A Marc Chagall painting stolen more than a decade ago from an American yacht anchored in Italy has been found in a private collector's home, says Italy's art theft police division.

"Le Nu au Bouquet" by the Russian-born, French-based Jewish artist went missing in 2002 during a stay at the port of Savona in northern Italy. While the boat was under repairs, a forgery took the place of the original.

An unnamed American citizen had purchased the piece, with a value of more than $1.3 million, from a New York gallery in 1998 to hang in his yacht.

Italian media reports that two Romanians who worked on the yacht during the period of the robbery, along with a gallery owner from Bologna, are under investigation.

When the yacht owner's son went to Italy to recover property following his death, he became aware of the fake. The original had disappeared.

The collector whose home yielded the painting had bought the work in 2003, reportedly in good faith and with authentification.