It took me a bit to realize this theatrical watercolor portrait depicts a woman--"Miss Taylor" as noted in the caption, portraying a male character, "Jose Speckhaber" it looks to read, though I haven't been able to place the opera, the name of which is a bit hard from me at least to decipher. (Arnotis ???} Certainly women portraying male characters, and vice verse, was not uncommon, but it does make the wonderful rainbow colored ribbons on this costume feel all the more celebratory! (I believe the costume is Tyrolian--a historical region in the Alps of Northern Italy and western Austria.) The note found along with this watercolor attributes it to Charles Schoettel, NYC, c. 1840-50, and describes its inclusion as part of a portfolio bound into an album by John Walker at the corner of Walker & Eldridge Streets in downtown Manhattan long ago. (See last photo for more.) 

4 1/4" x 2 9/16", very good condition, color strong, reads bright and fresh.