"It's the opening night of the Ziegfeld Follies"
Ziegfeld Girl
Creative Commons Attribution Share AlikeZiegfeld Girl - Credit: adamgn

Music and comedy revues developed by Florenz Ziegfeld, featuring lots and lots of beautiful women wearing very little.  Amidst the comedy and the singing.  

This article notes how Ziegfeld ruthlessly exploited women, but at least he wasn't a racist.  Thank god for that!