Tax collectors found the lost painting dating back to 1889 with seals on the back indicating it has belonged to three different museums during its history.
According to El Mundo newspaper, the painting titled "Cypress, Sky and Country" went missing from Vienna's Kunsthistorisches Museum around 40 years ago.
Art experts believe the painting measuring 35 by 32 centimetres is probably genuine, citing the evidence of three seals as proof, 'The Local' reported.
The authenticity of the painting is now to be verified by the country's ministry of culture.
The valuable work turned up during a search through 542 safety deposit boxes in 270 bank branches.