No place (but likely London), ca. 1904. Original unpublished watercolor illustration on board, signed and dated 1904 by Rackham lower left. 14 1/4 x 8 1/4 in. (362 x 210 mm). A brightly lit woodland scene with two children at the water's edge, holding strings tied to paper boats. Mounted to mat, moderate mat burn to margins; in frame, 22 x 16 in. (569 x 406 mm).

A supplement from Chas. J. Sawyer Catalogue No. 305, Spring 1980, describes this work as, "A superb and delicately executed watercolor depicting a young girl dressed in Victorian bonnet and gown and an elfin sprite both perching on the stony banks of a pool, in which they are sailing toy boats. Characteristic gnarled trees form a partial screen between the figures and a castle of rotunda towers in the background...This watercolor was never intended for publication and is remarkable in the fact that Rackham has entirely limited himself to watercolor and brush and has used no pen and ink. It is this that gives the picture its delicate quality which is sometimes lacking in his book illustrations."