View this artwork by appointment, at Tate Britain's Prints and Drawings Rooms
This study is perhaps related to the finished watercolour exhibited at the Royal Academy in 1799 (private collection).1 The likely prime source for that work is in the 1798 Hereford Court sketchbook (Tate D01348; Turner Bequest XXXVIII 94). Turner may have had in mind one of the views of Caernarvon by Richard Wilson (1713–1782).2 See also the pencil studies of Caernarvon on card (Tate D01884, D01885; Turner Bequest XLIV H, I).
There are related studies on the verso (D40058).
There are red and blue colour trials at the top right; regular creases indicate that the sheet was once folded several times.