This is a study for a painting executed by Domenichino in 1618-19, called Madonna della Rosa, or the Madonna of the Roses. It was commissioned as part of a fresco by Guido Nolfi. Nolfi was a leading citizen in the Italian town of Fano and the fresco decorated his family chapel.
Domenichino enjoyed working in Fano. He was treated very well by Nolfi and his family. The finished picture was obviously close to Nolfi's heart, as he mentioned it specifically in his will and forbade its sale.