The lady's pose and hairstyle, in combination with the drapery style, suggest that Edward Burne-Jones made this drawing for a romantic medieval subject. The hem of the dress bunches in angular folds, rather like the long swirling drapery seen on medieval paintings of angels. The simplicity and sincerity of medieval pictures were admired by Burne-Jones and members of the Pre-Raphaelite circle of artists.
Possibly an early study for The Wise and Foolish Virgins.