Noted WPA artist Arthur Smith original painting.  I believe this painting depicts the Jack Dempsey vs Jess Willard fight July 4th, 1919 in Toledo, OH.  The fight was significant in that Dempsey was a heavy underdog to defeat the World Champ Willard.  Willard, who was nearly 6' 7' and 245 lbs. compared with the 6' 1" 187 lbs. Dempsey.  Famously, Dempsey knocked Willard down 7 times in the first round.  Willard did not answer the bell in the 4th round and Dempsey became the champ.