This is a vintage, later 20th century, 2-spout vase with handle that is made of formed and fired terracotta clay with sgraffito, or incised cut-away surface decoration from the American Southwest. This is a Native American craft and the double-spout form is referred to as a 'wedding vase'. It is signed J. Watson on the underside and the 'Naug' is the word Navajo for the artisan's tribal affiliation. The estimate is based on actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary.