The customs authorities raided the Corsican port of Calvi after being informed that the masterpiece was about to be sold and exported to Switzerland.
The captain of the yacht, flying the British flag, was in possession of only two documents relative to the painting, one of which clearly referred to a Spanish court order defining it as a work of art banned from being transported outside Spain.
The painting belongs to the famous Spanish banker Jaime Botin, 79, whose family is historically bound to the Santander Group.
Mr Botin was not on board of the yacht, which is owned by a company in which he holds a stake, and the sale offer was reportedly not in his name. A similar purchase offer, which would have brought Pablo Picasso's painting to London in 2012, had already been blocked by Spanish authorities. French customs authorities informed that they are waiting for Madrid to issue a formal request to ship the masterpiece back to Spain. (AGI)