Jesse Ronnebaum from Batesville, Indiana picked up the early 1900s painting at a yard sale ten years ago for a mere 50 cents.
He is now hoping to sell the painting at an auction for around USD 10,000.
Earlier this month, Ronnebaum noticed the words "Palette and Chisel Club 1910" on the bottom of the artwork.
He began researching the painting online, and soon discovered it had roots in Chicago's famed Palette and Chisel Academy of Fine Arts, 'Fox 59' reported.
The primary artist was William Victor Higgins. When Ronnebaum started researching the painting he started getting offers.
After discovering the potential significance of his find, Ronnebaum reached out to Curt Churchman in Indianapolis, the owner of Fine Estate Art, Rugs and Gallery.
Together, they came up with a plan to restore the painting and put it up for auction through Leslie Hindman Auctioneers in Chicago.
"On a good day I think it would bring USD 10,000; maybe more if we saw some excitement. The media exposure certainly helps," said Churchman.
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