This is an old Oil varnished  hand-painted WHITE TARA Thangka, Buddhist art form, that is written on a canvas using natural colors. White Tara is referred to as Mother of all the Buddhas. This is because she embodies the motivation that is compassion. Her whiteness "Radiant as the eternal snows in all their glory" is indicative of the selflessness -- the purity -- of this compassion but especially the undifferentiated Truth of the Dharma. 

What is Thangka? • A thangka, also known as tangka, thanka or tanka is a painting on cotton, or silk appliqué, usually depicting a Buddhist deity, scene, or mandala. • The thangka is not a flat creation like an oil painting or acrylic painting but consists of a complex subject. • Generally, thangkas last a very long time and retain much of their luster, but because of their delicate nature, they have to be kept in dry places where moisture won't affect the quality of the painting. • The Thangkas serve as important teaching tools depicting the life of the Buddha, various influential lamas and other deities and bodhisattvas. • The Thangka, when created properly, perform several different functions. Images of deities can be used as teaching tools when depicting the life (or lives) of the Buddha, describing historical events concerning important Lamas, or retelling myths associated with other deities. • The Devotional images act as the centerpiece during a ritual or ceremony and are often used as mediums through which one can offer prayers or make requests.