The Marin Independent Journal reported the work was recovered Sunday after someone found it near an open-space trail and called police.
The lithograph was stolen last month from the Novato mansion of imprisoned former Ukrainian Prime Minister Pavlo Lazarenko.
"It appears the unknown suspect(s), placed the painting there and intended it to be found," Novato police Sgt. Eric Riddell told the newspaper.
The newspaper said a caretaker reported it missing May 28, a day after more than 100 teenagers held a party at Lazarenko's house. The trespassers fled when police were called about a disturbance at the unoccupied house, but no arrests were made. Also reported missing were thousands of dollars worth of silver candlesticks, leather coats and laptop computers.