Dear Jean-Luc,

Thank you for contacting Mearto with your appraisal inquiry a second time and your trust in our service.

The presented object appears to be a charcoal drawing with white heightenings with the measurements of 22” x 18 1/2”.
The drawing depicts the study of a man looking upwards while holding his arms in a widespread manner. He is just vested with a cloth around his hips, secured by a heavy belt with metal fittings. The metal fittings are embellished with a circle and spiral decor which remind on of decorations on archeological objects from the bronze age.
The fine execution of all details and the realistic shadow suggest a masterly hand.
The drawing is signed and dated with "1912" by the artist Alphonse MUCHA (1860-1939). Besides the signature and the date, we see two words or names which are difficult to read. The word left to the dating could be read as Zdeňkovi, which is a Czech surname.
This drawing could be seen in the context of old-slavic motifs in the Oeuvre of Mucha. This would explain the reference to the bronze age decor on the belt. The protagonist's pose in the mural decorating the Primator-Hall of the "Obecni Dum" (Municipal House), which was made by Mucha between 1910 and 1911, shows a great amount of similarity to the presented object. (http://www.muchafoundation.org/gallery/browse-works/object/162) and (https://en.wikipedia.org/wiki/File:The_Municipal_House_(Obecni_Dum)_ceiling,_Prague_-_8875.jpg).
The mural's dating slightly conflicts with the presented objects dating of 1912; this could be seen as an indication for Mucha reusing the same pose in future compositions. Between 1910 and 1928, Mucha created a cycle of 20 large-scaled paintings that thematize the mythology and the history of the Czech and Slavic people. Its title is "Slovanská Epopej" (The Slav Epic). The cycle's first painting with the title "Slavs in their Original Homeland" and this sketch show great similarity in the elaboration of the model's pose which suggests them to be related (http://www.muchafoundation.org/gallery/browse-works/object/212/).
The addressed conflict of dating would have to be examined closer, perhaps during a thorough examination of authenticity.
Regarding the estimate, we have to differentiate between fully finalized and colored drawings and sketches or studies like this artwork. However, artworks by this artist were recently offered and sold on the international and the national auction market.
This piece is in good condition and there are no serious damages visible.
An estimation would be between 2.000 and 4.000 USD.
This estimation is based on recently recorded, actual auction sales of comparables. Retail "asking prices" can be higher and vary.

An artwork of such high potential value requires further authentication research. This estimate is provided on the condition of authenticity.

With kind regards,
Georg