Depends on what it means that the object is not found.
If it's a normal state of affairs, then return null. This is just something that might happen once in an while, and the callers should check for it.
If it's an error, then throw an exception, the callers should decide what to do with the error condition of missing object.
Ultimately either would work, although most people generally consider it good practice to only use Exceptions when something, well, Exceptional has happened.
