From the Nate D. Saunders auction house website:
Early Muppet characterization in Jim Henson's hand of Miss Piggy for her television debut. Created for his 1974 pitch to ATV Studios in London, Henson here presents "Piggy Lee", who would become the iconic Miss Piggy.The "delicate and lovely" Miss Piggy [they all have to start somewhere, I guess] is probably very pleased to note that the asking price for this rarity is $20,000!
Henson handwrites: "THE PIGS / Life size - Piggy Lee and Hamilton Pigg. She is delicate and lovely - He is cigar smoking - epitome of grossness."
Beneath, the puppeteer affixes two Polaroids of the anthropomorphic swine couple clad in evening attire. This Piggy predecessor appeared alongside other early Muppets on 13 October 1974 in a guest spot on a Herb Alpert television special. The bit was so successful that the Muppets soon got their own television show.
In the porcine superstar's own words - "Why be you when you can be Moi?"
Play Miss Piggy's Fashion Domination Game