This F.N. Burt owl design is exceedingly rare, especially with this pleasing use of two colors. The light spray of the coloration, giving it a pastel feel, is exquisite. I have had two examples of this pulp item come through over the years. Both were a simple black. This design was meant to be hung. Neither of the examples I have handled had any sort of perforation to the back. Some end-user or end-users added the divot and the hole. Neither would have been present at the time of sale. The ending price was more than I would have expected.
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Mark B. Ledenbach's vintage Halloween collectibles blog.