I bought this watercolor at a flea market last week. The tag taped to it read, "Woman in New York," which I think is probably incorrect, though I'm not exactly sure what the setting is. I tried to research the artist but was unable to dig up anything definitive (the signature says "Marchetto," in case that name is familiar to anyone).
The frame was unremarkable, so I bought a new frame and decided to paint the mat with the same acrylic paint that I used on these etchings to transform the speckled gray mat into a matte ochre that brought out the bits of yellow in the dress worn by the woman in the foreground. Below, the requisite "before" and "after" pics...
I'm pretty happy with the way it turned out. In its previous frame, all that gray made the watercolor look dull, but the new ochre mat and the wider frame together draw more attention to the painting's subtle colors, and I think the light blue wall color complements it well. Total cost for this project: $14 ($6 for painting, $8 for frame and paint, both on sale at Michael's). Not bad for a classic New York skyline! :)