https://youtu.be/h5unK9f-Efw?t=48s
At 0:48 into this movie clip, this is what I hear:
Nigel (narrates): As you know better than anyone, the jewel was his great obsession. And after years of research, he believed that he had discovered its whereabouts.
Van Pelt: Could it be? Have I finally found it?
Looking at the Jaguar statue, which could have the jewel he was looking for, Van Pelt says "Could it be?"
I think "it" here refers to the statue that he's looking at, and that the question really means "Could it be the statue I've been looking for?"
If so, why did he omit "the statue I've been looking for" and simply say "Could it be?"
Is this common practice among native speakers?
" is a fairly natural shortening when the complement of "be" (and of course the referent of "it") is expected to be understood from context. ".
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"Could it be?" is a fairly natural shortening when the complement of "be" (and of course the referent of "it") is expected to be understood from context. Your example could mean something like "Could it (this statue) be the statue that I've been looking for?" or "Could it (this statue) be the statue where the jewel is hidden?".