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This painting is a variant of Allegory of the Four Elements (Vienna) (See HDB; Ertz 2008-10, p 1084).
Diaz Padron dates this painting to the first decade of the seventeenth century.
A very good exact copy of this, also on panel and just slightly larger, was sold in Paris (Pal. Gall. 21.iii.77 #43); another copy, again on panel and of roughly the same size, was sold in London (Christie’s 10.xii.93 #10). Still another version accepted as autograph by Ertz is his 1979 #301. There are numerous weaker copies and variants as well, like one sold Christie's New York 4.vi.86 #112 and one sold London (Christie's 19.vi.87 #21).
A copy attributed to Jan Brueghel the Younger is also in the Prado.
A copy attributed to Jan the Elder sold in New York, Jan 11, 1979, #114 as JBI and Van Balen.
It is interesting that the better copies/variants of this one are around the same size. They vary a lot in quality -- some, like the one sold in Paris, are clearly not autograph by either master yet it's a good painting.
An unfinished version of this work appears propped on a chair in the unattributed kunstkammer painting in the London National Gallery. It appears to be larger than the Vienna painting, more the size of the present (Madrid) version. In the present painting, a clear area of reserve is visible around the foot of earth, leaving process of collaborative making unusually clear.