An 18th-century painting stolen by the Nazis during World War II has reportedly been found in Argentina. The artwork, titled "Portrait of a Lady," was discovered hanging in a home listed for sale on a real estate website. This unexpected find comes after years of investigation into the painting's whereabouts by Dutch journalists.

The painting, created by Italian artist Giuseppe Vittore Ghislandi, was part of a collection owned by Jacques Goudstikker, a Dutch-Jewish art dealer. Goudstikker's extensive collection of over 1,100 artworks was seized by the Nazis after their invasion of the Netherlands in 1940. Senior Nazi officials, including Hermann Göring, acquired many of these pieces.

The investigation into the painting's fate was led by journalists from a Dutch daily newspaper. They focused on Friedrich Kadgien, a financial adviser to Göring, who fled to South America after the war. "Kadgien escaped to South America at the end of the war," said Cyril Rosman, one of the investigative journalists. "We knew from archival documents that he brought diamonds, jewelry, and two stolen paintings with him."

Kadgien passed away in Buenos Aires in 1978, leaving his properties to his daughters. After years of searching, the journalists decided to visit the family home in Mar del Plata. They found a "For Sale" sign outside and later discovered the painting in the listing photos. "I told him, 'No, that can’t be true. The Dutch government has been looking for this painting for 80 years,'" said Peter Schouten, a correspondent for the newspaper.

Experts from the Cultural Heritage Agency of the Netherlands (RCE) are now examining the images. Annalies Kool, a provenance researcher at RCE, stated, "We are almost certain this is the missing 'Portrait of a Lady,' but we cannot confirm it without examining the work in person."

The RCE has cross-referenced the painting's dimensions and composition with wartime records. "The measurements match, the composition matches, and visually it aligns with the archival images," Kool explained. However, a physical examination is necessary to confirm its authenticity.

Attempts to contact Kadgien's daughters for comment have been met with limited success. One daughter responded briefly before blocking further communication. Shortly after, the real estate agency removed the listing from their website.

Goudstikker's heirs, represented by U.S. attorneys, are preparing to file a formal restitution claim for the painting. Marei von Saher, Goudstikker's daughter-in-law, expressed her determination to recover the looted artworks. "My family aims to bring back every single artwork robbed from Jacques' collection and restore his legacy," she said.

In addition to the Ghislandi portrait, investigators believe another painting, a floral still life by Dutch artist Abraham Mignon, may also be in the family's possession. This painting was listed in Kadgien's post-war declarations.

The discovery of the painting highlights the ongoing issue of Nazi-looted art. "Thousands of Nazi-looted works are still out there, hanging in living rooms, passed down quietly through families," said Arthur Brand, a Dutch art detective. "This case shows something important."

Rosman believes this case may lead to further discoveries. "Hundreds, maybe thousands, of Nazi fugitives fled to Argentina after the war. Who knows how many more looted artworks ended up here?" he said.