Image from private collection. They are all copyright and royalty free images in the public domain so they can be incorporated into your art and collage projects, including art that you sell, without asking for permission. These are NOT to be sold as downloads, put on CD's, or used for collage sheets that will be resold.
This is a photo for Diana Slip, a French lingerie company from the 1930's owned by Léon Vidal. To say that they were a "lingerie company" is actually a bit loose – to be clearer, it was more like part of a erotica-supply conglomerate that made and sold fetish wear, condoms, erotic books and photography, and established the Librarie de la Lune.