The present invention relates to a security element for security papers, value documents and the like, having a micro-optical moiré magnification arrangement having a first motif image that consists of a planar periodic or at least locally periodic arrangement of a plurality of first micromotif elements (38) that produce a hidden piece of image information, and a planar periodic or at least locally periodic arrangement of a plurality of microfocusing elements (34) for the moiré-magnified viewing of the first micromotif elements of the motif image, the first micromotif elements (38) being formed from nematic liquid crystal material and forming a phase-shifting layer for light from a specified wavelength range, and the magnified moiré image being perceptible substantially only upon viewing the security element through a polarizer.