Ólöf sculpted her bust of Halldór Laxness in 1965 in her studio on Vesturgata, in the old quarter of Reykjavik. The piece was commissioned by the Nobel prize winner’s publisher, Ragnar Jónsson. Ragnar presented a bronze cast of the work to the Icelandic National Theatre, on the occasion of the author’s 70th birthday. The portrait was later stolen from the theatre’s “Crystal Room”. Some time afterwards, the bust was allegedly spotted on some negatives sent to a well known photographic studio to be developed. Although the police investigation into the theft was still open, the lead was never followed up. Another bronze cast of the bust is owned by Ólöf’s descendants.
There were plans for Ólöf to make a life size statue of the author, as can be scene from the poses and sketches below.