Harlequin, "I.P." Germany (?), About 1900go was good quality, not to mention the frame.

[AlexSpb]

Clear graphics, watercolor , gouache, under glass. Well , the picture quality , this thing is , as a rule - not indisputable ... but in this case decided that a frame bankrupt, the former owners obviously with great respect to the things included . Considered that there is intrigue and dare not buy too cheap - as if from a good collection ...
First letter monogram with a lower probability can be read as "L".