This is without a doubt the most wonderful gift any Judy fan could receive. My best "Judy Friend" was lucky enough to get this from the widower of a long time collector for a fraction of what it would cost if it were purchased through a dealer or "autograph specialty store." The history is this: The late collector lived in Los Angeles, CA for years. He was a big Oz and Judy fan/collector. He prided himself in his autograph collection, having "literally hundreds" of autographs. He obtained this from a fellow collector. The recent seller had this sitting in his drawer of "important papers" (!) and not being a Judy fan himself, he decided to sell it to someone who would appreciate and cherish it. In his words: "...so I thought some real Judy or OZ fan would really appreicate it more. And I am sure that my friend Ben would be happy to know the photo is now being enjoyed by someone who really appreciates it." Obviously this picture was signed by Judy and Ray at different times. When inspecting the pic, it's obvious that Judy used one of the older style ball point pens with the vibrant ink, whereas Ray's is done with more of a felt type of pen. Ray was highly visible in the 70's and 80's on talk shows, etc - so I'm sure his was obtained at that time. I have no reason to doubt the validity of the signatures - I've done much studying of both Judy's and Ray's and I have no doubt. I can't thank my friend, Brian, enough for this wonderful gift. THANK YOU!