Hi Samantha,

Thank you for contacting Mearto with your appraisal inquiry.

This painting was part of an animation cel setup, a layered composition of hand-painted animation cels used to create a final animated frame, and which typically consisted of hand-painted cels (transparent sheets (usually acetate) with characters or objects painted on them), a background (a separately painted backdrop that provides the scene setting); multiple cel layers; and registration pegs (small holes along the edges that help align cels consistently for smooth animation).
Such setups were common in traditional animation before the shift to digital techniques.

Other Pinocchio animation cels that were part of set-ups that have sold recently have brought prices at auction between $2,000-4,000.

Based on the photos and information provided, and subject to examination, this is:

A vintage Disney Pinocchio Animation Cel,
1939
depicting Gepetto and Pinocchio on a raft
matted
10 by 14 inches
CONDITION: This appears to be in generally good condition with some minor wrinkling
PROVENANCE: Acquired from Courvoisier Galleries, San Francisco
$ 2,000-4,000*
*represents a fair-market value for auction purposes; retail or asking price may vary.

Please let us know if you have additional items to appraise, or questions/concerns, and thank you again for using Mearto.
~ Delia