This is an original Type 1 photograph of Bobby Jones and Walter Hagen walking down the fairway during the Sunday Final Round of the inaugural Masters Tournament in 1934. The quality of this iconic image is extraordinary. This famous image contains bold handwritten notations, presumably from the photographer, regarding both Bobby Jones and Walter Hagen, and is also handwritten "M.I. at Augusta, Ga." We do not know for certain whether this is the only example that exists, but we are sure that this is among the most important and valuable golf photographs in existence. The only other photograph we've discovered with these same handwritten notations is the Bobby Jones congratulating Horton Smith at the 1934 Masters photo that sold for over $56,000 in our January Modern Collector Auction. 

More research should be done as to the identity of "M.I.", though we presume it is from Montell - Augusta National's photographer from the 1934 Masters Tournament (and uncle of longtime ANGC photographer Frank Christian). 7"x9". PSA Type 1.