This is a framed 20th century hand painted ivory panel depicting a hunt on horseback. The work is actually Indo-Persian, and depicts Mongolian Ilkhinate, or archers on horseback during a hunt. The frame is done with miniature marquetry or inlaid wood. These painted works were generally done by miniaturist painters from Persia and India and the illustrations were usually made for books. The works on thin ivory 'sheets' were created more for decorative wall art and not for illuminated books. The estimate is based on actual past sales of comparables and the framing is factored in to the value.