An autographed photo. I don't claim to be an expert, but I doubt that this was autographed by Zasu Pitts and Thelma Todd. A great many "autographed" movie star photos were actually signed by others and sent out to fans by the studios.
Ebay seller's description:
8 1/2 x 11 original signed photo of Thelma Todd and Zasu Pitts. In excellent condition. On back has "Pitts-Todd Comedies Hal Roach Studios" and "Please credit photo by J. Eldee Hester" Wonderful collectible Dated 1933