I came across Around the Christmas Tree when it turned up as a jigsaw puzzle among the activities in Jacquie Lawson's deliciously sentimental Advent Calendar. It's from the French fashion magazine, Art, Goût, Beauté, which was published in Paris from 1920 to 1933. In handsome, hand-colored, stencil images, the magazine illustrated designs by such couturiers as Jean Patou and Paul Poiret. I couldn't find the 1923 issue on line, but you can see the December 1922 issue in full here.
The art-deco style of Art, Goût, Beauté reminded me of Kate Baylay's illustrations for Vita Sackville-West's Note of Explanation. I checked,. Sure enough, Sackville-West's little jeu d'esprit was written in 1922. Baylay certainly knew what she was doing!
Whether you are having an austere holiday in solidarity with the Ukrainians, a nostalgic village-style celebration, or an elegant haute couture Noël, may it be filled with love, generosity, laughter, and hope—oh, well, and a bit of chic if that's your style.