Hi Thomas,

Thank you for contacting Mearto with your appraisal inquiry.
Based on the photos and information provided, and subject to examination, this is:

Pablo Picasso (Spanish-French, 1881-1973)
Untitled (nude model with stockings and artist)
unframed drawing on paper
Signed "Picasso" to lower left
Sheet 11 1/2 by 15 inches
Framed: 17 1/4 by 21 3/4 inches
PROVENANCE: auction house
$1,000-1,500*
*represents a fair-market value for auction purposes; retail or asking price may vary.