The work, thought to be Portrait of a Lady by Italian baroque painter Giuseppe Ghislandi (1655–1743), was spotted by Dutch newspaper Algemeen Dagblad in a real estate listing for a house in Mar del Plata, a seaside resort. It is believed to have been stolen from Amsterdam art dealer Jacques Goudstikker during the Second World War.

In the sales listing published by Robles Casas and Campos, the painting could be seen hanging above a green sofa in the property’s living room. After AD reported the discovery, federal prosecutor Carlos Martinez ordered a search of the residence.

But by the time police arrived, the painting had vanished. “The painting is gone. Only a carbine and a .32-caliber revolver were seized,” Mr Martinez said.

The property is linked to the family of Friedrich Kadgien, once described as the “financial wizard” of the SS. His widow, Patricia Kadgien, has not been charged, though her lawyer said she was available for questioning.

The heirs of Mr Goudstikker have vowed to continue their search.