Marcella is a dry point etching by William Auerbach-Levy. It represents a woman, ready to go out, looking into the mirror before she leaves. She has her hat on, and it appears her gloves also. The plate size is 6" x 3"; it is signed by the artist on the lower right side. I believe that originally it was known as "The Mirror" which is on the original receipt from 1917.
William Auerbach-Levy (1889-1964) was a Russian-American artist known for his paintings, etching and caricatures. He authored several books on the art of caricature, and his work in that vein, often featuring celebrities and theatrical personalities as his subjects, appeared in "The New Yorker", "Vanity Fair" and "American Heritage".
Regarding condition, this piece looks to be in good condition; there are no rips or tears or marks. It's a very old frame, so I am sure the backing does not meet today's standards. I have not inspected the piece outside of the frame.