Thank you for submitting your item for appraisal. This appears to be a second half 20th century watercolour, depicting frogs doing some kind of performance with other frogs watching. This type of animal caricature 鳥獣戯画 has a long tradition and is considered one of the origins of Manga. The talented female amateur artist signed her work 禮子 Reiko. The estimate is based on similar watercolours by lesser known artist sold or offered at auction.