This surprisingly modern-looking gagged spanking illustration is actually by Georges Töpfer, illustrating a vintage French erotic book called Visites fantastiques au pays du fouet by Aimé Van Rod:
To my eye, it looks very much in the modern style; when I first saw it, I thought it might be by somebody like Alazar. But no; the attribution is solid. It turns out ErosBlog published one of the other illustrations a couple of weeks ago, and managed to crowdsource an attribution to this wonderful post at Au carrefour étrange containing all of the illustrations from the book in glorious high resolution. Awesome.