Pure delight finding this one. While the object depicted feels a bit like a fantasy invention, I am pretty certain it is in fact a real thing, described (based on Google translate) here as a manually operated "light ray device." The belt on the wheel below would spin the colorfully segmented disk above to create the effect of persistence of vision, a blurring and merging of colors. From the pre-cinematic era I believe, when experiments in color theory and optical perception were rich terrain. Feels very Duchampian too. C. late 19th/early 20th c.
13 3/4" x 9 3/8". Ink and watercolor on washi paper. Good condition, with one small worm hole to the left of lower wheel as detailed.