I really love this relief carving, surely inspired by an image on a Grecian urn or something along those lines, and I have to think one with a bacchanalian theme, as she grips a bunch of grapes in her raised hand. (Perhaps he is reaching for one with his extended arm, too!) Such wonderfully folky faces, hers tiny in comparison the the rest of her body, with great curtain of hair hanging down as he holds her, with a (very large!) hand at her waist. The rendering of their torsos and legs and the folds of her dress are really quite beautifully done, lending a real sense of dynamism to the whole thing while also making their faces seem all the more excellently awkward.
10 3/4" t x 11" w and in very good condition, with a hanger attached to top back side. The wood panel is solid and heavy, and the back shows it has quite a lot of age to it. I'd guess the carving dates 1920s-40s.