In the initial sketch, the woman is holding up a perfume bottle (see black and white photo). In this painted photo, the perfume has been replaced by an aperitif.
Cider.
This sketch, as shown in the black and white photo, was initially created for sparkling wine. Cappiello simply changed the champagne glasses into cider glasses.
1924069Z0 : Advertising fan for Louis Roederer champagne in Reims.
1924069Z1 : The same design was used to make the header for menus to be written for restaurants.