Goodwill of Middle Tennessee spokeswoman Suzanne Kay-Pittman says a Boston bidder bought the painting for $8,101 late Sunday on Goodwill's online auction Web site.
She says Goodwill cannot yet release the buyer's name.
Goodwill worker Susan McCullen says she was sifting through the charity's warehouse when she spotted its gold frame sticking out of a bin.
The water color depicts a wooden ship at an Italian port. An attached letter says it was first bought for $75 at the San Francisco Fair.
Woodward was a Massachusetts native born in 1861 who moved to New Orleans and became an important advocate for Southern arts and crafts.
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