The so-called Roaring Lion photograph was shot by Yousuf Karsh in 1941 just after Britain’s World War 2 leader had given a speech to the Canadian parliament.
The picture hung for years in the Fairmont Chateau Laurier hotel, where the Armenian-Canadian photographer used to have a studio, but staff realised in August 2022 that their original image had been replaced with a signed copy.
A subsequent investigation found that their version had gone missing during the 2021 Christmas holidays and had been sold by an auction house in London in May 2022 to lawyer Nicola Cassinelli, who agreed to return it when he found out the truth.
"I think that if Mr Karsh donated it to the hotel, it means that he really wanted it to stay there," Cassinelli said during a ceremony in the Canadian embassy to return the work.
He said he had paid £5200 ($NZ11,080) excluding commission at the auction and had received only a partial refund.
"I didn’t get all the money back, but I did get a very funny story to tell," Cassinelli said.
The hotel director Genevieve Dumas said the photo was an iconic image and an integral part of its history.
Canadian media said a man from Ontario had been arrested and charged over the theft.
