Portrait of a Woman is a common Valuable, primarily of use for bartering, or sale to Traders.
Her cheeks are filled with a blush that seems altogether unrealistic until you meet someone who is, in fact, permanently embarassed.
Properties
Miscellaneous Items
Rarity: Common
Weight: 1.05 kg / 2.1 lb
Price: 40 gp 
UID
FUR_GEN_Painting_Portrait_Oval_C
Where to find
Found throughout the game as set-dressing and random loot.