Horse head drawing monogram JL3 or JO to identify 20-7-1924

This drawing was executed by a pretty, anonymous hand; we do not have the name, only the initials jl or jo. We would like to point out that the paper is very stained and the frame is a little damaged. But the work has charm for horse lovers or a cabinet of curiosities. Sold as presented. For the condition, please detail the photos. The photos are an integral part of the description. Dimensions: oil (view) height: 45.8 cm width: 30 cm frame height: 50.8 cm width: 34.9 cm thickness: 1.3 cm e: h3216.