There is an engraving of a Triumph by Antonio Salamanca after Giulio Romano in the Witt Print Collection that is very similar to this drawing, showing the figures in reverse. See also the Giulio Romano "Lion with an Erect Tail" drawing sold Sotheby's, London, 4 July 1988, lot 119 (dated ca. 1524-26 by Frederick Hartt), which similar to the left-hand lion pulling Cybele's chariot in the Morgan drawing.
Watermark: none.
Inscribed at upper left, in pen and brown ink, "Cibeles dt[symbol] 1544%"; on verso, at lower center, in graphite, "g2- / giulio Romano"; at center, in pen and brown ink, "45"; at lower left, "jB(?)"; on mount, beneath drawing, in graphite, "in(?) Blaisot/ Paris/ mars(?) 1877".
Murray, Charles Fairfax, 1849-1919, former owner.
Morgan, J. Pierpont (John Pierpont), 1837-1913, former owner.