I think someone might have picked up a bargain despite the restoration that will be required.
I agree with you on this, too, John, considering that only the borders were trimmed and all of the artwork is intact.
It really all hinges on what kind of glue was used to attach it to the masonite, and whether that could be dissolved so the daybill could be removed.
If easily removed from the board, things like that water mark and missing borders could then be dealt with and corrected.
If not removable, to be enjoyed as is.
I do like that frame, too, Paul. It has a very 30's deco look to it.