Anna Caspari came from a Jewish family that belonged to the cultural elite of Breslau. She studied in Munich from 1920, converted to the Protestant faith the following year and married the art dealer Eugen Georg Caspari in 1922. The couple had two sons. After the death of her husband in 1930, Anna Caspari continued to run the gallery in Brienner Straße on her own. After the National Socialists came to power, she was forced to move the gallery to Ottostraße in 1935 and work exclusively as an evaluator.
She was able to place her two sons in a boarding school in England. She herself was arrested in 1938 for an alleged foreign currency offence, in the course of which the Gestapo robbed her of dozens of paintings, prints and books. At the end of 1941, the Gestapo deported Anna Caspari to Kaunas in Lithuania, where the SS murdered her.
It was not until 2014 that the Bavarian State Library restituted four of the 140 stolen books to Anna Caspari's son Paul Caspari.
On 20 November 2024, a memorial event for Anna Caspari will take place at Galerie Baumgartl in Prannerstraße. Afterwards, the Memorial Sign for Anna Caspari will be placed at the former address of her gallery in Brienner Straße.