Thank you for submitting your item for appraisal. This appears to be a late 20th century chinese water colour, depicting a horse looking at its own image in the water, inscribed 顧影自憐 which most likely translates to "turn around and look at the image in self-pity", signed with the artist seal in seal script " 陈 Chen + ?". Unfortunately there are more than one thousand artists with that name listed and the left part of the seal refuses to reveal the meaning to me. The estimate is based on auction results for watercolours by lesser known artists sold at auction.