An iconic painting that vanished from a regional Australian gallery over forty years ago has been rediscovered in the private collection of a recently deceased European businessman. The recovery, confirmed today by federal police, brings to a close one of the country's longest-running art mysteries.

Investigators say the painting changed hands at least four times across three continents before being acquired, apparently in good faith, by the late collector in the late 1990s. His family, on discovering the work's true history, immediately contacted Australian authorities.

Plans are already underway to return the painting to its original home, where it is expected to go back on public display within months.

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