Story highlights French official tells CNN affiliate the Pablo Picasso painting was wrapped up for shipping

The oil work is from 1906 and is worth 25 million euros, according to authorities

French officials were acting on a tip it was being illegally shipped to Switzerland

(CNN) A painting by Pablo Picasso said to be worth 25 million euros ($27 million) was seized by French authorities last week, the French customs office announced Tuesday.

The work of art entitled "Head of a Young Woman" has been ruled a Spanish cultural asset and wasn't supposed to leave the country.

The painting "was found on the ship and was already wrapped up, conditioned, ready to be transferred," Vincent Guivarch, assistant director of French customs in Corsica, told CNN affiliate BFMTV.

The affiliate said the painting is owned by Spanish banker Jaime Botin, who has been trying to get permission to export the Picasso since 2012.

Photos: Paintings worth millions Photos: Paintings worth millions Picasso's " Les femmes d'Alger (Version 'O') " went under the hammer Monday, May 11, at Christie's in New York. The Picasso sold for a record $179,365,000. Hide Caption 1 of 15 Photos: Paintings worth millions "Three Studies of Lucian Freud," a 1969 painting by Francis Bacon, sold for $142.4 million in November 2013, breaking the record for the most expensive piece of art ever auctioned. Hide Caption 2 of 15 Photos: Paintings worth millions Andy Warhol's "Silver Car Crash (Double Disaster)," a silk-screen from 1963, sold for more than $105 million in November 2013. It was a record price for a Warhol work. Hide Caption 3 of 15 Photos: Paintings worth millions In a private sale in 2011, Qatar's royal family paid more than $250 million for "The Card Players," a post-impressionist painting by French artist Paul Cezanne. Hide Caption 4 of 15 Photos: Paintings worth millions "Portrait du Dr. Gachet" by Vincent van Gogh sold for $82.5 million in 1990. Hide Caption 5 of 15 Photos: Paintings worth millions Edvard Munch's "The Scream" sold for $120 million at Sotheby's in New York in May 2013, setting a world record at the time. Hide Caption 6 of 15 Photos: Paintings worth millions Billionaire Steven A. Cohen privately purchased "Woman III" by Willem de Kooning for an estimated $137.5 million, The New York Times reported in 2006. Hide Caption 7 of 15 Photos: Paintings worth millions Cosmetics heir Ronald Lauder paid $135 million in 2006 for "Adele Bloch-Bauer I," a portrait by Gustav Klimt. Hide Caption 8 of 15 Photos: Paintings worth millions Pablo Picasso's "Nude, Green Leaves, and Bust" sold for $106.5 million in 2010. Hide Caption 9 of 15 Photos: Paintings worth millions In 2004, Picasso's "Garcon a la Pipe" sold for more than $104 million. Hide Caption 10 of 15 Photos: Paintings worth millions Sotheby's sold Picasso's "Dora Maar au chat" in 2006 for $95.2 million. Hide Caption 11 of 15 Photos: Paintings worth millions Klimt's "Portrait of Adele Bloch-Bauer II" sold for $87.9 million in 2006. Hide Caption 12 of 15 Photos: Paintings worth millions Mark Rothko's 1961 piece "Orange, Red, Yellow" was sold in 2012 for $87 million. Hide Caption 13 of 15 Photos: Paintings worth millions In 2008, Sotheby's auctioned Bacon's "Triptych" for $86.3 million. Hide Caption 14 of 15 Photos: Paintings worth millions Warhol's "200 One Dollar Bills," which was bought by a private client in 1986 for $383,000, sold in 2009 for more than 100 times that -- $43.8 million. Hide Caption 15 of 15

It was discovered by customs officials on the island of Corsica, a French territory, on Friday after a tip that it was on its way to Switzerland, authorities said.

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