A beauty of a cow, and a beauty of a watercolor--and a charmer of an old carved frame, too.  I believe all date to the later 19th century, and would guess the watercolor has lived its whole life, or at least most of it, in this frame.  As mounted, it feels rather as if we are looking through a window to catch a glimpse of the cow in the distance, who looks back at us in turn, seeming not altogether pleased to be disturbed. And so, at least to my weird mind, it feels as if savvy to mythological stories of bathing beauties, Diana et al, disrupted by visitors in the woods! 

Frame: 12 9/16" x 11 5/8". Painting area: 6 1/4" x 5 1/8".  All in good condition, better in hand; it really jumps right off the wall. There is a vertical line of toning on the backing paper running to the right of the mounted watercolor, as shown. I have not opened the frame but certainly a new mat could be overlaid if desired. As it is does not bother me at all, and pretty much falls away.