decrepit-telephone:

Seated Woman, ca 1895.

Joseph C. Leyendecker

Black watercolor, white gouache, and graphite on blue-gray wove paper

Metropolitan Museum of Art

Leyendecker is better known for his work from the 1910s onward - but this looks to be a fairly early work by him. Already it shows many elements of the style for which he would become known for doing advertisements for the Arrow Collar.

Interesting early piece!