According to the Drake’s Way tumblr, this is a cover from the Paris weekly magazine La Vie Parisienne, specifically from the December 22, 1917 issue, and the cover art is by Georges Léonnec.

A website now preserved only in the Internet Archive offered this description of La Vie Parisienne as a magazine:

‘La Vie Parisienne’ was one of the more famous and well-known of specifically Parisienne magazines. Originally intended as a guide to the privileged social and artistic life in the French capital, it soon evolved into a mildly risqué publication in which illustrations of scantily clad damsels abounded. It was all done in very good taste though it had more than its fair share of detractors. General Pershing for one is said to have personally warned American servicemen against purchasing the magazine – for little good that would have done. ‘La Vie Parisienne’ was also banned in certain countries such as neighboring Belgium for instance, though in war-time it appeared that such silly regulations were not always adhered to.

The magazine was very popular and spawned a number of pre-war imitators, such as ‘Le Sourire’, ‘Le Rire’, ‘Le Regiment’, ‘Fantasio’ and others. As a source of erotica, ‘la Vie Parisienne’ was by far overshadowed by its (foreign) reputation. A reputation that was certainly undeserved, for apart from some slightly revealing drawings of lightly clad ladies or the occasional tastefully executed art-nouveau nude illustration, the magazine was not much more than a high class literary humor magazine. Supposedly infamous for its private advertisements, these small personal ads were seldom much more than classic lonely-hearts or marriage-seeking personals.

Image provenance by Bacchus at Erosblog.