready to be transferred," Vincent Guivarch, assistant director of French customs in Corsica, told CNN affiliate BFMTV.
    The affiliate said the painting is owned by Spanish banker Jaime Botin, who has been trying to get permission to export the Picasso since 2012.