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. A police raid on the house this week, however, turned up no painting – but two weapons were seized, federal prosecutor Carlos Martínez told local media.

Martínez stated they were treating it as an alleged cover-up of smuggling, as reported by Argentinian daily Clarin. The newspaper noted that furnishings had been rearranged, and the picture was missing from the wall when the raid occurred.

Peter Schouten from the Dutch Algemeen Dagblad newspaper, which first reported the artwork's reappearance, noted there's evidence that the painting was removed shortly after media attention.

'Portrait of a Lady' was part of the collection belonging to Amsterdam art dealer Jacques Goudstikker, much of which was forcibly sold by the Nazis after his death. Some pieces were recovered in Germany post-war and displayed as part of the Dutch national collection.

For over 80 years, the location of the late-baroque Italian portrait of the Contessa Colleoni had been unknown until recently.

AD's investigation indicated the painting was in the possession of Friedrich Kadgien, an SS officer and senior aide to Hermann Göring, who fled to Argentina. Kadgien passed away in 1979. Recent attempts to contact his daughters for information regarding the artwork have been unsuccessful. The investigation revealed additional looted art linked to Kadgien's daughters.

His sole-surviving heir, daughter-in-law Marei von Saher, expressed intent to reclaim all artworks stolen from Jacques' collection. The estate currently possesses 202 pieces.