A Picasso painting en route to Switzerland and valued at over $27 million was seized by French authorities from a boat docked on the island of Corsica. Documents produced by the ship's captain show that the work was deemed "unexportable" by Spanish custom officials.

Recently, a Spanish court denied the export of Picasso's "Head of a Young Woman" on the grounds that it is of "cultural interest" and should remain in the country.

The work belongs to Santander bank's former vice-chariman Jaime Botin, 79, who previously tried to export it to London.

Botin was not aboard the ship transporting the artwork. It was flying the British flag.

French authorities are waiting for directions from Spanish officials on the matter.