Thank you all for your input. Yes, it is a moving piece. When I first acquired it I did not notice the child in the photo was deceased due to the smile, though the closer I looked it appeared as if she was staged with the horse for the photo. Yes, I plan on keeping both together, I think that is what makes the horse so neat, to have a 100+ year old photo of it. I do not plan on selling it anytime soon, I was looking at the value for insurance purposes for an appraisal.