This piece is an early morning study of "pearly" clouds, soon after sun-rise. You can see the sun beginning to peak out. The fishermen are going out on their boats to gather kelp. It's a typical morning in late autumn on the Italian Riviera where the weather is often misty, but mild & balmy.
This watercolor was done by an artist named Salvatore (J or T) Guarnieri. The frame size is 16" x 17 ¼"; the plate size is 7 ½" x 9 ¼". I have found little background on this artist, although there is a Guarnieri Family website. Based on the artwork that I have seen of S Guarnieri (Springtime in Venice, Street of Columbus in Genoa, Italy) I would guess that he was from Italy. I also know that there was a Guarnieri family in Warren, Ohio where my family is from. Either way, I find his work to be quite nice; I hope you enjoy this piece too!
Regarding condition, this piece looks to be in good condition; there are no rips or tears or marks. It's a very old frame, so I am sure the backing does not meet today's standards. I have not inspected the piece outside of the frame.