This is one of the works from Utamaro's series "Ten Figures of beauty (美人十容)".

She holds a thick bundle of paper, presumably for use when attending to customers. In those days, paper was a very expensive material, and only high-class courtesans were allowed to use it when entertaining customers, adding a touch of luxury.

There are several opinions about the ring-like object around her little finger, with one resource suggests that it serves as a reminder.

Overall, Utamaro depicted the lady so lifelike that we almost hear her speaking to someone beside her!