Via Flickr:Original Vanity Fair Print, otherwise known as a Spy Print after the most renowned artist of the genre, Leslie Ward.
This one is dated 14th January 1897 with the caption The Badminton. He must have been a fan of Badminton Horse Trials.
The subject is Alfred Edward Thomas Watson, a renowned Turf Devotee of the Victorian Era.
The artist signed SPY was Leslie Ward.