The women are suspected of stealing the 6ft x 4ft black and white picture from the bar of a new hotel named after one of McQueen”s most iconic films – Bullitt.
But the theft ultimately failed because the artwork was too big to fit in the ladies” car.
Police said the suspects were in their late 60s and both had shoulder-length blonde hair and were wearing glasses.
One wore a zebra print jacket and the pensioner who carried the portrait out of the hotel was using a walking aid.
The incident happened at the Bullitt hotel on Ann Street in Belfast shortly after 8pm on Sunday evening.
The hotel had only opened to the public the day before.
The picture was later recovered, with some damage in nearby Donegall Quay.
Michael Sullivan, general manager at Bullitt Belfast, said he was glad the artwork had been recovered.
He said: “We are most grateful for the vigilance of our neighbours at Tedfords Kitchen for their assistance in returning the painting.”
Police have appealed for any witnesses to come forward.