Ólöf uses watercolour on paper together with felt tip pens and ink. Recently she started painting on ceramics using a waterbased medium.

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Ólöf is a founding member of the Watercolour Society of Iceland as well as several Icelandic and Scandinavian societies for professional artists. She graduated from the Icelandic Academy of the Arts in 1996. In 1995 she spent a semester as visiting student at Hochschule der bildende Kunste in Hamborg.

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Ólöf taught fine art at high school level from 2006 – 2012 as well as teaching German from 1982 – 2012.

She has held several solo exhibitions and taken part in numerous group exhibitions both in Iceland and in mainland Europe.