A painting by impressionist master Pierre-Auguste Renoir stolen more than 30 years ago has been recovered, Italy's Carabinieri police squad announced in Rome Friday.

Thanks to a tip from an art critic who was approached to appraise the painting, three people have been arrested in the case, art recovery squad leader Gen. Giovanni Nistri told reporters.

The painting, valued at approximately $760,000, depicts a seated woman in the nude.

"It's not one of those paintings of great value," Nistri said. "The value of the artwork is cultural rather than commercial."

The canvas went missing in 1975 from a Milanese restoration facility where its owners had brought it for repairs. This summer, the suspects contacted an Italian art critic to have the work appraised — purportedly before the painting was to be sold.

But the critic contacted police instead and the Carabinieri were waiting when the suspects removed the painting from a bank vault in northern Italy. It will be returned to its owners.

A 68-year-old woman who manages an art gallery and two men already known to police have been arrested on suspicion of receiving stolen goods, Nistri said.

With files from the Associated Press