This is a vintage mid 20th century framed watercolor painting depicting a large tree without leaves in either late fall to early spring. It is signed Margo. There is a label on the backside of the painting for the Leger Galleries in White Plains. Although Leger Galleries sold works by now listed artists, they also provided framing. There is not a listed artist who signed just 'Margo' and this was more likely a work brought in for framing. The estimate is for one work only, the watercolor of a tree signed Margo and is based on actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary.