This is clearly an original cover illustration, or perhaps a preliminary painting, likely created 1980s, for an Edwardian romance novel, title unknown.  The central figures are very well rendered, although they appear to be unfinished, and there is some spotting to the board in the background.  Handpainted in gouache and acrylic on illustration board, 11.5" x 7.5" and comes with a label affixed to the back attesting to authenticity.