When an Indiana man spotted a ratty old painting at a yard sale, even one dollar seemed like too much. So he haggled the price down and bought it for 50 cents.

Fast-forward 10 years later and he could be auctioning that same painting for $10,000.

Jesse Ronnebaum isn't sure what exactly it was about the painting of seven men playing pool that captured his attention a decade ago - just that it 'jumped out' at him.

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Jesse Ronnebaum bought this artwork for 50 cents at a yard sale a decade ago. But last week he discovered it was painted by esteemed artists from Chicago's Palette and Chisel Academy of Fine Arts

'That one just stood out to me,' he told WTHR. 'Don't know if it was the oldest, rattiest one or what it was.'

In the painting all seven men are holding cue sticks, pointing at billiard balls scattered across the table. An artist's palette with a first and last name hangs over each man's head.

It was just last week that Ronnebaum, who lives in Batesville, realized the bottom of the painting was signed 'Palette and Chisel Club 1910'.

Ronnebaum said he went on 'the almighty Google' and found out the artwork had been painted by esteemed artists from Chicago's Palette and Chisel Academy of Fine Arts.

In fact, seven members of the organization had come together to paint each other for the piece.

The Palette and Chisel Academy was founded in 1895 by students at the Art Institute of Chicago's night school.

According to the academy's quarterly, the Cowbell, the students could not use paints because of the terrible electrical lighting and were tired of creating their work solely with charcoal.

Some founding members mortgaged their own homes so that the group could afford to purchase a mansion, where they held Sunday morning sessions that gave students the opportunity to paint a live model using natural light.

Realizing the history that was hanging on his wall, Ronnebaum (pictured) contacted a gallery owner. The painting is now being restored and will go up for auction in May in Chicago

Seven members from the renowned artists organization came together to paint each other for the artwork, which could fetch up to $10,000

Realizing the history that was hanging on his wall, Ronnebaum contacted Curt Churchman, a gallery owner in Indianapolis.

The painting is now being restored and will go up for auction in May through Leslie Hindman Auctioneers in Chicago.

Although Churchman said the auction 'seemed perfectly timed,' he believes the fact that the painting was created by seven different artists could make it a hard sell.

'On a good day I think it would bring $10,000,' he told Fox 59.

'You need someone who is dialed into Palette and Chisel or turn of the century Chicago art,' he said. 'It becomes more of a completionist piece for a collection I think.'

In comparison, Churchman said if the painting had been created by just one of its artists, such as renowned painter Victor Higgins, it could have fetched 'hundreds of thousands of dollars'.

But Ronnebaum is hardly complaining. He's still shocked a piece of history has been staring him in the face for the last decade.

'Years of struggling...barely making bills, not even able to consider living check to check,' he said.

'And the whole time there's fifty grand hanging over my head, literally.'