Brave Fine Art has dated this piece to the 1900s.
Often, they were produced as lithographs and bound within large folios. These were then shown to prospective customers when discussing a scheme for their home. Here’s an Italian example owned by S.A. Giovanni Bandini of Rome:

https://www.splrarebooks.com/collection/view/petit-portfeuille-moderne-de-tentures
Original drawings are less common and these are good examples.
Framed and glazed. One bearing a monogram.
Medium: Watercolour and gouache on paper
Overall size: 15” x 12½” / 40cm x 32cm & 15” x 17” / 38cm x 43cm
Year of creation: c. 1900
Condition: Present well. Frames with some light wear. Minor foxing.
Brave Fine Art has dated this piece to the 1900s.
Exquisite antique paintings that capture the imagination.
You can view the stock and full dealer information on the Brave Fine Art Profile Page