Dear Jonathan,

Thank you for contacting Mearto with your appraisal inquiry.

The presented object appears to be a watercolor on paper with 24 x 32 inches measurements. The drawing depicts hot air balloons and is signed with the name Hoyal and dated 1983. Sadly no additional information for an artist with this name fitting in style and motif is given by reference books and databases.
Comparable objects were recently offered and sold on the international auction market.
This piece is in good condition and no severe damage is visible in the images provided.
A fair market estimation would be between 60 to 140 USD.
This estimate is based on actual recent past recorded auction sales of comparable items. Retail "asking prices" can be higher and may vary.

With kind regards,
Gregory