This is amazing, I'm dead.
A contemplative clown swathed in a drape-y white costume stares off in the distance. What a hat!
Okay! Vintage "Pierrot" print by Picasso, 1918. The top right corner reads "Réproduction reservée SPADEM, Paris and Cosmopress, Genève." The bottom right corner reads "copyright 1956 by Hans Hanfstaengl, München, printed in Germany." The print is rippling slightly, presumably from water damage/moisture. The frame seems to be solid wood. There is a thin gold framed ridge closest to the print. There is some color loss and wood missing in the bottom and upper left corners, and a bit of color loss and some cracking by a nail by the upper right corner. The wood frame shows some signs of wear and water marks. The print is held in place at the back a bit crudely, with some cardboard, nails and wire. See photos!
Despite this, this piece is very special and the flaws are part and parcel of it's charm.