This album looks like a scrapbook from a spanking (art) lover, created ca 1920 (according to an auction site that sold the album for 700 dollar). Some art may look familiar, there are also many unknown/anonymous artworks collected.
The album holds approximately 55 original watercolors, pen and ink erotic illustrations, pencil drawings, original photographs, photo postcards, numerous cuttings from magazines, papers, etc. To make it better viewable I did some cropping and rotating.
(I did share a blog about this scrapbook before)