A painting stolen by the Nazis that was spotted in an Argentinian estate agent's advert has vanished, a prosecutor says following a raid on the home.

'Portrait of a Lady' by Giuseppe Ghislandi was featured hanging above a sofa inside a property near Buenos Aires, which was being sold by the daughter of a senior Nazi who fled Germany after World War Two.

During a police raid this week, however, the painting was not found, but two weapons were seized, federal prosecutor Carlos Martínez told local media.

Mr. Martínez stated they are investigating it as an alleged cover-up of smuggling, according to the Argentinian daily Clarin.

The newspaper reported that the furnishings had been rearranged and the picture was missing from the wall when they raided the property.

Peter Schouten of the Dutch Algemeen Dagblad newspaper, which first reported the long-lost artwork's reappearance, said there was evidence the painting was removed shortly afterwards or after the media reports about it appeared.

'Portrait of a Lady' was among the collection of Amsterdam art dealer Jacques Goudstikker, much of which was forcibly sold by the Nazis after his death. Some of the works were recovered in Germany after the war, and put on display in Amsterdam as part of the Dutch national collection.

For more than 80 years, the location of late-baroque Italian portraitist Giuseppe Ghislandi's painting of the Contessa Colleoni had been unknown until its recent appearance.

AD's investigation found wartime documents that suggest the painting was in the possession of Friedrich Kadgien, an SS officer and senior financial aide to Hermann Göring, who fled in 1945 before eventually moving to Argentina, where he became a successful businessman.

Kadgien died in 1979, but a US file seen by AD contained the line: Appears to possess substantial assets, could still be of value to us.

The paper added that it had made several attempts to speak to his two daughters in Buenos Aires over the years but to no avail.

It was only when one of Kadgien's daughters decided to put the house up for sale that progress was made in locating the missing works. Another looted artwork, a floral still-life by the 17th-century Dutch painter Abraham Mignon, was also spotted in one of the sister's social media posts.

Following the appearance of the photos, one of the sisters reportedly claimed ignorance about the painting and what was being sought from her.

Lawyers for Goudstikker's estate are determined to make every effort to reclaim the painting, with Goudstikker’s sole surviving heir, daughter-in-law Marei von Saher, asserting that her family aims to bring back every single artwork robbed from Jacques' collection, and to restore his legacy. According to reports, she took possession of 202 pieces in 2006.