Two Equestrian Figures, Possibly a Study for "George IV, Prince of Wales"

Black and white sketch of two men on horseback. The men are wearing tall, cylindrical hats. The man on the left has a bare torso and a cloth skirt. The man on the right wears a jacket. The horses' bodies are mostly not shaded in. The background is a mottled gray. A sketch of a hat in the center. The figures and horses are facing right.