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Re: Lee Reynolds
The serial number shows that it is a Vanguard piece. That means Lee Reynolds did not actually paint it. He allowed his students to use his name on paintings as a way of promoting his name. Real Lee Reynolds paintings include his last name "Burr". Only a few genuine paintings (10-20 I believe?) are certified as being genuine with thousands of these vanguard school works in the style of floating around.
Re: Lee Reynolds
As to value, under $100. Further research shows there are more paintings signed Reynolds than any other artist due to his students factory producing so many works. You may see paintings listed for $200-1500 by people on ebay, that would lead to you think this is valuable, but it isn't and none of those works ever actually sell. Sorry.