Yet another great offering from Sweetspot. It’s an illustration from American Weekly which also appeared in other newpapers during 1938.
The action takes place in front of guests at a party held by an artist, hence the cocktails and the paintings and sculpture that can be seen in the background.
The spanking isn’t really described in the story itself, just mentioned during a conversation between two of the party-goers after the event. Clearly the opportunity to SHOW a spanking was too good to miss though. The artist has done a fine job of filling in the gaps for readers, although the man is spanking her with the sharp heel of her shoe (not a slipper as described in the extract) which looks a bit odd to me.