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 is n'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 . Scroll down for video . 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 . 'Do n'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 . ' The Academy ( pictured today ) was founded in 1895 by students at the Art Institute of Chicago 's night school . Some founding members mortgaged their own houses so that they could buy the studio that still stands today .
Jesse Ronnebaum originally haggled the price down from just one dollar . The company has since raised its prices to $1, and is now offering a free download of the app for every purchase made on their website.