T0m M wrote:If you subscribe to the outlandish theory that the artwork is backdated and Vargas' documentation is fabrication, then the serious candidate for the model would be Estelle Taylor. Check out the cropping from the Photoplay Editions' cover art for her Playthings of Desire. Vargas' illustration is just a bawdy version of it, or vice versa, depending on on viewpoint.
Is this a Vargas? Vargas himself re-did his own work for commercial art purposes, and the dates on his work are often from that usage rather than from the originals. His portrait of Nita (Pan) is dated 1923, but that's the date the picture, with clothing added, appeared in Shadowlands Magazine. The original portrait is one of the first he did for Ziegfeld, 1919 (earliest) to late 1920-early 1921 (latest).