Dear Stephen,

Thank you for contacting Mearto with your appraisal inquiry.

The presented object appears to be a ink and brush drawing on paper with unknown measurements. The drawing depicts an Asian lady in a European dress with a Chinese decorated pattern. We read the name Stanslaws and Hong-Kong and a signature R. B. Mushler and a dating 12/03 (12/ 1903). This is possible not a work of the illustrator Penrhyn STANLAWS (1877-1957). There is an illustrator known with the name Mushler. Sadly no further information regarding the biography of this artist is mentioned in reference books or similar databases.
Works by this artist were recently offered and sold on the international auction market.
This piece is in good condition and there is no serious damage visible in the images provided.
A fair market estimation would be between 100 to 250 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,
Georg