Hello Robert,

Thank you for your appraisal inquiry with Mearto. I apologize for the delay in your appraisal and thank you for your patience. The item presented appears to be an ink and watercolor by French artist Marcel Renee von Herrfeldt (1889 - 1965), depicting a semi-nude woman with pinecone top staff and tambourine. The work appears to be signed to the lower corner. Herrfeldt is best known for his depictions of female nudes. There is a possibility that the work here may be a lithographic print after the original illustration, as there are multiple examples of the image available today. Additional in-person examinations is encouraged.

In today's market, an illustration such as this would likely receive a fair market value estimate of $200 - 700, depending on condition and size. The estimate provided is based on recent auction estimates and results of comparable watercolor illustrations by Herrfeldt. If the object turns out to be a lithographic print, that estimate would significantly decrease. The estimate is contingent on a full condition report. Please note asking or dealer prices may vary. Thank you and please take care.