In the year 1973, the altarpiece of the Virgin of Bascones in Valdivia was moved to the Diocesan Museum of Palencia when it was taken out of the parish church of Saint Sebastian in the same town because the building was falling into ruin. The altarpiece was later restored between 1988 and 1990.
An inscription on the predella of the altarpiece specifically states the date work was completed: “WORK ON THIS ALTARPIECE FINISHED IN THE YEAR MDXXXVIII WHEN IV(AN) GARCIA OF BASCONES WAS PRIEST”. This information is complemented by another text that refers to a later intervention to which we owe the polychrome decoration seen today: "WORK WAS CARRIED OUT AGAIN IN THE YEAR 1776 WHEN THE PRIEST WAS BERNARDO GUTIERREZ”.
There is no reference about who might have commissioned the original work. The date of 1538, however, coincides with the altarpiece's architectural style used in depicting the Childhood of Jesus inasmuch as it is reminiscent of a style that had existed some years previously.