The giant inflatable pig that floated over the crowd of the Coachella Valley Music and Arts Festival on Sunday is now two tattered pieces of plastic in the desert. (Chris Pizzello/Associated Press)

What goes up must come down — and that goes double for the helium-filled plastic pig that floated away from Sunday's Coachella Valley Music and Arts Festival in Indio, Calif.

The missing inflatable porker has been found in two pieces in the California desert, a few kilometres from the festival grounds.

Two couples found tattered bits of the inflatable pig, which floated over the crowd as Rogers Waters, formerly of Pink Floyd, performed on Sunday.

The plastic pig, two storeys tall and with the words "Obama" on its underside, escaped its moorings and floated away after Waters played Pigs, from Pink Floyd's Animals album.

Concert organizers had offered a $10,000 reward and lifetime tickets to Coachella for the plastic pig's return.

The couples will split the cash reward.

With files from the Associated Press