The Arts Council of Northern Ireland has said it has tracked down one of 52 missing art works.
The oil painting, worth £6,000, was found after checks with the council's transport company revealed that the work was in its store.
The council was criticised by the Audit Office in July for losing pieces and the way it manages a £2.7m collection.
Next week, the council will publish on its website details of the 51 works which are still missing.
To paraphrase Oscar Wilde: To lose one may be regarded as a misfortune; to lose fifty-one looks like gross carelessness.