We always find that those pictures from a time when being photographed nude was considered very risque indeed, have a particular frisson. We respond to this one because of its everyday nature and the 'inadvertant' nature of the display. A young lady is putting on her knickers in preparation for going out to a dance. The blurring of her underwear just adds to its immediacy.
It is a French photograph from 1932. Delicieuse!