This is a
very nice antiquarian (circa 1900) caricature done by Georges Goursat, a popular caricaturist of France's "Belle Epoque" period who was known as "Sem" and whose drawings typically featured the social elite, actors, singers, politicians, and the like who frequented Maxim's, Longchamp Downs, etc. He published many of his drawings in various French newspapers and magazines (see a photo of SEM directly below).
Georges Goursat (Sem), 1914
The caricature is a signed original hand-colored pochoir lithograph print on woven paper from about 1900. It is an original antique print and not a modern reproduction.
This caricature shows two high-class women ("swans") on their way to some event.
The woman on the left is Rose Demay, the one on the right is Blanche de Marcilly. Each person's identification was penciled in by someone (by Sem?) above their heads (please see photo directly below).
Condition. There is a tear at the bottom center of the picture (please see close-up photo directly below). It does reach into the characters depicted.
There is toning, especially around the edges and at the top and bottom borders. The picture had apparently been stored or framed with the top portion covered--as can be seen by the difference in coloration. The edges have wear and tears and small creases, common imperfections associated with age.
All in all, however, the primary depiction of the subject is, in and of itself, in fair to good condition.