I've had this in my files for a while and keep returning to it trying to puzzle it out.
At first I thought it was the most amazing married couple in the world. Then I wondered if they were were two Vaudeville/stage performers, from the days when fancifully-clad female impersonators were wildly popular acts. But then I spotted her riding crop. 19th century BDSMers?!
I could go on and on - and hope you have as much fun speculating about this photo's origins as I did.