Scottsdale’s restored cowboy sign in Old Town has resumed a placid role of posing for snapshots with tourists at Main Street and Scottsdale Road.

But the debate about the iconic sign continues with yet another theory about its origin.

The latest hypothesis is linked to a valuable trove of art, valued at up to $3.8 million, from a prolific family of Scottsdale artists - the Flaggs.

The metal sign, which dates from 1952, was repainted in the fall by Patty Badenoch and Darlene Petersen. That touched off a discussion about who created the sign and which cowboy posed for the artist.

Now, Mesa auctioneer Neil King and his wife, Bonnie McQueen-King, believe that Monte Flagg painted the cowboy sign based on his own likeness.

Others credit his better-known brother, Dee, with creating the two-dimensional cowboy with his hat, boots and lasso.

Some claim that local wrangler Harvey Noriega was Dee Flagg’s model for the sign, which belongs to the Scottsdale Area Chamber of Commerce.

The Kings base their theory on Monte Flagg’s letters, plus photographs and newspaper clippings that are part of a vast Flagg family collection.

"Monte fancied himself as a cowboy and we believe that he fashioned the cowboy sign after himself," Neil King said.

In 2003, King bought the Flagg collection of sketches, paintings and woodcarvings for $75 in a storage-facility foreclosure sale, without knowing who the Flaggs were or what they had stored at the facility.

That sale was challenged in court by attorneys representing Irene Flagg, the only surviving family member.

A settlement was reached earlier this year and the Kings still have the collection.

It includes a letter from Monte Flagg in which he talks about finishing the cowboy sign, Neil King said.

Monte was a sign painter who did a lot of work in Scottsdale during the 1950s.

He created the program for the Parada del Sol.

The cowboy sign surfaced as a promotion for the Parada and was used to promote other community events.

Bill Schrader, a retired Salt River Project executive and a charter member of the Scottsdale Jaycees, also credits Monte with creating the cowboy sign.