This is a vintage mid 20th century framed image of a work by the Chinese-American artist Chen Chi (1912 - 2005). Catalda Fine Arts was known for publishing and selling print reproductions of paintings by popular artists. This is more than likely a print reproduction image and not an original watercolor. Seeing very clear, in-focus, extreme close-ups of the surface would be helpful in determining such. The estimate is based on this being a printed image and is based actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary.