Like other works belonging to the Colegio San Gregorio National Museum, the altarpiece of the Virgin came into the Museum's possession with the ecclesiastical confiscations of Mendizabal in the year 1835. This confiscation also affected the convents and monasteries of Valladolid.
The altarpiece had already been mentioned in a book by Fray Matías de Sobremonte in 1660 in which he describes the Convent of St. Francis (San Francisco) that was located alongside the Plaza Mayor or Main Square of the city. He refers to the altarpiece as: "a white altarpiece..." (meaning without polychrome decoration) "... that is very old. It has carved figures which, though small, are most perfect, depicting the main mysteries of the Life, Passion and Death of Our Redeemer Jesus Christ". The same friar additionally informs us that the altarpiece stood in a side chapel known by the name of Holy Christ (Santo Cristo) "because the effigy of a very devote Crucified Christ between two thieves stood in the main body of the altarpiece located in the chapel" although he himself could only see the bare Cross, which was probably its original aspect. Unfortunately, we have no record of the name of the founder of the side chapel, nor do we know who installed the altarpiece there.