This is a genuine Masters Hospitality Week Flag—the first one to ever come up for auction! They were displayed around the city of Augusta, Georgia, during Masters week somewhere around 60-70 years ago. This particular flag, with its far left edge torn off, was likely destined for the trash bin before somebody rescued it. Judging from the age of the cars and surroundings in the accompanying image that shows two men holding up a Master's Hospitality Week flag, this flag dates to the 1950s.
As mentioned, the flag is missing its left edge. This is where the pole would have attached to the flag (see accompanying photo). Given a good seamstress and similar material, which appears to be linen, the flag could be repaired and displayed again if desired. As is, the flag measures approximately 47" tall by 62" across the top.
There is some minor staining in places along the top and LH corner of the flag. There are also a few tiny holes. Fortunately, all the printing is in there and in wonderful condition. While this flag is certainly damaged, its rarity is extreme. Given that the auctioneer has not encountered even a hint of another example anywhere, he would not be surprised if this is the only one that has survived to this day.