Australian artist Norman Lindsay (1879-1969) is best known for being the subject of the enjoyable film Sirens (1993), in which Sam Neill portrayed the artist. Lindsay was a painter, sculptor, cartoonist and writer. He also produced many fine etchings such as this one, which features one of his characteristic sumptuous female nudes.
It's a humourous and affectionate picture depicting a classical half man half goat satyr copulating, not with the usual nymph but a lady satyr or, more properly, a satyress. The latter were a comparatively late creation in classical art and are rarely depicted.