Spanish police announced on Thursday that they had recovered a painting by the late Irish-born British artist Francis Bacon, valued at approximately

€5 million ($5.42 million). This painting is one of five stolen from a Madrid home in 2015.

The recovered artwork, "Study for Portrait of José Capelo" from 1989, is the fourth painting of the stolen group to be found. Collectively, the five paintings are estimated to be worth €25 million.

In February, police arrested two individuals in Madrid on charges related to the receipt of stolen artworks. This led to the discovery of the painting in a property in the city.

Since the investigation began, authorities have arrested 16 individuals believed to have orchestrated and executed the robbery.

Three of the stolen paintings were previously recovered in 2017. Police are continuing to investigate connections between Spanish citizens and organized groups from Eastern Europe in hopes of locating the fifth painting.

Local media reported that the stolen paintings were taken from the apartment of José Capelo, Bacon’s friend and former lover, though police have not confirmed this.

Francis Bacon, born in Dublin and who died in Madrid in 1992, was one of the 20th century's most renowned artists, famous for his unsettling depictions of the human form. Since his death, both his reputation and the market value of his works have steadily increased. Photo by Reginald Gray, Wikimedia commons.