Lola Tropp was the daughter of Neumann Tropp, an architect and building contractor from Czernowitz, and his wife Pauline (Paula). Her brother Martin, born in 1901, was an architect like his father and his uncle Eduard Franz (Elias, Edward) Tropp, born in 1875. Neumann Tropp left the Jewish community in 1921 and moved to Berlin in 1928, where he died in the same year. Pauline Tropp died in Vienna in 1928 and was buried in the Jewish section of the Central Cemetery. Like their parents, Lola and Martin Tropp lived at Franz-Josefs-Kai 29 in Vienna’s 1st district. In 1929, Lola Tropp opened an unregistered antique shop, in which Martin Tropp had a share, at Naglergasse 3 in Vienna’s 1st district. Their mother Pauline had already run an antiques shop at the same location. Lola Tropp's marriage in 1927 to Oskar Grätzer, who was later convicted of fraud, ended in divorce in 1931. In 1922, Eduard Tropp had also registered a trade in carpets, jewellery and antiques with the Commercial Court, and in the same year his wife Hermine (Mimi) registered the M. Tropp company, a business dealing in gold and silverware, antiques and modern art objects located at Graben 29 in Vienna’s 1st district. In 1926, the business was expanded to include trade in imitation pearls and the name was changed to Tésa Perlen M. Tropp. In 1931, Oskar Levit, born in 1886, joined what was at this point a general partnership.

Lola Grätzer-Tropp, who was non-denominational and a Czechoslovakian citizen at the time of the annexation of Austria to the Nazi German Reich in March 1938, and in July 1938, Martin Tropp commissioned the shipping company Schenker & Co. to send several boxes of silverware declared as modern to their customer L. Burstein in Lugano (Switzerland). Assuming that the tableware was old silver, the export customs office in Buchs detained the consignment and the foreign exchange office blocked it due to the threat of misappropriation of assets. After numerous interventions, Lola Grätzer-Tropp succeeded in getting the boxes released and returned to Vienna, where the Central Monument Protection Office granted her export application submitted in October 1938. Her de-registration to ‘Unknown’ took place in January 1940, when a fraudster in France tricked her out of her remaining assets by promising to allow her and her brother to enter the USA. According to registration documents, Martin Tropp had already de-registered to Alexandria (Egypt) in 1929. After the death of his wife Hermine in April 1938, Eduard Tropp fled via Italy and France to Tangier (Morocco) via Italy and France. The Property Transaction Office had appointed Andreas Käs as liquidator of M. Tropp Tésa Perlen in July 1939, and the company was deleted from the commercial register in the same year. The partner Oskar Levit, who had also run his own trade in jewellery, watches, gold and silverware, was deported from Pithiviers (France) to Auschwitz on 17 July 1942 and murdered on 2 September 1942.

Eduard Tropp's antiques business was cancelled ‘by official order’ in September 1942. Lola Grätzer was deported from Pithiviers to Auschwitz on 6 August 1942 and killed on 11 August 1942. The trade authority cancelled Grätzer's licence to trade in antiques at Naglergasse 3 in 1951. At the end of the 1950s, Eduard Tropp returned to Vienna, where he died in 1963. Martin Tropp settled in France.