The state police of Tyrol have warned that unknown persons are currently offering the fake Walde for sale in various antique and flea markets around the region, but at a price of €35,000 (US$47,000), no-one has yet taken the bait.
According to the report in the Tiroler Tageszeitung daily, the painting is believed to be still in circulation.
Police ask that if anyone has information about the location of the forgery, they should call the state police confidential informant's line on 059133/703333.
A prominent Austrian artist who lived from 1891-1958, Walde is acclaimed as the first artist to successfully bring skiing as a theme into contemporary art.
Not fake: Rest on the Mountain Top of the Pengelstein, by Alfons Walde.