Abstract: The results of studying an ancient terracotta sculpture found in the Kerch bay are presented. An attempt is made to reconstruct the initial terracotta color and determine the palette composition of ancient painters using a complex of analytical methods: optical and scanning electron microscopy, energy-dispersive X-ray microanalysis, X-ray diffraction, and IR spectroscopy. A study of the terracotta made it possible to reveal a polychromatic character of the decor and determine the composition of the pigments. Iron/manganese compounds were used as a dark brown pigment for coloring the hair, beard, and moustache of the ceramic sculpture. Red ochre and gypsum were applied for coloring lips. Sandarac was used as an adhesive layer for depositing inorganic pigments, as well as a protective layer. The portrait terracotta is suggested to play a role of a ship decoration element.