This is among dozens of blue paper studies presumably made in connection with the Cowes Regatta events in the late summer of 1827; see the Introduction to this subsection for others showing shipping under sail and in some cases apparently racing.
As noted there, the present work and thirty-four other sheets were recorded in Finberg’s 1909 Inventory as unmounted, and ‘formed part of [a] parcel’ labelled by John Ruskin ‘O. 232. Chalk scrawls on grey. Rubbish.’1
Finberg 1909, II, p.702.
Blank; inscribed in pencil ‘232 | O’ bottom right; inscribed in pencil ‘CCXXVIII . 13’ top left, upside down.